{"slug":"iron-condor-vs-iron-butterfly","qid":"price_curve","label":"What a 30-day SPY option cost at each distance from spot, May 2026 averages","post_title":"Iron Condor vs Iron Butterfly: Break-Evens","post_url":"/blog/iron-condor-vs-iron-butterfly#q-price_curve","columns":["strike_vs_spot","call_price","put_price"],"rows":[{"strike_vs_spot":"-6%","call_price":49.02,"put_price":2.74},{"strike_vs_spot":"-5%","call_price":42.33,"put_price":3.41},{"strike_vs_spot":"-4%","call_price":35.94,"put_price":4.3},{"strike_vs_spot":"-3%","call_price":29.68,"put_price":5.44},{"strike_vs_spot":"-2%","call_price":23.93,"put_price":6.96},{"strike_vs_spot":"-1%","call_price":18.38,"put_price":8.98},{"strike_vs_spot":"0%","call_price":13.55,"put_price":11.62},{"strike_vs_spot":"+1%","call_price":9.44,"put_price":14.82},{"strike_vs_spot":"+2%","call_price":6.14,"put_price":18.76},{"strike_vs_spot":"+3%","call_price":3.71,"put_price":24},{"strike_vs_spot":"+4%","call_price":2.15,"put_price":30.35},{"strike_vs_spot":"+5%","call_price":1.21,"put_price":36.87},{"strike_vs_spot":"+6%","call_price":0.72,"put_price":44.04}],"shape":"ranking","sql":"SELECT\n    concat(if(off_pct > 0, '+', ''), toString(off_pct), '%') AS strike_vs_spot,\n    round(avgIf(px, leg = 'call'), 2)                        AS call_price,\n    round(avgIf(px, leg = 'put'), 2)                         AS put_price\nFROM\n(\n    SELECT\n        toInt32(round((toFloat64(strike_price) / toFloat64(underlying_close) - 1) * 100)) AS off_pct,\n        if(lower(toString(option_type)) LIKE 'c%', 'call', 'put')                         AS leg,\n        toFloat64(option_close)                                                           AS px\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND date BETWEEN '2026-05-01' AND '2026-05-29'\n      AND days_to_expiry BETWEEN 25 AND 35\n      AND volume > 0\n      AND (lower(toString(option_type)) LIKE 'c%' OR lower(toString(option_type)) LIKE 'p%')\n)\nGROUP BY off_pct\nHAVING off_pct BETWEEN -6 AND 6\n   AND countIf(leg = 'call') > 0\n   AND countIf(leg = 'put') > 0\nORDER BY off_pct","computed_at":"2026-08-07T16:19:34.687047+00:00","elapsed":0.003357312}