{"slug":"spx-vs-spy-options","qid":"extrinsic_vs_dividend","label":"Time value left in deep in-the-money SPY calls, against the dividend at stake","post_title":"SPX vs SPY Options: Which One to Trade","post_url":"/blog/spx-vs-spy-options#q-extrinsic_vs_dividend","columns":["strike","pct_below_spy","time_value_per_contract_usd","dividend_per_contract_usd"],"rows":[{"strike":"660","pct_below_spy":"11.5","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"665","pct_below_spy":"10.8","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"670","pct_below_spy":"10.1","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"675","pct_below_spy":"9.5","time_value_per_contract_usd":309.95,"dividend_per_contract_usd":190.35},{"strike":"680","pct_below_spy":"8.8","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"685","pct_below_spy":"8.1","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"690","pct_below_spy":"7.5","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"695","pct_below_spy":"6.8","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"700","pct_below_spy":"6.1","time_value_per_contract_usd":52.95,"dividend_per_contract_usd":190.35},{"strike":"705","pct_below_spy":"5.4","time_value_per_contract_usd":0,"dividend_per_contract_usd":190.35},{"strike":"710","pct_below_spy":"4.8","time_value_per_contract_usd":76.95,"dividend_per_contract_usd":190.35},{"strike":"715","pct_below_spy":"4.1","time_value_per_contract_usd":156.95,"dividend_per_contract_usd":190.35},{"strike":"720","pct_below_spy":"3.4","time_value_per_contract_usd":244.95,"dividend_per_contract_usd":190.35},{"strike":"725","pct_below_spy":"2.8","time_value_per_contract_usd":438.95,"dividend_per_contract_usd":190.35},{"strike":"730","pct_below_spy":"2.1","time_value_per_contract_usd":530.95,"dividend_per_contract_usd":190.35},{"strike":"735","pct_below_spy":"1.4","time_value_per_contract_usd":723.95,"dividend_per_contract_usd":190.35}],"shape":"ranking","sql":"WITH\n    spy_ex AS\n    (\n        SELECT\n            max(ex_dividend_date)                            AS ex_date,\n            argMax(toFloat64(cash_amount), ex_dividend_date) AS cash_per_share\n        FROM global_markets.stocks_dividends\n        WHERE ticker = 'SPY'\n          AND ex_dividend_date <= today()\n    ),\n    chain_date AS\n    (\n        SELECT max(date) AS d\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'SPY'\n          AND date <  (SELECT ex_date FROM spy_ex)\n          AND date >= (SELECT ex_date FROM spy_ex) - 10\n    ),\n    target_expiry AS\n    (\n        SELECT expiration_date AS e\n        FROM global_markets.options_greeks\n        WHERE underlying_symbol = 'SPY'\n          AND date = (SELECT d FROM chain_date)\n          AND days_to_expiry BETWEEN 20 AND 45\n        GROUP BY expiration_date\n        ORDER BY sum(volume) DESC, expiration_date\n        LIMIT 1\n    )\nSELECT\n    toString(toUInt32(strike_price))                                    AS strike,\n    toString(round(100 * (1 - avg(toFloat64(strike_price))\n                            / avg(toFloat64(underlying_close))), 1))    AS pct_below_spy,\n    round(avg(greatest(toFloat64(option_close)\n              - greatest(toFloat64(underlying_close)\n                         - toFloat64(strike_price), 0), 0)) * 100, 2)   AS time_value_per_contract_usd,\n    round((SELECT cash_per_share FROM spy_ex) * 100, 2)                 AS dividend_per_contract_usd\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'SPY'\n  AND option_type IN ('call', 'C')\n  AND date = (SELECT d FROM chain_date)\n  AND expiration_date = (SELECT e FROM target_expiry)\n  AND toFloat64(strike_price) BETWEEN toFloat64(underlying_close) * 0.88\n                                  AND toFloat64(underlying_close) * 0.99\n  AND toUInt32(strike_price) % 5 = 0\nGROUP BY strike_price\nORDER BY strike_price","computed_at":"2026-08-22T04:22:04.928043+00:00","elapsed":0.394461181}