5.86K calls and 6.23K puts traded on Nov 4, 2026, 12.09K contracts in total. Open interest was 198.56K contracts. Over the past 30 days, volume averaged 9.2K contracts per day. The LUV option volume chart shows volume by strike and expiration date.

Southwest Airlines IV rank is 28, so its 30-day implied volatility of 44.6% is in the lower part of its one-year range. Over the past year it ranged from 31.0% on Dec 24, 2025 to 79.4% on Apr 22, 2026. See the LUV implied volatility history for a longer view.

The Southwest Airlines put/call volume ratio was 1.06 on Nov 4, 2026, so puts outnumber calls. The put/call open interest ratio was 0.88. The LUV open interest chart shows calls and puts at each strike.

As of the Nov 4, 2026 close, max pain for Southwest Airlines options about one week from expiration was $42.71, 8.0% below the $46.44 close. The LUV max pain chart shows it for every expiration date.

Based on 7-day implied volatility of 50.5%, options price a move of about ±$3.25 (±7.0%) over the next week, a range of roughly $43.19 to $49.69 from the Nov 4, 2026 close. The LUV expected move chart shows it for every expiration date.