{"slug":"iron-condor-vs-iron-butterfly","qid":"chain_depth","label":"Strikes that actually traded per session, 20 to 45 days out, May 2026","post_title":"Iron Condor vs Iron Butterfly: Break-Evens","post_url":"/blog/iron-condor-vs-iron-butterfly#q-chain_depth","columns":["symbol","strikes_traded_per_day","strikes_over_100_lots_per_day"],"rows":[{"symbol":"SPY","strikes_traded_per_day":268,"strikes_over_100_lots_per_day":171},{"symbol":"NVDA","strikes_traded_per_day":158,"strikes_over_100_lots_per_day":92},{"symbol":"AMD","strikes_traded_per_day":142,"strikes_over_100_lots_per_day":59},{"symbol":"MSFT","strikes_traded_per_day":87,"strikes_over_100_lots_per_day":45},{"symbol":"AAPL","strikes_traded_per_day":61,"strikes_over_100_lots_per_day":36},{"symbol":"KO","strikes_traded_per_day":32,"strikes_over_100_lots_per_day":9}],"shape":"series","sql":"SELECT\n    symbol,\n    round(avg(strikes))       AS strikes_traded_per_day,\n    round(avg(busy_strikes))  AS strikes_over_100_lots_per_day\nFROM\n(\n    SELECT\n        underlying_symbol                            AS symbol,\n        date,\n        countDistinct(strike_price)                  AS strikes,\n        countDistinctIf(strike_price, volume >= 100) AS busy_strikes\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol IN ('SPY', 'KO', 'AAPL', 'MSFT', 'NVDA', 'AMD')\n      AND date BETWEEN '2026-05-01' AND '2026-05-29'\n      AND days_to_expiry BETWEEN 20 AND 45\n      AND volume > 0\n    GROUP BY symbol, date\n)\nGROUP BY symbol\nORDER BY strikes_traded_per_day DESC","computed_at":"2026-08-07T16:19:34.886955+00:00","elapsed":0.002042766}