STRASMORE/EXPLORE 3,256 QUERIES

SPY volume on quarterly expiration Fridays, against the ordinary Fridays around each one

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 Quadruple Witching vs Triple Witching.

as of series 14×4read in context →
SPY volume on quarterly expiration Fridays, against the ordinary Fridays around each one — 14 rows by 4 columns, computed from US exchange, SIP and OPRA data.
session_datesession_labelspy_volume_millionsvs_nearby_friday_ratio
2023-03-17Mar 2023140.41.23
2023-06-16Jun 2023114.21.28
2023-09-15Sep 2023111.81.21
2023-12-15Dec 2023141.61.85
2024-03-15Mar 2024107.61.37
2024-06-21Jun 202463.41.15
2024-09-20Sep 202477.51.56
2024-12-20Dec 2024124.72.81
2025-03-21Mar 202583.80.81
2025-06-20Jun 202594.11.19
2025-09-19Sep 202597.91.11
2025-12-19Dec 2025103.51.37
2026-03-20Mar 2026165.61.94
2026-09-18Sep 202665.41.64
Rows × columns
14 × 4
Period covered
to
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 SPY volume on quarterly expiration Fridays, against the ordinary Fridays around each one, derived from the stored result.
ColumnTypeRangeNotes
session_date date 2023-03-17 to 2026-09-18
session_label text 14 distinct values (Dec 2023, Dec 2024, Dec 2025…)
spy_volume_millions number 63.4 to 165.6 count
vs_nearby_friday_ratio number 0.81 to 2.81 ratio or rate

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 fridays AS
(
    SELECT
        date,
        toFloat64(volume) AS vol,
        (toDayOfMonth(date) BETWEEN 15 AND 21) AS is_third_friday,
        (toMonth(date) IN (3, 6, 9, 12) AND toDayOfMonth(date) BETWEEN 15 AND 21) AS is_expiry
    FROM global_markets.stocks_daily_aggs
    WHERE ticker = 'SPY'
      AND date >= '2022-12-01'
      AND date <  today()
      AND toDayOfWeek(date) = 5
)
SELECT
    toString(e.date)                     AS session_date,
    formatDateTime(e.date, '%b %Y')      AS session_label,
    round(any(e.vol) / 1e6, 1)           AS spy_volume_millions,
    round(any(e.vol) / avg(o.vol), 2)    AS vs_nearby_friday_ratio
FROM fridays AS e
CROSS JOIN fridays AS o
WHERE e.is_expiry = 1
  AND e.date >= '2023-01-01'
  AND o.is_third_friday = 0
  AND o.date BETWEEN e.date - 28 AND e.date + 28
GROUP BY e.date
ORDER BY e.date
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More from this analysisQuadruple Witching vs Triple Witching
Share of SPY regular hours volume by half hour: expiration Friday vs the Friday after series 14×3 → Average absolute open to close move on SPY Fridays, expiration vs ordinary, by year ranking 11×4 → Percent of regular hours volume in the closing auction print, six large listings ranking 6×3 → AAPL contracts traded into each 2026 expiration date, H1 series 68×4 → Every Friday of 2026 through July, shortest session first series 31×4 → Dollar volume by half hour, closing auction prints in the final bucket: witching Thursday (Jun 18, 2026) vs. the ordinary Friday before it (Jun 12) series 13×3 → See all 3,256 queries →