{"slug":"implied-volatility-heatmap","qid":"term_column","label":"term_column","post_title":"implied-volatility-heatmap","post_url":"/blog/implied-volatility-heatmap#q-term_column","columns":["tenor","median_iv_pct","contracts"],"rows":[{"tenor":"1-7 days","median_iv_pct":29.6,"contracts":1376},{"tenor":"8-20 days","median_iv_pct":25.8,"contracts":1729},{"tenor":"21-45 days","median_iv_pct":24.6,"contracts":953},{"tenor":"46-90 days","median_iv_pct":26.2,"contracts":426},{"tenor":"91-180 days","median_iv_pct":26.7,"contracts":757},{"tenor":"181-365 days","median_iv_pct":27.1,"contracts":717}],"shape":"ranking","sql":"SELECT\n    tenor,\n    round(100 * quantileDeterministic(iv, det), 1) AS median_iv_pct,\n    count()                                        AS contracts\nFROM\n(\n    SELECT\n        toFloat64(implied_volatility) AS iv,\n        cityHash64(ticker)            AS det,\n        days_to_expiry,\n        multiIf(days_to_expiry <=   7, '1-7 days',\n                days_to_expiry <=  20, '8-20 days',\n                days_to_expiry <=  45, '21-45 days',\n                days_to_expiry <=  90, '46-90 days',\n                days_to_expiry <= 180, '91-180 days',\n                                       '181-365 days') AS tenor\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'AAPL'\n      AND date BETWEEN '2026-06-01' AND '2026-06-30'\n      AND iv_converged = 1\n      AND volume > 0\n      AND days_to_expiry BETWEEN 1 AND 365\n      AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\n)\nGROUP BY tenor\nORDER BY min(days_to_expiry)","computed_at":"2026-10-02T15:14:05.495751+00:00","elapsed":0.002950319}