{"slug":"am-vs-pm-settled-options","qid":"settlement_levels","label":"The prices behind the arithmetic: Thursday's close, the strike, Friday's open and close","post_title":"AM vs PM Settled Index Options Explained","post_url":"/blog/am-vs-pm-settled-options#q-settlement_levels","columns":["expiration_date","expiry_label","thursday_close","strike_usd","friday_open","friday_close"],"rows":[{"expiration_date":"2024-01-19","expiry_label":"Jan 19, 2024","thursday_close":476.46,"strike_usd":476,"friday_open":477.65,"friday_close":482.42},{"expiration_date":"2024-02-16","expiry_label":"Feb 16, 2024","thursday_close":501.95,"strike_usd":502,"friday_open":501.7,"friday_close":499.49},{"expiration_date":"2024-03-15","expiry_label":"Mar 15, 2024","thursday_close":514.95,"strike_usd":515,"friday_open":510.21,"friday_close":509.74},{"expiration_date":"2024-04-19","expiry_label":"Apr 19, 2024","thursday_close":499.48,"strike_usd":499,"friday_open":499.44,"friday_close":495.1},{"expiration_date":"2024-05-17","expiry_label":"May 17, 2024","thursday_close":528.66,"strike_usd":529,"friday_open":528.81,"friday_close":529.43},{"expiration_date":"2024-06-21","expiry_label":"Jun 21, 2024","thursday_close":546.95,"strike_usd":547,"friday_open":544.4,"friday_close":544.12},{"expiration_date":"2024-07-19","expiry_label":"Jul 19, 2024","thursday_close":552.66,"strike_usd":553,"friday_open":552.42,"friday_close":548.93},{"expiration_date":"2024-08-16","expiry_label":"Aug 16, 2024","thursday_close":553.07,"strike_usd":553,"friday_open":551.42,"friday_close":554.21},{"expiration_date":"2024-09-20","expiry_label":"Sep 20, 2024","thursday_close":570.92,"strike_usd":571,"friday_open":567.84,"friday_close":568.1},{"expiration_date":"2024-10-18","expiry_label":"Oct 18, 2024","thursday_close":582.28,"strike_usd":582,"friday_open":584.07,"friday_close":584.57},{"expiration_date":"2024-11-15","expiry_label":"Nov 15, 2024","thursday_close":593.37,"strike_usd":593,"friday_open":589.72,"friday_close":585.7},{"expiration_date":"2024-12-20","expiry_label":"Dec 20, 2024","thursday_close":586.12,"strike_usd":586,"friday_open":581.77,"friday_close":590.87},{"expiration_date":"2025-01-17","expiry_label":"Jan 17, 2025","thursday_close":591.7,"strike_usd":592,"friday_open":596.96,"friday_close":597.57},{"expiration_date":"2025-02-21","expiry_label":"Feb 21, 2025","thursday_close":610.39,"strike_usd":610,"friday_open":610.16,"friday_close":600},{"expiration_date":"2025-03-21","expiry_label":"Mar 21, 2025","thursday_close":565.68,"strike_usd":566,"friday_open":559.28,"friday_close":564.19},{"expiration_date":"2025-05-16","expiry_label":"May 16, 2025","thursday_close":590.41,"strike_usd":590,"friday_open":591.25,"friday_close":594.29},{"expiration_date":"2025-06-20","expiry_label":"Jun 20, 2025","thursday_close":597.46,"strike_usd":597,"friday_open":598.38,"friday_close":594.23},{"expiration_date":"2025-07-18","expiry_label":"Jul 18, 2025","thursday_close":627.98,"strike_usd":628,"friday_open":629.3,"friday_close":627.58},{"expiration_date":"2025-08-15","expiry_label":"Aug 15, 2025","thursday_close":644.94,"strike_usd":645,"friday_open":645.99,"friday_close":643.44},{"expiration_date":"2025-09-19","expiry_label":"Sep 19, 2025","thursday_close":662.28,"strike_usd":662,"friday_open":662.33,"friday_close":663.64},{"expiration_date":"2025-10-17","expiry_label":"Oct 17, 2025","thursday_close":660.65,"strike_usd":661,"friday_open":659.5,"friday_close":664.32},{"expiration_date":"2025-11-21","expiry_label":"Nov 21, 2025","thursday_close":652.53,"strike_usd":653,"friday_open":655.05,"friday_close":659.06},{"expiration_date":"2025-12-19","expiry_label":"Dec 19, 2025","thursday_close":676.48,"strike_usd":676,"friday_open":676.59,"friday_close":680.59},{"expiration_date":"2026-01-16","expiry_label":"Jan 16, 2026","thursday_close":692.18,"strike_usd":692,"friday_open":693.66,"friday_close":691.58},{"expiration_date":"2026-02-20","expiry_label":"Feb 20, 2026","thursday_close":684.52,"strike_usd":685,"friday_open":682.32,"friday_close":689.36},{"expiration_date":"2026-03-20","expiry_label":"Mar 20, 2026","thursday_close":659.74,"strike_usd":660,"friday_open":656.51,"friday_close":648.54},{"expiration_date":"2026-04-17","expiry_label":"Apr 17, 2026","thursday_close":701.55,"strike_usd":702,"friday_open":706.14,"friday_close":710.04},{"expiration_date":"2026-05-15","expiry_label":"May 15, 2026","thursday_close":748.15,"strike_usd":748,"friday_open":741.79,"friday_close":739.09},{"expiration_date":"2026-07-17","expiry_label":"Jul 17, 2026","thursday_close":750.76,"strike_usd":751,"friday_open":742.08,"friday_close":743.2}],"shape":"series","sql":"WITH sessions AS (\n    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS session_date,\n           toFloat64(argMin(open, window_start)) AS first_print,\n           toFloat64(argMax(close, window_start)) AS last_print\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2023-12-01') AND toDate('2026-07-31')\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n    GROUP BY session_date\n),\nsequenced AS (\n    SELECT session_date,\n           first_print,\n           last_print,\n           any(last_print) OVER (ORDER BY session_date ASC\n                                 ROWS BETWEEN 1 PRECEDING AND 1 PRECEDING) AS prior_close\n    FROM sessions\n)\nSELECT session_date AS expiration_date,\n       formatDateTime(session_date, '%b %e, %Y') AS expiry_label,\n       round(prior_close, 2) AS thursday_close,\n       round(prior_close, 0) AS strike_usd,\n       round(first_print, 2) AS friday_open,\n       round(last_print, 2) AS friday_close\nFROM sequenced\nWHERE prior_close > 0\n  AND session_date >= toDate('2024-01-01')\n  AND toDayOfWeek(session_date) = 5\n  AND toDayOfMonth(session_date) BETWEEN 15 AND 21\nORDER BY expiration_date","computed_at":"2026-08-03T07:28:39.237935+00:00","elapsed":0.003343862}