{"slug":"trailing-stop-vs-trailing-stop-limit","qid":"spy_gap_buckets","label":"How far SPY's open sat from the prior close, every session since 2006","post_title":"Trailing Stop vs Trailing Stop-Limit Orders","post_url":"/blog/trailing-stop-vs-trailing-stop-limit#q-spy_gap_buckets","columns":["gap_bucket","gap_count","share_pct"],"rows":[{"gap_bucket":"opened 3% or more below","gap_count":18,"share_pct":0.35},{"gap_bucket":"opened 2% to 3% below","gap_count":45,"share_pct":0.86},{"gap_bucket":"opened 1% to 2% below","gap_count":218,"share_pct":4.18},{"gap_bucket":"opened 0.5% to 1% below","gap_count":440,"share_pct":8.43},{"gap_bucket":"opened less than 0.5% below","gap_count":1617,"share_pct":30.99},{"gap_bucket":"opened flat or higher","gap_count":2879,"share_pct":55.18}],"shape":"ranking","sql":"WITH daily AS\n(\n    SELECT\n        date,\n        toFloat64(any(open))  AS open_px,\n        toFloat64(any(close)) AS close_px\n    FROM global_markets.stocks_daily_aggs\n    WHERE ticker = 'SPY'\n      AND date >= '2006-01-01'\n      AND date <  '2026-10-01'\n    GROUP BY date\n),\nsessions AS\n(\n    SELECT\n        date,\n        open_px,\n        lagInFrame(close_px) OVER (ORDER BY date ASC ROWS BETWEEN 1 PRECEDING AND 1 PRECEDING) AS prior_close\n    FROM daily\n),\ngaps AS\n(\n    SELECT round(100 * (open_px / prior_close - 1), 4) AS gap_pct\n    FROM sessions\n    WHERE prior_close > 0\n)\nSELECT\n    multiIf(gap_pct <= -3,   'opened 3% or more below',\n            gap_pct <= -2,   'opened 2% to 3% below',\n            gap_pct <= -1,   'opened 1% to 2% below',\n            gap_pct <= -0.5, 'opened 0.5% to 1% below',\n            gap_pct <  0,    'opened less than 0.5% below',\n                             'opened flat or higher')  AS gap_bucket,\n    count()                                            AS gap_count,\n    round(100 * count() / sum(count()) OVER (), 2)     AS share_pct\nFROM gaps\nGROUP BY gap_bucket\nORDER BY min(gap_pct) ASC","computed_at":"2026-10-08T15:25:17.244457+00:00","elapsed":0.003978474}