{"slug":"ex-dividend-dates-and-options","qid":"tv_by_dte","label":"Day before SPY's ex-date: time value left in deep-in-the-money calls, by days to expiry","post_title":"How Ex-Dividend Dates Affect Options","post_url":"/blog/ex-dividend-dates-and-options#q-tv_by_dte","columns":["days_to_expiry","contracts","median_time_value","pct_below_dividend"],"rows":[{"days_to_expiry":"3 to 9 days","contracts":36,"median_time_value":3.89,"pct_below_dividend":14},{"days_to_expiry":"10 to 16 days","contracts":79,"median_time_value":4.35,"pct_below_dividend":11},{"days_to_expiry":"17 to 45 days","contracts":110,"median_time_value":5.92,"pct_below_dividend":0}],"shape":"ranking","sql":"SELECT\n    multiIf(dte <= 9, '3 to 9 days', dte <= 16, '10 to 16 days', '17 to 45 days') AS days_to_expiry,\n    count() AS contracts,\n    round(median(time_value), 2) AS median_time_value,\n    round(100.0 * countIf(time_value < 1.904) / count(), 0) AS pct_below_dividend\nFROM (\n    SELECT option_close - greatest(underlying_close - strike_price, 0) AS time_value,\n           (expiration_date - toDate('2026-06-17')) AS dte\n    FROM global_markets.options_greeks\n    WHERE date = '2026-06-17'\n      AND option_type = 'C'\n      AND underlying_symbol = 'SPY'\n      AND underlying_close - strike_price >= 25\n      AND expiration_date > toDate('2026-06-17')\n      AND expiration_date <= toDate('2026-08-01')\n      AND implied_volatility > 0.02\n)\nGROUP BY days_to_expiry\nORDER BY min(dte)","computed_at":"2026-07-17T08:19:39.273776+00:00","elapsed":0.03433257}