On 6 Nov 2026 Southwest Airlines closed at $44.45. The market is charging for moves of 41% a year on options expiring 15 Jan 2027; the shares moved 44% a year over the past year.
Of 72 calls and puts compared with the market, 14 read expensive, 46 in line and 12 cheap against our price.
| Strike | Call: our price | Call: market price | Gap | Reading | Put: our price | Put: market price | Gap | Reading |
|---|---|---|---|---|---|---|---|---|
| $39.00 | $5.60 | $6.17 | +10.3% | in line | $0.09 | $0.24 | +166.7% | expensive |
| $39.50 | $5.14 | $5.80 | +12.8% | in line | $0.13 | $0.30 | +130.8% | expensive |
| $40.00 | $4.69 | $4.97 | +6.1% | expensive | $0.18 | $0.35 | +97.2% | expensive |
| $40.50 | $4.26 | $4.92 | +15.6% | in line | $0.24 | $0.42 | +75.0% | expensive |
| $41.00 | $3.84 | $4.50 | +17.2% | in line | $0.32 | $0.46 | +43.8% | expensive |
| $41.50 | $3.44 | $4.05 | +17.7% | in line | $0.42 | $0.59 | +41.7% | expensive |
| $42.00 | $3.06 | $3.33 | +8.7% | in line | $0.54 | $0.64 | +17.6% | in line |
| $42.50 | $2.70 | $2.85 | +5.4% | expensive | $0.69 | $0.83 | +21.0% | expensive |
| $43.00 | $2.37 | $2.52 | +6.3% | expensive | $0.85 | $0.99 | +16.5% | expensive |
| $43.50 | $2.06 | $2.15 | +4.6% | in line | $1.04 | $1.19 | +13.9% | expensive |
| $44.00 | $1.78 | $1.90 | +6.7% | in line | $1.26 | $1.34 | +6.3% | in line |
| $44.50 (nearest the share price) | $1.52 | $1.68 | +10.5% | expensive | $1.51 | $1.51 | +0.3% | in line |
| $45.00 | $1.29 | $1.39 | +7.4% | in line | $1.78 | $1.92 | +7.6% | in line |
| $45.50 | $1.09 | $1.21 | +10.6% | in line | $2.07 | $2.10 | +1.4% | in line |
| $46.00 | $0.91 | $0.93 | +2.2% | in line | $2.40 | $2.46 | +2.7% | in line |
| $46.50 | $0.75 | $0.84 | +12.0% | in line | $2.74 | $2.73 | -0.5% | in line |
| $47.00 | $0.62 | $0.62 | +0.0% | in line | $3.11 | $3.15 | +1.3% | in line |
| $47.50 | $0.51 | $0.56 | +10.8% | in line | $3.50 | $3.40 | -2.9% | in line |
| $48.00 | $0.41 | $0.47 | +15.9% | in line | $3.90 | $3.90 | +0.0% | in line |
| $49.00 | $0.26 | $0.23 | -11.5% | in line | $4.75 | $4.75 | +0.0% | in line |
| $50.00 | $0.16 | $0.15 | -3.1% | in line | $5.66 | $5.55 | -1.9% | in line |
The market is charging for moves of 46% a year on this date.
| Strike | Call: our price | Call: market price | Gap | Reading | Put: our price | Put: market price | Gap | Reading |
|---|---|---|---|---|---|---|---|---|
| $40.00 | $5.45 | $6.00 | +10.1% | in line | $0.82 | $1.04 | +26.8% | expensive |
| $42.50 | $3.77 | $3.95 | +4.8% | in line | $1.63 | $1.72 | +5.5% | in line |
| $45.00 (nearest the share price) | $2.46 | $2.40 | -2.2% | in line | $2.82 | $2.79 | -1.2% | in line |
| $47.50 | $1.52 | $1.44 | -5.6% | in line | $4.38 | $4.10 | -6.4% | in line |
| $50.00 | $0.89 | $0.77 | -13.5% | cheap | $6.26 | $6.10 | -2.6% | in line |
The market is charging for moves of 43% a year on this date.
| Strike | Call: our price | Call: market price | Gap | Reading | Put: our price | Put: market price | Gap | Reading |
|---|---|---|---|---|---|---|---|---|
| $40.00 | $6.01 | $6.17 | +2.7% | in line | $1.42 | $1.35 | -4.9% | in line |
| $42.50 | $4.45 | $4.40 | -1.1% | in line | $2.36 | $1.96 | -17.2% | cheap |
| $45.00 (nearest the share price) | $3.20 | $3.06 | -4.4% | cheap | $3.60 | $3.38 | -6.3% | cheap |
| $47.50 | $2.23 | $1.98 | -11.4% | cheap | $5.13 | $4.85 | -5.5% | cheap |
| $50.00 | $1.51 | $1.26 | -16.2% | cheap | $6.90 | $6.62 | -4.0% | in line |
The market is charging for moves of 41% a year on this date.
| Strike | Call: our price | Call: market price | Gap | Reading | Put: our price | Put: market price | Gap | Reading |
|---|---|---|---|---|---|---|---|---|
| $40.00 | $7.17 | $7.35 | +2.5% | in line | $2.43 | $2.46 | +1.4% | in line |
| $42.50 | $5.74 | $5.80 | +1.0% | in line | $3.48 | $3.33 | -4.5% | cheap |
| $45.00 (nearest the share price) | $4.55 | $4.42 | -2.7% | in line | $4.77 | $4.45 | -6.7% | cheap |
| $47.50 | $3.55 | $3.38 | -4.9% | in line | $6.25 | $5.92 | -5.2% | cheap |
| $50.00 | $2.75 | $2.47 | -10.2% | cheap | $7.94 | $7.42 | -6.5% | cheap |
The market is charging for moves of 41% a year on this date. This date is on or after the next earnings report (20 Jan 2027). The market charges extra for that; our price does not.
Our price is what each option would cost if Southwest Airlines's shares keep moving as much as they did over the past year (44% a year, measured over 251 trading days). It comes from the Black-Scholes model, in the form that allows for early exercise, and it assumes dividends of $0.18 on 26 Dec 2026, $0.18 on 12 Mar 2027. Interest rates are US Treasury yields for each option's remaining life.
The market price is halfway between the best bid and the best offer at the close on 6 Nov 2026. Where there was no live bid and offer that day, the page says no recent market price.
Expensive means buyers in the market are bidding more than our price. Cheap means sellers are asking less than our price. In line means our price sits between the bid and the offer. Prices under five cents are not compared.
Our price leaves out earnings reports, news, and any view on which way the shares will go. If the past year was rougher than the market expects the coming months to be, our prices come out above the market's and options read cheap; if it was calmer, they read expensive.
Prices as of 6 Nov 2026. Not investment advice.