Southwest Airlines (LUV) Options Chain

NYSE: LUVConsumer DiscretionaryAir Freight/Delivery ServicesUSD

41.66+0.30 (+0.73%)

At close: Oct 9, 4:00 PM ET · Delayed 15 min

Expiration date

Expiration: Sep 17, 2027
Days to expiration: 341
Share price: $41.66
Put/call ratio (OI): 4.52
Put/call ratio (volume): 0.50
ATM implied volatility: 42.1%
Expected move: ±$16.95
Open interest (C / P): 853 / 3.85K

LUV options summary

The LUV options chain for the September 17, 2027 expiration lists 12 call and 10 put contracts, with 341 days until expiration. Open interest stands at 853 calls and 3,853 puts, a put/call ratio of 4.52, which is more bearish, with puts outnumbering calls. At-the-money implied volatility near the $42.50 strike is 42.1%, which implies the market expects a move of about ±$16.95 (40.7%) in Southwest Airlines stock by expiration.

The most open interest sits at the $50.00 call (234 contracts) and the $42.50 put (3.05K contracts).

Summary generated from market data by MetaCap's automated system. Methodology

LUV options chain · September 17, 2027

LUV calls and puts by strike price. Shaded cells are in the money.
Calls							Puts
OI	Vol	IV	Last	Bid	Ask	Strike	Bid	Ask	Last	IV	Vol	OI
—	—	—	—	—	—	20.00	0.13	0.63	0.55	56.3%	—	5
20	11	77.3%	20.85	18.00	21.70	22.50	0.33	0.95	0.79	54.6%	26	17
63	11	51.3%	18.75	16.85	18.95	25.00	—	—	—	—	—	—
3	2	54.4%	14.80	14.60	18.00	27.50	1.00	1.55	1.35	47.8%	4	172
4	2	52.3%	15.00	12.65	16.15	30.00	1.48	1.91	1.80	44.3%	3	59
—	—	—	—	—	—	32.50	2.00	2.54	2.59	42.8%	2	39
31	21	57.6%	11.50	9.50	12.15	35.00	2.80	3.35	3.05	41.7%	1	240
—	—	—	—	—	—	37.50	3.60	4.35	3.75	40.9%	1	45
154	22	46.6%	8.20	7.15	8.15	40.00	4.70	5.40	5.00	39.5%	1	23
LUV $41.66
62	1	45.7%	7.04	6.15	6.95	42.50	5.90	6.65	6.35	38.5%	1	3,050
95	1	50.8%	6.18	4.35	6.85	45.00	7.15	8.10	7.82	37.8%	5	203
134	1	49.9%	4.60	4.30	5.90	47.50	—	—	—	—	—	—
234	10	47.8%	4.30	3.55	4.85	50.00	—	—	—	—	—	—
48	5	43.0%	2.55	2.51	2.97	55.00	—	—	—	—	—	—
5	1	42.6%	2.07	1.51	2.11	60.00	—	—	—	—	—	—

In-the-money callsIn-the-money puts. IV = implied volatility, OI = open interest (contracts). Each contract covers 100 shares. Quotes delayed at least 15 minutes.

Frequently asked questions

What is the LUV put/call ratio?

For the September 17, 2027 expiration, the LUV put/call ratio based on open interest is 4.52 (3,853 puts vs 853 calls), and 0.50 based on today's volume. A ratio above 1 means more puts than calls.

What is LUV's implied volatility?

At-the-money implied volatility for LUV options expiring September 17, 2027 is about 42.1%, an annualized estimate of how much the market expects Southwest Airlines stock to move.

How many LUV option expiration dates are there?

LUV has 13 listed expiration dates, from Oct 16, 2026 to Jan 19, 2029.

What does "in the money" mean?

A call is in the money when the strike price is below the current share price; a put is in the money when the strike is above it. In-the-money contracts have intrinsic value and are shaded in the table.