credit_ladder
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-09-30, from how-to-adjust-an-iron-condor.
| otm_distance | spread_credit | capped_loss | credit_pct_of_width |
|---|---|---|---|
| 0.5% | 1.1 | 3.9 | 21.9 |
| 1% | 0.68 | 4.32 | 13.6 |
| 1.5% | 0.43 | 4.57 | 8.6 |
| 2% | 0.28 | 4.72 | 5.5 |
| 2.5% | 0.18 | 4.82 | 3.5 |
| 3% | 0.11 | 4.89 | 2.3 |
| 3.5% | 0.08 | 4.92 | 1.6 |
| 4% | 0.05 | 4.95 | 1.1 |
- Rows × columns
- 8 × 4
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
otm_distance |
text | 8 distinct values (0.5%, 1%, 1.5%…) | |
spread_credit |
number | 0.05 to 1.1 | |
capped_loss |
number | 3.9 to 4.95 | |
credit_pct_of_width |
number | 1.1 to 21.9 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH legs AS
(
SELECT
date,
expiration_date,
toFloat64(strike_price) AS strike,
toFloat64(strike_price) - 5 AS long_strike,
toFloat64(option_close) AS premium,
round(abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) * 200) / 2 AS dist_pct
FROM global_markets.options_greeks
WHERE underlying_symbol = 'SPY'
AND lower(substring(toString(option_type), 1, 1)) = 'p'
AND date BETWEEN '2026-08-03' AND '2026-08-28'
AND iv_converged = 1
AND volume > 0
AND days_to_expiry BETWEEN 2 AND 9
AND strike_price < underlying_close
)
SELECT
concat(toString(s.dist_pct), '%') AS otm_distance,
round(avg(s.premium - l.premium), 2) AS spread_credit,
round(5 - avg(s.premium - l.premium), 2) AS capped_loss,
round(avg(s.premium - l.premium) * 20, 1) AS credit_pct_of_width
FROM legs AS s
INNER JOIN legs AS l
ON s.date = l.date
AND s.expiration_date = l.expiration_date
AND s.long_strike = l.strike
WHERE s.dist_pct BETWEEN 0.5 AND 4
GROUP BY s.dist_pct
ORDER BY s.dist_pct
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