{"slug":"broker-exercise-cutoff-times","qid":"moneyness_ladder","label":"How close expiring AAPL contracts finish to the strike","post_title":"Broker Exercise Cut-Off Times Explained","post_url":"/blog/broker-exercise-cutoff-times#q-moneyness_ladder","columns":["strike_distance","contract_count"],"rows":[{"strike_distance":"0.00 to 0.25%","contract_count":58},{"strike_distance":"0.25 to 0.50%","contract_count":74},{"strike_distance":"0.50 to 1.00%","contract_count":128},{"strike_distance":"1.00 to 2.00%","contract_count":248},{"strike_distance":"2.00 to 5.00%","contract_count":746},{"strike_distance":"over 5.00%","contract_count":3356}],"shape":"ranking","sql":"SELECT\n    multiIf(dist < 0.0025, '0.00 to 0.25%',\n            dist < 0.005,  '0.25 to 0.50%',\n            dist < 0.01,   '0.50 to 1.00%',\n            dist < 0.02,   '1.00 to 2.00%',\n            dist < 0.05,   '2.00 to 5.00%',\n                           'over 5.00%')  AS strike_distance,\n    count()                               AS contract_count\nFROM\n(\n    SELECT\n        ticker,\n        argMin(abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1), days_to_expiry) AS dist\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND days_to_expiry <= 1\n      AND date >= '2026-01-01'\n      AND date <  '2026-08-01'\n      AND volume > 0\n      AND underlying_close > 0\n    GROUP BY ticker\n)\nGROUP BY strike_distance\nORDER BY min(dist)","computed_at":"2026-08-22T04:03:40.372528+00:00","elapsed":0.128073434}