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: Jan 21, 2028
Days to expiration: 468
Share price: $41.66
Put/call ratio (OI): 1.05
Put/call ratio (volume): 6.16
ATM implied volatility: 41.9%
Expected move: ±$19.76
Open interest (C / P): 13.27K / 13.94K

LUV options summary

The LUV options chain for the January 21, 2028 expiration lists 23 call and 23 put contracts, with 468 days until expiration. Open interest stands at 13,270 calls and 13,942 puts, a put/call ratio of 1.05, which is fairly balanced between calls and puts. At-the-money implied volatility near the $42.50 strike is 41.9%, which implies the market expects a move of about ±$19.76 (47.4%) in Southwest Airlines stock by expiration.

The most open interest sits at the $50.00 call (3.54K contracts) and the $30.00 put (2.31K contracts).

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

LUV options chain · January 21, 2028

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
511	2	56.7%	24.30	23.85	25.85	17.50	0.31	0.40	0.39	49.8%	6	172
76	21	55.2%	24.40	21.70	23.70	20.00	0.38	0.81	0.62	51.4%	1	246
133	1	51.3%	20.70	18.55	22.35	22.50	0.67	1.19	0.61	50.0%	1	312
265	100	52.4%	18.90	17.70	19.65	25.00	1.03	1.42	1.53	45.9%	3	156
92	3	55.7%	14.45	15.80	17.35	27.50	1.58	1.93	1.76	44.5%	1	261
741	75	52.4%	14.60	14.15	15.40	30.00	2.19	2.48	2.43	42.6%	1	2,311
73	1	55.8%	12.80	12.45	14.45	32.50	2.85	3.35	3.40	42.4%	2	1,151
146	1	49.9%	12.19	11.10	12.25	35.00	3.75	4.10	4.02	40.4%	1	659
295	7	47.3%	10.60	10.25	10.60	37.50	2.75	5.35	4.75	40.9%	1	1,708
336	102	51.0%	10.10	8.85	10.15	40.00	5.55	6.25	6.60	38.5%	4	106
LUV $41.66
291	3	46.3%	8.50	7.45	8.30	42.50	6.65	7.50	7.50	37.5%	20	1,754
2,069	4	51.1%	6.80	6.65	8.30	45.00	7.45	9.15	10.58	37.9%	1	26
404	1	44.8%	7.30	5.50	6.30	47.50	8.95	10.80	11.87	37.7%	1	1,373
3,537	1	55.2%	6.00	4.80	7.55	50.00	0.00	0.00	11.20	—	2	0
170	1	55.8%	4.87	4.15	7.00	52.50	0.00	0.00	15.85	—	1	0
2,461	20	50.9%	4.10	3.55	5.50	55.00	14.15	16.25	18.45	36.4%	40	1,681
121	4	50.2%	3.50	3.05	4.85	57.50	14.40	16.50	19.60	23.1%	2	3
644	1	50.0%	3.30	2.54	4.35	60.00	16.00	21.00	15.75	40.0%	2,000	2,010
56	3	44.1%	2.49	2.10	2.95	62.50	21.20	22.95	21.50	38.7%	40	8
275	2	43.2%	2.49	1.81	2.48	65.00	0.00	0.00	20.30	—	75	0
27	1	43.8%	1.39	1.29	2.01	70.00	30.35	33.40	29.50	54.0%	1	1
137	2	43.4%	1.35	0.91	1.53	75.00	32.00	35.70	32.41	49.8%	1	4
410	2	43.7%	1.04	0.64	1.23	80.00	36.00	41.00	39.24	55.1%	2	0

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 January 21, 2028 expiration, the LUV put/call ratio based on open interest is 1.05 (13,942 puts vs 13,270 calls), and 6.16 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 January 21, 2028 is about 41.9%, 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.