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 2026-10-04, from Options Approval Levels: What Each Tier Allows.
| spread_label | max_loss_per_share | max_gain_per_share |
|---|---|---|
| $325 / $330 | 2.9 | 2.1 |
| $330 / $335 | 2.6 | 2.4 |
| $335 / $340 | 1.85 | 3.15 |
| $340 / $345 | 1.32 | 3.68 |
| $345 / $350 | 0.93 | 4.07 |
| $350 / $355 | 0.6 | 4.4 |
| $355 / $360 | 0.32 | 4.68 |
- Rows × columns
- 7 × 3
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
spread_label |
text | 7 distinct values ($325 / $330, $330 / $335, $335 / $340…) | |
max_loss_per_share |
number | 0.32 to 2.9 | |
max_gain_per_share |
number | 2.1 to 4.68 |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH chain AS
(
SELECT
expiration_date,
toFloat64(strike_price) AS strike,
toFloat64(strike_price) + 5 AS next_strike,
avg(toFloat64(option_close)) AS premium,
avg(toFloat64(underlying_close)) AS spot,
sum(volume) AS contracts
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND lower(option_type) IN ('call', 'c')
AND date >= today() - 30
AND date = (
SELECT max(date)
FROM global_markets.options_greeks
WHERE underlying_symbol = 'AAPL'
AND date >= today() - 30
)
AND days_to_expiry BETWEEN 20 AND 45
AND iv_converged = 1
AND volume > 0
GROUP BY expiration_date, strike, next_strike
),
busiest AS
(
SELECT expiration_date
FROM chain
GROUP BY expiration_date
ORDER BY sum(contracts) DESC
LIMIT 1
)
SELECT
concat('$', 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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