{"slug":"buy-stop-vs-sell-stop-orders","qid":"spread_by_clock","label":"KO quoted spread by half hour of the ET clock, one pinned session","post_title":"Buy Stop vs Sell Stop Orders: How Each Fires","post_url":"/blog/buy-stop-vs-sell-stop-orders#q-spread_by_clock","columns":["et_time","spread_bps_median","spread_bps_p95"],"rows":[{"et_time":"05:00","spread_bps_median":43.92,"spread_bps_p95":45.05},{"et_time":"09:30","spread_bps_median":2.26,"spread_bps_p95":4.54},{"et_time":"10:00","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"10:30","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"11:00","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"11:30","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"12:00","spread_bps_median":1.13,"spread_bps_p95":2.27},{"et_time":"12:30","spread_bps_median":1.13,"spread_bps_p95":2.27},{"et_time":"13:00","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"13:30","spread_bps_median":1.13,"spread_bps_p95":1.13},{"et_time":"14:00","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"14:30","spread_bps_median":1.13,"spread_bps_p95":2.26},{"et_time":"15:00","spread_bps_median":1.13,"spread_bps_p95":1.13},{"et_time":"15:30","spread_bps_median":1.13,"spread_bps_p95":1.13}],"shape":"series","sql":"SELECT\n    formatDateTime(toStartOfInterval(toTimeZone(sip_timestamp, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_time,\n    round(quantileDeterministic(0.50)(2e4 * (toFloat64(ask_price) - toFloat64(bid_price)) / (toFloat64(ask_price) + toFloat64(bid_price)), toUInt64(sequence_number)), 2) AS spread_bps_median,\n    round(quantileDeterministic(0.95)(2e4 * (toFloat64(ask_price) - toFloat64(bid_price)) / (toFloat64(ask_price) + toFloat64(bid_price)), toUInt64(sequence_number)), 2) AS spread_bps_p95\nFROM global_markets.cache_stocks_quotes\nWHERE ticker = 'KO'\n  AND sip_timestamp >= '2026-09-15 04:00:00'\n  AND sip_timestamp <  '2026-09-16 00:00:00'\n  AND bid_price > 0\n  AND ask_price > bid_price\nGROUP BY et_time\nHAVING count() > 200\nORDER BY et_time","computed_at":"2026-10-06T15:21:10.896999+00:00","elapsed":0.003666032}