LUV options flow: unusual options activity in Southwest Airlines Co.
Updated 28 September 2026, 09:54 ET
Over the last week the tape recorded 22 unusual options prints in Southwest Airlines Co. (LUV), $1.1M of tracked premium, close to even between bullish and bearish premium. Bullish premium was $473K against $562K bearish; $1.0M went into calls and $86K into puts, a put call ratio of 0.08. The largest print was $189K of LUV 21 Jan 2028 $25 calls on 21 September 2026, executed at bid. The last session with prints, 28 September 2026, added 1 print and $33K of premium. LUV closed at $42.68 on 25 September 2026, up 2.7%.
This week's unusual flow
Prints from 21 September 2026 to 28 September 2026, 6 sessions. Delayed tier: every print is shown twenty minutes after it executed, and the page is rebuilt after each session.
Net premium is bullish minus bearish premium. The put call ratio is put premium divided by call premium, weighted by money rather than by contract count. Sweeps is the share of prints executed across several exchanges at once. Read the guide: Reading the Pulse.
Largest prints of the week
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 21 Sep 2026 | LUV 21 Jan 2028 $25 calls | Trade | 100 | 165 | $189K | At bid | Bearish | Notable |
| 21 Sep 2026 | LUV 23 Oct 2026 $43 calls | Sweep | 662 | 44 | $97K | At ask | Bullish | High conviction |
| 22 Sep 2026 | LUV 16 Oct 2026 $42.50 puts | Trade | 500 | 1,369 | $86K | At ask | Bearish | Notable |
| 24 Sep 2026 | LUV 15 Jan 2027 $47.50 calls | Trade | 500 | 4,343 | $74K | At bid | Bearish | |
| 25 Sep 2026 | LUV 16 Oct 2026 $42.50 calls | Sweep | 310 | 8,320 | $53K | At ask | Bullish | Notable |
| 23 Sep 2026 | LUV 21 Jan 2028 $30 calls | Sweep | 31 | 529 | $46K | At bid | Bearish | |
| 25 Sep 2026 | LUV 16 Oct 2026 $42.50 calls | Sweep | 259 | 8,320 | $45K | At bid | Bearish | |
| 23 Sep 2026 | LUV 21 Jan 2028 $30 calls | Trade | 30 | 529 | $45K | At bid | Neutral | |
| 22 Sep 2026 | LUV 25 Sep 2026 $44 calls | Sweep | 936 | 161 | $42K | At bid | Bearish | High conviction |
| 22 Sep 2026 | LUV 25 Sep 2026 $44 calls | Sweep | 1,082 | 161 | $40K | At bid | Bearish | Notable |
| 22 Sep 2026 | LUV 25 Sep 2026 $44 calls | Sweep | 1,010 | 161 | $40K | At ask | Bullish | High conviction |
| 21 Sep 2026 | LUV 18 Dec 2026 $40 calls | Sweep | 89 | 853 | $39K | At bid | Bearish | Notable |
Size above open interest means the trade opened a position larger than everything that existed in the contract the night before. Above ask and below bid are the most aggressive executions. Read the guide: Size versus open interest.
Where the money is aimed
| Expiry | Prints | Premium | Calls share | Net premium |
|---|---|---|---|---|
| 21 Jan 2028 | 7 | $405K | 100% | -$110K |
| 16 Oct 2026 | 4 | $222K | 61% | -$40K |
| 25 Sep 2026 | 6 | $206K | 100% | +$17K |
| 15 Jan 2027 | 3 | $136K | 100% | -$12K |
| 23 Oct 2026 | 1 | $97K | 100% | +$97K |
| 18 Dec 2026 | 1 | $39K | 100% | -$39K |
The most premium, $405K, is aimed at the 21 Jan 2028 expiry; the nearest expiry with unusual prints is 25 Sep 2026.
A print in a contract expiring this week is a view about the next few days, often about a known event; a print months out is a different kind of statement. Read the guide: 0DTE options flow.
The last session, 28 September 2026
| Date | Contract | Type | Size | Open int. | Premium | Execution | Sentiment | Tier |
|---|---|---|---|---|---|---|---|---|
| 28 Sep 2026 | LUV 21 Jan 2028 $37.50 calls | Trade | 30 | 287 | $33K | At ask | Bullish |
Every print in LUV with its full detail, the live tape, one tap filters and saved screeners: open LUV in Options Sentiment Screener.
Price
The live quote and the price chart sit beside the ticker's flow in the app: open LUV in Options Sentiment Screener.
Analysts
The most recent analyst targets on file, from 16 firms, have a median of $51, 19.5% above the last close. The last 90 days brought 1 upgrade.
Calls bought at a strike above the average target are a bet that the analysts are too cautious; puts far below the price in a name they like are protection or a strong disagreement. Read the guide: Reading one ticker's flow.
About Southwest Airlines Co.
- Exchange
- NYSE
- Sector
- Industrials
- Industry
- Transportation
- Headquarters
- Dallas, Texas
- Website
- southwest.com
Southwest Airlines Co. operates as a passenger airline company that provide scheduled air transportation services in the United States and near-international markets. As of December 31, 2021, the company operated a total fleet of 728 Boeing 737 aircrafts; and served 121 destinations in 42 states, the District of Columbia, and the Commonwealth of Puerto Rico.
In the same sector
Flow pages for other Industrials names in the S&P 500:
CAT Caterpillar Inc.GE General Electric Co.GEV GE Vernova Inc.RTX RTX Corp.DE Deere & Co.ETN Eaton Corp. plcUNP Union Pacific Corp.BA Boeing Co.
Learn
- What unusual options activity means
- Reading one ticker's flow
- Sweeps, blocks and where a trade printed
- Size versus open interest
- Bullish or bearish, how a print's sentiment is inferred
- The conviction score and whale prints
The live tape for LUV with every print's execution detail, one tap filters for calls, puts, sweeps and 0DTE, saved screeners and, for Realtime subscribers, push alerts and no delay. The same screen is in the iOS and Android apps.
Open LUV in Options Sentiment Screener