{"slug":"can-you-buy-a-put-without-owning-the-stock","qid":"put_vs_shares","label":"put_vs_shares","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_vs_shares","columns":["symbol","put_debit_usd","shares_cost_usd","put_pct_of_shares","as_of_label"],"rows":[{"symbol":"SPY","put_debit_usd":828,"shares_cost_usd":76590,"put_pct_of_shares":1.1,"as_of_label":"Sep 24, 2026"},{"symbol":"KO","put_debit_usd":145,"shares_cost_usd":8819,"put_pct_of_shares":1.6,"as_of_label":"Sep 24, 2026"},{"symbol":"AAPL","put_debit_usd":645,"shares_cost_usd":33560,"put_pct_of_shares":1.9,"as_of_label":"Sep 24, 2026"},{"symbol":"MSFT","put_debit_usd":1030,"shares_cost_usd":49578,"put_pct_of_shares":2.1,"as_of_label":"Sep 24, 2026"},{"symbol":"NVDA","put_debit_usd":665,"shares_cost_usd":22384,"put_pct_of_shares":3,"as_of_label":"Sep 24, 2026"}],"shape":"table","sql":"SELECT\n    symbol,\n    put_debit_usd,\n    shares_cost_usd,\n    round(100 * put_debit_usd / shares_cost_usd, 1) AS put_pct_of_shares,\n    as_of_label\nFROM\n(\n    SELECT\n        underlying_symbol                                             AS symbol,\n        round(toFloat64(argMin(option_close, moneyness)) * 100, 0)    AS put_debit_usd,\n        round(toFloat64(argMin(underlying_close, moneyness)) * 100, 0) AS shares_cost_usd,\n        formatDateTime(any(date), '%b %e, %Y')                        AS as_of_label\n    FROM\n    (\n        SELECT\n            underlying_symbol,\n            date,\n            option_close,\n            underlying_close,\n            abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) AS moneyness\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 IN ('AAPL', 'KO', 'MSFT', 'NVDA', 'SPY')\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          AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\n    )\n    GROUP BY underlying_symbol\n)\nORDER BY put_pct_of_shares","computed_at":"2026-09-28T15:08:49.807791+00:00","elapsed":0.144566387}