One at-the-money call settled two ways: the ten widest splits since January 2024
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-03, from AM vs PM Settled Index Options Explained.
| expiry_label | gap_abs_pct | am_settlement_usd | pm_settlement_usd | settlement_spread_usd |
|---|---|---|---|---|
| Dec 20, 2024 | 0.74 | 0 | 4.87 | 4.87 |
| Jan 19, 2024 | 0.25 | 1.65 | 6.42 | 4.77 |
| Feb 20, 2026 | 0.32 | 0 | 4.36 | 4.36 |
| Nov 21, 2025 | 0.39 | 2.05 | 6.06 | 4.01 |
| Dec 19, 2025 | 0.02 | 0.59 | 4.59 | 4 |
| Apr 17, 2026 | 0.65 | 4.14 | 8.04 | 3.9 |
| Oct 17, 2025 | 0.17 | 0 | 3.32 | 3.32 |
| May 16, 2025 | 0.14 | 1.25 | 4.29 | 3.04 |
| Jan 16, 2026 | 0.21 | 1.66 | 0 | 1.66 |
| Jun 20, 2025 | 0.15 | 1.38 | 0 | 1.38 |
- Rows × columns
- 10 × 5
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
expiry_label |
text | 10 distinct values (Apr 17, 2026, Dec 19, 2025, Dec 20, 2024…) | |
gap_abs_pct |
number | 0.02 to 0.74 | percent |
am_settlement_usd |
number | 0 to 4.14 | US dollars |
pm_settlement_usd |
number | 0 to 8.04 | US dollars |
settlement_spread_usd |
number | 1.38 to 4.87 | US dollars |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH sessions AS (
SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS session_date,
toFloat64(argMin(open, window_start)) AS first_print,
toFloat64(argMax(close, window_start)) AS last_print
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2023-12-01') AND toDate('2026-07-31')
AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60
+ toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959
GROUP BY session_date
),
sequenced AS (
SELECT session_date,
first_print,
last_print,
any(last_print) OVER (ORDER BY session_date ASC
ROWS BETWEEN 1 PRECEDING AND 1 PRECEDING) AS prior_close
FROM sessions
),
expirations AS (
SELECT session_date,
first_print,
last_print,
round(prior_close, 0) AS strike,
abs(first_print / prior_close - 1) * 100 AS gap_abs_raw
FROM sequenced
WHERE prior_close > 0
AND session_date >= toDate('2024-01-01')
AND toDayOfWeek(session_date) = 5
AND toDayOfMonth(session_date) BETWEEN 15 AND 21
)
SELECT formatDateTime(session_date, '%b %e, %Y') AS expiry_label,
round(gap_abs_raw, 2) AS gap_abs_pct,
round(greatest(first_print - strike, 0), 2) AS am_settlement_usd,
round(greatest(last_print - strike, 0), 2) AS pm_settlement_usd,
round(abs(greatest(last_print - strike, 0) - greatest(first_print - strike, 0)), 2) AS settlement_spread_usd
FROM expirations
ORDER BY settlement_spread_usd DESC
LIMIT 10
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