Industrials

Southwest Airlines Co (LUV) options and signal

Figures as of 28 Sep 2026

LUV is Southwest Airlines Co, an Industrials name the model ranks every trading day. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

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At a glance

Figure	Value	Date
IV rank	91 of 100	28 Sep
At the money IV	49.7%	28 Sep
Priced move to 30 Oct	14.4% down, 15.6% up	28 Sep
Call wall and put wall	42.5 and 47.5	28 Sep
Signal and the desk's view	No signal, view neutral	25 Sep
Last close	42.28	28 Sep
Next report	21 Oct 2026	28 Sep

Options Snapshot

LUV's IV rank is 91 of 100 on 28 Sep 2026.

Figure	Value
IV rank	91 of 100
At the money IV	49.7%, near month, 32 days
Put/call ratio, open interest	0.63
Call open interest, strikes captured near the price	80,000 contracts
Put open interest, strikes captured near the price	50,100 contracts
Cost to trade at the money	Fair, 34.7% of the option's mid price

IV rank is where the at the money IV sits among LUV's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, LUV options priced a move of 14.4 percent down and 15.6 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	4.8%	5.3%	40.26 to 44.50
9 Oct 2026	11	9.6%	8.3%	38.22 to 45.78
16 Oct 2026	18	10.0%	12.7%	38.07 to 47.63
30 Oct 2026	32	14.4%	15.6%	36.21 to 48.88
20 Nov 2026	53	16.6%	18.4%	35.25 to 50.06
18 Dec 2026	81	20.1%	24.8%	33.77 to 52.78
19 Mar 2027	172	28.1%	31.7%	30.38 to 55.68

The range is one standard deviation either side of the close of 42.28, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, LUV's call wall is the 42.5 strike and its put wall is the 47.5 strike.

Figure	Value
Call wall, most open call gamma	42.5
Put wall, most open put gamma	47.5
Net dollar gamma, calls minus puts	$3.02 million
Total dollar gamma, both sides	$9.56 million
Close	42.28

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, LUV's at the money IV is 49.7 percent against 20 day realized volatility of 28.8 percent.

Figure	Value
At the money IV	49.7%
Realized volatility, 20 trading days	28.8%
Realized volatility, 60 trading days	35.0%
IV against its own weekly record	High, in the top fifth
Weekly readings on record	862, from 8 Jan 2010
Weeks the price moved more than the one week priced move	31.3% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, LUV's at the money IV runs from 60.5 percent at 4 days to 43.9 percent at 172 days.

Days to expiry	At the money IV
4	60.5%
11	56.7%
18	49.8%
25	50.6%
32	49.7%
53	46.7%
81	45.4%
172	43.9%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, LUV's IV ten percent below the price sits 13.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	62.9%	+13.2 points
At the money	49.7%	0.0 points
10% above the price	55.2%	+5.5 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, LUV's surface spans 9 expiries out to 172 days, with IV from 42.4 to 65.5 percent near the price.

Figure	Value
Expiries captured	9
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more	60
Lowest IV among them	42.4%
Highest IV among them	65.5%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, LUV has 9 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	60.5%	3,444	1,473
9 Oct 2026	11	56.7%	1,525	709
16 Oct 2026	18	49.8%	18,296	8,301
23 Oct 2026	25	50.6%	1,430	779
30 Oct 2026	32	49.7%	333	250
20 Nov 2026	53	46.7%	1,101	982
18 Dec 2026	81	45.4%	13,032	5,717
15 Jan 2027	109	44.2%	33,460	15,817
19 Mar 2027	172	43.9%	7,339	16,078

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, LUV's largest open interest sits at the 47.5 strike, with 19,699 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
47.5	8,299	11,400	19,699
42.5	10,934	5,163	16,097
40	5,483	5,114	10,597
45	7,580	2,654	10,234
50	8,150	1,609	9,759
37.5	2,348	6,116	8,464

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, LUV's at the money IV moved from 50.8 percent to 49.7 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	50.8%	49.7%	-1.1 points
Open interest, strikes captured near the price	127,990	130,066	+2,076
Put/call ratio, open interest	0.63	0.63	-0.00

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 13,169 LUV option contracts traded, 0.7 times its own recent average.

Figure	Value
Calls traded	9,790
Puts traded	3,379
Against its recent average	0.7 times
Busier than	7 of its last 20 trading days
Open interest, whole chain	154,855 contracts
Volume to open interest	0.09
Unusual volume flag	Yes, 1 contract traded well above open interest
Largest flagged contract	The 47.5 call expiring 20 Nov, 4,610 traded against 322 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of LUV's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	45.52	$1.35 million	50	45
21 Sep 2026	41.77	$1.98 million	42.5	40
28 Sep 2026	42.28	$3.02 million	42.5	47.5

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Read-out

On 25 Sep 2026 the desk's view of LUV was neutral, paper trading.

Figure	Value
Side	Neutral at 45 trading days, no signal
Level above the close	43.20, the swing high of 22 Sep 2026
Level below the close	40.45, the swing low of 24 Sep 2026
Strategy family	Iron condor (sell both sides, defined risk)
Price target	None. The desk has no price model.

The levels are prices the shares turned at on the chart, with the date of each.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Rank by Timeframe

On 25 Sep 2026 LUV sat at the 59th percentile of the model's 45 trading day ranking, paper trading.

Timeframe	Percentile	Side
10 trading days	72 of 100	Neutral
20 trading days	82 of 100	Bullish
45 trading days	59 of 100	Neutral

100 is the top of the ranking. A name in the middle three fifths is neutral.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Timeframe Agreement

On 25 Sep 2026 LUV's near timeframes were bullish and its long timeframe was neutral, paper trading.

Group	Timeframes	Side	On that side
Near	10 day, 20 day	Bullish	1 of 2
Long	45 day	Neutral	0 of 1

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Signal History

On 25 Sep 2026 LUV had carried no signal for 5 trading days, paper trading.

Trading day	Signal	45 day percentile
25 Sep 2026	None	59 of 100
24 Sep 2026	None	81 of 100
23 Sep 2026	None	77 of 100
22 Sep 2026	None	88 of 100
21 Sep 2026	None	93 of 100
18 Sep 2026	Bullish	97 of 100
17 Sep 2026	None	85 of 100
16 Sep 2026	None	89 of 100

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Sector Split

On 25 Sep 2026, 51 of 147 Industrials names were bullish and 37 were bearish, paper trading.

Sector	Names	Bullish	Bearish	Neutral
Industrials	147	51	37	59

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Price Chart

LUV closed at 42.28 on 28 Sep 2026.

Figure	Value
Last close	42.28
Change over 5 trading days	+1.2%
Change over 21 trading days	+6.3%
Change over 63 trading days	-18.1%
Change over 252 trading days	+32.4%
52 week high	55.11
52 week low	29.26
20 day moving average	39.96
50 day moving average	42.65
200 day moving average	43.49
RSI, 14 days	56

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

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Earnings Radar

LUV reports next on 21 Oct 2026, and options priced an earnings move of 10.2 percent through 23 Oct 2026.

Figure	Value
Next report	21 Oct 2026, after the close
Date	Confirmed by the company
Priced earnings move	10.2%, a straddle of $4.33 at the 42 strike, expiring 23 Oct 2026
Move after the report of 23 Apr 2026	+4.5%
Move after the report of 21 Jan 2026	-1.0%
Move after the report of 23 Apr 2025	+3.7%
Move after the report of 30 Jan 2025	-1.2%

The priced earnings move is the straddle's cost over the share price. It restates option prices and says nothing certain about the report.

Earnings calendar as of 28 Sep 2026. Current on every plan.

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Short Volume

On 25 Sep 2026, 67.7 percent of LUV's reported volume at the covered venues was marked short.

Figure	Value
Short sale share, 25 Sep	67.7%
Five day average	60.5%
52 week median	54.8%

Short sale volume counts trades marked short at the covered venues, mostly off exchange. It is not the same as short interest.

Short volume as of 25 Sep 2026. Current on every plan.

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Seasonality

In the 23 Septembers on record, LUV's average change was plus 1.6 percent, and it rose in 56.5 percent of them.

Month	Average change	Middle change	Share of years up	Years
September	+1.6%	+2.5%	56.5%	23
October	+0.8%	+3.0%	60.9%	23
November	+4.9%	+5.8%	65.2%	23

Each figure is a month end to month end change in past years. A past month says nothing certain about the next one.

Monthly history through 28 Sep 2026. Current on every plan.

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Headlines

The desk's news feeds carried 3 headlines naming LUV in the 3 days to 28 Sep 2026.

Figure	Value
Headlines in the window	3
Latest	28 Sep 2026

The titles are in the Headlines window, with the time each was published.

Headlines as of 28 Sep 2026. Current on every plan.

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Questions

What is LUV's IV rank?: LUV's IV rank is 91 of 100 on 28 Sep 2026.
What move are LUV options pricing?: On 28 Sep 2026, LUV options priced a move of 14.4 percent down and 15.6 percent up by 30 Oct 2026.
Where are LUV's call wall and put wall?: On 28 Sep 2026, LUV's call wall is the 42.5 strike and its put wall is the 47.5 strike.
What was the desk's latest view of LUV on the Free plan?: On 25 Sep 2026 the desk's view of LUV was neutral, paper trading.
When does LUV report earnings next?: LUV reports next on 21 Oct 2026, and options priced an earnings move of 10.2 percent through 23 Oct 2026.

More Industrials names

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