{"slug":"how-risky-is-options-trading","qid":"leverage_trace","label":"Same AAPL call, same window: session moves for the contract and for the stock","post_title":"How Risky Is Options Trading? The Mechanics","post_url":"/blog/how-risky-is-options-trading#q-leverage_trace","columns":["date","stock_move_pct","option_move_pct"],"rows":[{"date":"2026-04-21","stock_move_pct":-1.94,"option_move_pct":-49.06},{"date":"2026-04-16","stock_move_pct":-1.29,"option_move_pct":-36.9},{"date":"2026-05-04","stock_move_pct":-1.01,"option_move_pct":-57.5},{"date":"2026-05-07","stock_move_pct":-0.63,"option_move_pct":-33.33},{"date":"2026-04-24","stock_move_pct":-0.62,"option_move_pct":-7.14},{"date":"2026-04-23","stock_move_pct":-0.58,"option_move_pct":-32.74},{"date":"2026-04-28","stock_move_pct":-0.58,"option_move_pct":-38.96},{"date":"2026-05-14","stock_move_pct":-0.55,"option_move_pct":-51.45},{"date":"2026-05-11","stock_move_pct":0.24,"option_move_pct":-32.59},{"date":"2026-04-30","stock_move_pct":0.26,"option_move_pct":46},{"date":"2026-05-01","stock_move_pct":0.46,"option_move_pct":-31.43},{"date":"2026-04-27","stock_move_pct":0.58,"option_move_pct":-30},{"date":"2026-05-12","stock_move_pct":0.79,"option_move_pct":16.67},{"date":"2026-05-15","stock_move_pct":0.79,"option_move_pct":-55},{"date":"2026-04-20","stock_move_pct":0.96,"option_move_pct":21.84},{"date":"2026-04-29","stock_move_pct":0.99,"option_move_pct":44.12},{"date":"2026-05-08","stock_move_pct":1.11,"option_move_pct":138.1},{"date":"2026-04-17","stock_move_pct":1.21,"option_move_pct":10.39},{"date":"2026-05-13","stock_move_pct":1.83,"option_move_pct":162.65},{"date":"2026-05-06","stock_move_pct":2,"option_move_pct":87.18},{"date":"2026-04-22","stock_move_pct":2.01,"option_move_pct":56.9},{"date":"2026-05-05","stock_move_pct":2.63,"option_move_pct":206.25},{"date":"2026-04-15","stock_move_pct":3.18,"option_move_pct":107.32}],"shape":"series","sql":"WITH busiest AS (\n    SELECT ticker\n    FROM global_markets.options_trades\n    WHERE ticker LIKE 'O:AAPL260515C%'\n      AND toDate(sip_timestamp) BETWEEN toDate('2026-04-15') AND toDate('2026-05-15')\n    GROUP BY ticker\n    ORDER BY count() DESC\n    LIMIT 1\n),\nopt AS (\n    SELECT toDate(sip_timestamp) AS date,\n           argMin(toFloat64(price), sip_timestamp) AS open_px,\n           argMax(toFloat64(price), sip_timestamp) AS close_px\n    FROM global_markets.options_trades\n    WHERE ticker IN (SELECT ticker FROM busiest)\n      AND toDate(sip_timestamp) BETWEEN toDate('2026-04-15') AND toDate('2026-05-15')\n    GROUP BY date\n),\nund AS (\n    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS date,\n           argMin(toFloat64(open), window_start) AS open_px,\n           argMax(toFloat64(close), window_start) AS close_px\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'AAPL'\n      AND toDate(toTimeZone(window_start, 'America/New_York')) BETWEEN toDate('2026-04-15') AND toDate('2026-05-15')\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) BETWEEN 570 AND 959\n    GROUP BY date\n)\nSELECT o.date AS date,\n       round(100 * (u.close_px / u.open_px - 1), 2) AS stock_move_pct,\n       round(100 * (o.close_px / o.open_px - 1), 2) AS option_move_pct\nFROM opt AS o\nINNER JOIN und AS u ON o.date = u.date\nWHERE u.open_px > 0 AND o.open_px > 0\nORDER BY stock_move_pct","computed_at":"2026-08-01T09:06:08.530308+00:00","elapsed":0.004362646}