{"slug":"can-you-buy-a-put-without-owning-the-stock","qid":"put_ladder","label":"put_ladder","post_title":"can-you-buy-a-put-without-owning-the-stock","post_url":"/blog/can-you-buy-a-put-without-owning-the-stock#q-put_ladder","columns":["strike","put_debit_usd","delta_abs","breakeven_below_spot_pct"],"rows":[{"strike":"$305","put_debit_usd":63,"delta_abs":0.064,"breakeven_below_spot_pct":9.3},{"strike":"$310","put_debit_usd":92,"delta_abs":0.091,"breakeven_below_spot_pct":7.9},{"strike":"$312.5","put_debit_usd":110,"delta_abs":0.108,"breakeven_below_spot_pct":7.2},{"strike":"$315","put_debit_usd":136,"delta_abs":0.131,"breakeven_below_spot_pct":6.5},{"strike":"$317.5","put_debit_usd":165,"delta_abs":0.155,"breakeven_below_spot_pct":5.9},{"strike":"$320","put_debit_usd":205,"delta_abs":0.186,"breakeven_below_spot_pct":5.3},{"strike":"$322.5","put_debit_usd":246,"delta_abs":0.219,"breakeven_below_spot_pct":4.6},{"strike":"$325","put_debit_usd":305,"delta_abs":0.26,"breakeven_below_spot_pct":4.1},{"strike":"$327.5","put_debit_usd":379,"delta_abs":0.306,"breakeven_below_spot_pct":3.5},{"strike":"$330","put_debit_usd":445,"delta_abs":0.351,"breakeven_below_spot_pct":3},{"strike":"$332.5","put_debit_usd":541,"delta_abs":0.403,"breakeven_below_spot_pct":2.5},{"strike":"$335","put_debit_usd":645,"delta_abs":0.457,"breakeven_below_spot_pct":2.1},{"strike":"$337.5","put_debit_usd":760,"delta_abs":0.513,"breakeven_below_spot_pct":1.7},{"strike":"$340","put_debit_usd":900,"delta_abs":0.568,"breakeven_below_spot_pct":1.4}],"shape":"ranking","sql":"WITH\n    chain AS\n    (\n        SELECT\n            strike_price,\n            expiration_date,\n            option_close,\n            underlying_close,\n            delta,\n            volume\n        FROM global_markets.options_greeks\n        WHERE date = (SELECT max(date) FROM global_markets.options_greeks WHERE date >= today() - 40)\n          AND underlying_symbol = 'AAPL'\n          AND lower(option_type) IN ('put', 'p')\n          AND iv_converged = 1\n          AND volume > 0\n          AND days_to_expiry BETWEEN 20 AND 45\n    ),\n    busiest_expiry AS\n    (\n        SELECT expiration_date\n        FROM chain\n        GROUP BY expiration_date\n        ORDER BY sum(volume) DESC\n        LIMIT 1\n    )\nSELECT\n    concat('$', toString(round(toFloat64(strike_price), 2)))     AS strike,\n    round(toFloat64(any(option_close)) * 100, 0)                 AS put_debit_usd,\n    round(abs(toFloat64(any(delta))), 3)                         AS delta_abs,\n    round(100 * (1 - (toFloat64(any(strike_price)) - toFloat64(any(option_close)))\n                     / toFloat64(any(underlying_close))), 1)     AS breakeven_below_spot_pct\nFROM chain\nWHERE expiration_date = (SELECT expiration_date FROM busiest_expiry)\n  AND toFloat64(strike_price) / toFloat64(underlying_close) BETWEEN 0.90 AND 1.02\nGROUP BY strike_price\nORDER BY strike_price","computed_at":"2026-09-28T15:08:50.067496+00:00","elapsed":0.162397222}