{"slug":"options-approval-denied-what-to-do","qid":"tail_sessions","label":"Large single-session SPY declines by calendar year","post_title":"Options Approval Denied? What to Do Next","post_url":"/blog/options-approval-denied-what-to-do#q-tail_sessions","columns":["year","sessions_down_2pct","worst_day_pct"],"rows":[{"year":2020,"sessions_down_2pct":24,"worst_day_pct":-10.94},{"year":2022,"sessions_down_2pct":23,"worst_day_pct":-4.35},{"year":2018,"sessions_down_2pct":14,"worst_day_pct":-4.18},{"year":2025,"sessions_down_2pct":8,"worst_day_pct":-5.85},{"year":2021,"sessions_down_2pct":6,"worst_day_pct":-2.44},{"year":2016,"sessions_down_2pct":5,"worst_day_pct":-3.64},{"year":2019,"sessions_down_2pct":5,"worst_day_pct":-3.01},{"year":2024,"sessions_down_2pct":4,"worst_day_pct":-2.98},{"year":2026,"sessions_down_2pct":2,"worst_day_pct":-2.58},{"year":2023,"sessions_down_2pct":1,"worst_day_pct":-2.01},{"year":2017,"sessions_down_2pct":0,"worst_day_pct":-1.77}],"shape":"ranking","sql":"SELECT\n    toYear(session_date)   AS year,\n    countIf(ret_pct <= -2) AS sessions_down_2pct,\n    round(min(ret_pct), 2) AS worst_day_pct\nFROM\n(\n    SELECT\n        session_date,\n        c,\n        lagInFrame(c) OVER (ORDER BY session_date ASC ROWS BETWEEN 1 PRECEDING AND CURRENT ROW) AS prev_c,\n        if(prev_c > 0, round(100 * (c / prev_c - 1), 2), NULL)                                  AS ret_pct\n    FROM\n    (\n        SELECT\n            date                   AS session_date,\n            toFloat64(max(close))  AS c\n        FROM global_markets.stocks_daily_aggs\n        WHERE ticker = 'SPY'\n          AND date >= '2016-01-01'\n          AND date < today()\n        GROUP BY date\n    )\n)\nWHERE ret_pct IS NOT NULL\nGROUP BY year\nORDER BY sessions_down_2pct DESC, year ASC","computed_at":"2026-10-09T15:29:32.323121+00:00","elapsed":0.097924342}