{"slug":"cash-settled-vs-physical-delivery","qid":"pin_zone","label":"How close SPY closes to a whole dollar strike, expiration Fridays vs every other session","post_title":"Cash Settled vs Physical Delivery Options","post_url":"/blog/cash-settled-vs-physical-delivery#q-pin_zone","columns":["distance_band","monthly_expiry_pct","other_session_pct","expiry_session_count"],"rows":[{"distance_band":"within 5c","monthly_expiry_pct":10.8,"other_session_pct":9.2,"expiry_session_count":7},{"distance_band":"5c to 15c","monthly_expiry_pct":18.5,"other_session_pct":19,"expiry_session_count":12},{"distance_band":"15c to 30c","monthly_expiry_pct":27.7,"other_session_pct":31,"expiry_session_count":18},{"distance_band":"30c to 50c","monthly_expiry_pct":43.1,"other_session_pct":40.8,"expiry_session_count":28}],"shape":"ranking","sql":"SELECT\n    distance_band,\n    round(100 * expiry_sessions / sum(expiry_sessions) OVER (), 1) AS monthly_expiry_pct,\n    round(100 * other_sessions  / sum(other_sessions)  OVER (), 1) AS other_session_pct,\n    expiry_sessions                                                AS expiry_session_count\nFROM\n(\n    SELECT\n        multiIf(cents_from_strike <  5.0, 'within 5c',\n                cents_from_strike < 15.0, '5c to 15c',\n                cents_from_strike < 30.0, '15c to 30c',\n                                          '30c to 50c') AS distance_band,\n        min(cents_from_strike)                          AS band_floor,\n        countIf(is_monthly_expiry = 1)                  AS expiry_sessions,\n        countIf(is_monthly_expiry = 0)                  AS other_sessions\n    FROM\n    (\n        SELECT\n            round(100 * abs(toFloat64(close) - round(toFloat64(close))), 2)  AS cents_from_strike,\n            (toDayOfWeek(date) = 5 AND toDayOfMonth(date) BETWEEN 15 AND 21) AS is_monthly_expiry\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'SPY'\n          AND date >= '2021-01-04'\n          AND date <  today()\n    )\n    GROUP BY distance_band\n)\nORDER BY band_floor","computed_at":"2026-08-22T04:03:56.421686+00:00","elapsed":0.02998949}