{"slug":"deep-itm-leaps","qid":"stock_replacement","label":"One deep-ITM LEAPS vs 100 shares: cost, leverage, and delta","post_title":"Deep ITM LEAPS: Stock Replacement","post_url":"/blog/deep-itm-leaps#q-stock_replacement","columns":["date","spy_close","shares_cost","leaps_price","leaps_cost","leverage_x","delta"],"rows":[{"date":"2025-07-01","spy_close":617.93,"shares_cost":61793,"leaps_price":48.5,"leaps_cost":4850,"leverage_x":12.7,"delta":0.689},{"date":"2025-10-09","spy_close":671.96,"shares_cost":67196,"leaps_price":82.03,"leaps_cost":8203,"leverage_x":8.2,"delta":0.897},{"date":"2025-12-01","spy_close":679.98,"shares_cost":67998,"leaps_price":84.49,"leaps_cost":8449,"leverage_x":8,"delta":0.938}],"shape":"series","sql":"SELECT date,\n       round(avg(underlying_close), 2) AS spy_close,\n       round(avg(underlying_close) * 100, 0) AS shares_cost,\n       round(avg(option_close), 2) AS leaps_price,\n       round(avg(option_close) * 100, 0) AS leaps_cost,\n       round(avg(underlying_close) / avg(option_close), 1) AS leverage_x,\n       round(avg(delta), 3) AS delta\nFROM global_markets.options_greeks\nWHERE ticker = 'O:SPY260116C00600000' AND date IN ('2025-07-01', '2025-10-09', '2025-12-01') AND implied_volatility > 0.02\nGROUP BY date ORDER BY date","computed_at":"2026-07-16T10:03:48.868729+00:00","elapsed":0.002460788}