{"slug":"sub-penny-rule-and-price-improvement","qid":"tick_curve","label":"What one cent is worth, by share price band","post_title":"The Sub-Penny Rule and Price Improvement","post_url":"/blog/sub-penny-rule-and-price-improvement#q-tick_curve","columns":["price_bucket","stock_count","one_cent_bps"],"rows":[{"price_bucket":"$1 to $2","stock_count":142,"one_cent_bps":71.37},{"price_bucket":"$2 to $5","stock_count":305,"one_cent_bps":31.07},{"price_bucket":"$5 to $10","stock_count":375,"one_cent_bps":13.99},{"price_bucket":"$10 to $25","stock_count":717,"one_cent_bps":6.4},{"price_bucket":"$25 to $50","stock_count":720,"one_cent_bps":2.9},{"price_bucket":"$50 to $100","stock_count":617,"one_cent_bps":1.46},{"price_bucket":"$100 to $250","stock_count":441,"one_cent_bps":0.7},{"price_bucket":"$250 to $1,000","stock_count":170,"one_cent_bps":0.28}],"shape":"ranking","sql":"WITH day_prices AS\n(\n    SELECT\n        ticker,\n        toFloat64(close) AS px\n    FROM global_markets.stocks_daily_aggs\n    WHERE date = '2026-06-17'\n      AND volume >= 500000\n      AND close >= 1\n      AND close <  1000\n)\nSELECT\n    multiIf(px < 2,   '$1 to $2',\n            px < 5,   '$2 to $5',\n            px < 10,  '$5 to $10',\n            px < 25,  '$10 to $25',\n            px < 50,  '$25 to $50',\n            px < 100, '$50 to $100',\n            px < 250, '$100 to $250',\n                      '$250 to $1,000') AS price_bucket,\n    count()                             AS stock_count,\n    round(avg(10000 * 0.01 / px), 2)    AS one_cent_bps\nFROM day_prices\nGROUP BY price_bucket\nORDER BY min(px)","computed_at":"2026-08-07T15:10:20.969959+00:00","elapsed":0.002283177}