{"slug":"unusual-options-activity","qid":"oa_tape","label":"Market-wide options volume by session, with monthly expirations labelled","post_title":"Unusual Options Activity: Last Session","post_url":"/blog/unusual-options-activity#q-oa_tape","columns":["session","contracts_m","session_type","monthly_expiry_m","session_id"],"rows":[{"session":"Jul 16","contracts_m":70.7,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260716},{"session":"Jul 17","contracts_m":76.8,"session_type":"monthly expiration","monthly_expiry_m":76.8,"session_id":20260717},{"session":"Jul 20","contracts_m":63.5,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260720},{"session":"Jul 21","contracts_m":56.8,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260721},{"session":"Jul 22","contracts_m":55.4,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260722},{"session":"Jul 23","contracts_m":65.4,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260723},{"session":"Jul 24","contracts_m":70.7,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260724},{"session":"Jul 27","contracts_m":64.3,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260727},{"session":"Jul 28","contracts_m":58.7,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260728},{"session":"Jul 29","contracts_m":66.3,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260729},{"session":"Jul 30","contracts_m":66.3,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260730},{"session":"Jul 31","contracts_m":75.5,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260731},{"session":"Aug 3","contracts_m":72.7,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260803},{"session":"Aug 4","contracts_m":78.9,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260804},{"session":"Aug 5","contracts_m":69.5,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260805},{"session":"Aug 6","contracts_m":63.2,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260806},{"session":"Aug 7","contracts_m":73.2,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260807},{"session":"Aug 10","contracts_m":61.4,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260810},{"session":"Aug 11","contracts_m":54.6,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260811},{"session":"Aug 12","contracts_m":55.4,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260812},{"session":"Aug 13","contracts_m":66.6,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260813},{"session":"Aug 14","contracts_m":66,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260814},{"session":"Aug 17","contracts_m":60.9,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260817},{"session":"Aug 18","contracts_m":56.9,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260818},{"session":"Aug 19","contracts_m":67.2,"session_type":"ordinary","monthly_expiry_m":76.8,"session_id":20260819}],"shape":"series","sql":"WITH tape AS (\n    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS d,\n           sum(toFloat64(volume)) AS vol\n    FROM global_markets.options_minute_aggs\n    WHERE window_start >= toDateTime(today() - 45, 'America/New_York')\n    GROUP BY d\n),\nranked AS (\n    SELECT d, vol, row_number() OVER (ORDER BY d DESC) AS raw_rn\n    FROM tape\n),\ncal AS (\n    SELECT d, vol, rn, sum(if(rn BETWEEN 2 AND 21, 1, 0)) OVER () AS baseline_sessions\n    FROM (\n        SELECT d, vol, row_number() OVER (ORDER BY d DESC) AS rn\n        FROM ranked\n        WHERE vol >= 0.75 * (SELECT quantileExact(0.5)(vol) FROM ranked WHERE raw_rn > 1)\n    )\n),\nw AS (\n    SELECT d, vol,\n           toStartOfMonth(d) + toIntervalDay(((5 - toDayOfWeek(toStartOfMonth(d)) + 7) % 7) + 14) AS third_friday\n    FROM cal\n    WHERE rn <= 25\n),\nmarked AS (\n    SELECT d, vol,\n           (d = max(if(d <= third_friday, d, toDate('1970-01-01'))) OVER (PARTITION BY toStartOfMonth(d)))\n             AND (third_friday <= max(d) OVER ()) AS is_expiry\n    FROM w\n),\nlatest AS (\n    SELECT d, vol, is_expiry,\n           max(if(is_expiry, d, toDate('1970-01-01'))) OVER () AS last_expiry_d\n    FROM marked\n)\nSELECT formatDateTime(d, '%b %e') AS session,\n       round(vol / 1e6, 1) AS contracts_m,\n       multiIf(is_expiry, 'monthly expiration', 'ordinary') AS session_type,\n       round(max(if(d = last_expiry_d, vol, 0)) OVER () / 1e6, 1) AS monthly_expiry_m,\n       toYYYYMMDD(d) AS session_id\nFROM latest\nORDER BY d ASC","computed_at":"2026-08-25T13:14:01.948213+00:00","elapsed":15.915972758}