LUV Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-18. Spot $43.35.

Put/Call (OI)

0.72

97k P / 134k C

Put/Call (Volume)

0.57

4k P / 6k C today

30d ATM IV

37%

annualized implied move

Call wall

$55

28k contracts

Put wall

$37.5

8k contracts

Tail hedging

0.4×

deep-OTM puts vs calls

What the positioning says

●Call wall at $55 (28k contracts), 27% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $37.5 (8k contracts), 13% below spot — the hedge floor; often acts as support.
●Deep-OTM call OI is 2.2× deep-OTM put OI — speculative upside positioning dominates the tails.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-21	12k	7k	0.57	4k
2026-08-28	1k	2k	1.59	711
2026-09-04	782	659	0.84	349
2026-09-11	550	243	0.44	79
2026-09-18	62k	38k	0.61	783
2026-09-25	56	126	2.25	52
2026-10-02	4	39	9.75	14
2026-12-18	10k	6k	0.58	566
2027-01-15	30k	23k	0.75	3k
2027-03-19	4k	3k	0.91	177
2027-06-17	871	3k	3.78	24
2028-01-21	12k	14k	1.14	247

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.