The wheel pair at entry, the SPY peak, the dip, and the final session

Name: The wheel pair at entry, the SPY peak, the dip, and the final session
Creator: Strasmore
Published: 2026-07-31
License: https://www.strasmore.com/terms/

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 2026-07-31, from The Wheel Strategy: How the Loop Works.

as of 2026-07-31 table 4×5read in context →

The wheel pair at entry, the SPY peak, the dip, and the final session — 4 rows by 5 columns, computed 2026-07-31 from US exchange, SIP and OPRA data.
stage	spy_price	put_value	call_value	put_moneyness
1. Sold the put (May 1)	720	23.05	7.22	below 740 strike
2. SPY peak (Jun 2)	759.63	2.79	23.5	above 740 strike
3. SPY dip (Jun 10)	722.88	18.7	3.17	below 740 strike
4. Final session (Jun 15)	753.91	1.16	15.41	above 740 strike

Rows × columns: 4 × 5
Computed: 2026-07-31
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 The wheel pair at entry, the SPY peak, the dip, and the final session, derived from the stored result.
Column	Type	Range	Notes
`stage`	text	4 distinct values
`spy_price`	number	720 to 759.63	US dollars
`put_value`	number	1.16 to 23.05
`call_value`	number	3.17 to 23.5
`put_moneyness`	text	2 distinct values (above 740 strike, below 740 strike)

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 2026-07-31, and the query below is what returned them.

the exact SQL behind every number

SELECT multiIf(date = '2026-05-01', '1. Sold the put (May 1)',
               date = '2026-06-02', '2. SPY peak (Jun 2)',
               date = '2026-06-10', '3. SPY dip (Jun 10)', '4. Final session (Jun 15)') AS stage,
       round(avgIf(underlying_close, ticker = 'O:SPY260618P00740000'), 2) AS spy_price,
       round(avgIf(option_close, ticker = 'O:SPY260618P00740000'), 2) AS put_value,
       round(avgIf(option_close, ticker = 'O:SPY260618C00740000'), 2) AS call_value,
       if(avgIf(underlying_close, ticker = 'O:SPY260618P00740000') < 740,
          'below 740 strike', 'above 740 strike') AS put_moneyness
FROM global_markets.options_greeks
WHERE ticker IN ('O:SPY260618P00740000', 'O:SPY260618C00740000')
  AND date IN ('2026-05-01', '2026-06-02', '2026-06-10', '2026-06-15')
  AND implied_volatility > 0.02
GROUP BY date
HAVING countIf(ticker = 'O:SPY260618P00740000') > 0
   AND countIf(ticker = 'O:SPY260618C00740000') > 0
ORDER BY date

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More from this analysisThe Wheel Strategy: How the Loop Works

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