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Every $5 call spread on the same AAPL expiration: risk against maximum gain

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 2026-08-22, from Options Approval Levels: What Each Tier Allows.

as of ranking 7×3read in context →
Every $5 call spread on the same AAPL expiration: risk against maximum gain — 7 rows by 3 columns, computed from US exchange, SIP and OPRA data.
spread_labelmax_loss_per_sharemax_gain_per_share
$310 / $31532
$315 / $3202.662.34
$320 / $3251.993.01
$325 / $3301.63.4
$330 / $3351.253.75
$335 / $3400.914.09
$340 / $3450.654.35
Rows × columns
7 × 3
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for Every $5 call spread on the same AAPL expiration: risk against maximum gain, derived from the stored result.
ColumnTypeRangeNotes
spread_label text 7 distinct values ($310 / $315, $315 / $320, $320 / $325…)
max_loss_per_share number 0.65 to 3
max_gain_per_share number 2 to 4.35

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.

the exact SQL behind every number
WITH chain AS
(
    SELECT
        expiration_date,
        toFloat64(strike_price)          AS strike,
        toFloat64(strike_price) + 5      AS next_strike,
        avg(toFloat64(option_close))     AS premium,
        avg(toFloat64(underlying_close)) AS spot,
        sum(volume)                      AS contracts
    FROM global_markets.options_greeks
    WHERE underlying_symbol = 'AAPL'
      AND lower(option_type) IN ('call', 'c')
      AND date >= today() - 30
      AND date = (
              SELECT max(date)
              FROM global_markets.options_greeks
              WHERE underlying_symbol = 'AAPL'
                AND date >= today() - 30
          )
      AND days_to_expiry BETWEEN 20 AND 45
      AND iv_converged = 1
      AND volume > 0
    GROUP BY expiration_date, strike, next_strike
),
busiest AS
(
    SELECT expiration_date
    FROM chain
    GROUP BY expiration_date
    ORDER BY sum(contracts) DESC
    LIMIT 1
)
SELECT
    concat('$', toString(round(lo.strike, 2)), ' / $', toString(round(hi.strike, 2))) AS spread_label,
    round(lo.premium - hi.premium, 2)                                                 AS max_loss_per_share,
    round(5 - (lo.premium - hi.premium), 2)                                           AS max_gain_per_share
FROM chain AS lo
INNER JOIN chain AS hi
    ON lo.expiration_date = hi.expiration_date
   AND lo.next_strike = hi.strike
WHERE lo.expiration_date IN (SELECT expiration_date FROM busiest)
  AND lo.strike >= lo.spot * 0.97
  AND lo.strike <= lo.spot * 1.08
ORDER BY lo.strike

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