Option Greeks measure how Southwest Airlines Co (LUV) option prices respond to changes in the stock price (delta and gamma), the passage of time (theta), implied volatility (vega), and interest rates (rho). These charts plot each Greek by strike, so you can see where an expiration's price risk, time decay, and volatility exposure are concentrated. LUV implied volatility is in the lower part of its one-year range, which keeps delta and gamma in a narrower range of strikes than usual.
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LUV Option Greeks FAQ
What are option Greeks?
Option Greeks measure how an option's price responds to changes in the stock price (delta and gamma), time (theta), implied volatility (vega), and interest rates (rho).
How do I read the LUV Greeks charts?
Gamma, theta, and vega are largest for strikes near the Southwest Airlines stock price and shrink for strikes far above or below it. Theta grows as expiration gets closer, while vega is larger for expirations further out. Call delta runs from 0 to 1 and put delta from -1 to 0, near 0.50 and -0.50 at the money, and roughly estimates the chance that an option finishes in the money.
How does implied volatility affect LUV's Greeks?
Southwest Airlines IV rank is 28, so implied volatility is in the lower part of its one-year range. Higher implied volatility raises option premiums and daily time decay (theta), and spreads delta and gamma across a wider range of strikes. Over the past year, 30-day implied volatility ranged from 31.0% to 79.4%. See the LUV implied volatility history for a longer view.
How much gamma and delta do LUV options carry in total?
Across all open Southwest Airlines options on Nov 4, 2026, net gamma exposure was $4.37M and net delta exposure was $113.23M per 1% move in the stock. The LUV gamma exposure chart shows where that gamma sits by strike.
What is Southwest Airlines Co?
Southwest Airlines is the largest domestic air carrier in the United States by passengers boarded.