{"slug":"deep-itm-leaps","qid":"decay","label":"Time value as a share of premium, and daily theta, month by month","post_title":"Deep ITM LEAPS: Stock Replacement","post_url":"/blog/deep-itm-leaps#q-decay","columns":["month","extrinsic_pct","theta"],"rows":[{"month":"2025-06-01","extrinsic_pct":92.7,"theta":-0.106},{"month":"2025-07-01","extrinsic_pct":49.1,"theta":-0.116},{"month":"2025-08-01","extrinsic_pct":34,"theta":-0.119},{"month":"2025-09-01","extrinsic_pct":20.3,"theta":-0.124},{"month":"2025-10-01","extrinsic_pct":13.5,"theta":-0.136},{"month":"2025-11-01","extrinsic_pct":9.5,"theta":-0.148},{"month":"2025-12-01","extrinsic_pct":3.6,"theta":-0.171},{"month":"2026-01-01","extrinsic_pct":1.3,"theta":-0.441}],"shape":"series","sql":"SELECT toStartOfMonth(date) AS month,\n       round(avg((option_close - greatest(underlying_close - 600, 0)) / option_close) * 100, 1) AS extrinsic_pct,\n       round(avg(theta), 3) AS theta\nFROM global_markets.options_greeks\nWHERE ticker = 'O:SPY260116C00600000' AND date BETWEEN '2025-06-02' AND '2026-01-13' AND implied_volatility > 0.02\nGROUP BY month ORDER BY month","computed_at":"2026-07-16T10:03:49.056838+00:00","elapsed":0.002100662}