{"slug":"what-are-call-options","qid":"leverage","label":"SPY vs its $740 call, May 1 to June 2 (the SPY peak)","post_title":"What Are Call Options?","post_url":"/blog/what-are-call-options#q-leverage","columns":["instrument","start_price","end_price","pct_change"],"rows":[{"instrument":"SPY stock","start_price":720,"end_price":759.63,"pct_change":5.5},{"instrument":"SPY 740 call","start_price":7.22,"end_price":23.5,"pct_change":225.5}],"shape":"ranking","sql":"WITH m1 AS (SELECT underlying_close AS spy, option_close AS call FROM global_markets.options_greeks WHERE ticker = 'O:SPY260618C00740000' AND date = '2026-05-01'),\n     m2 AS (SELECT underlying_close AS spy, option_close AS call FROM global_markets.options_greeks WHERE ticker = 'O:SPY260618C00740000' AND date = '2026-06-02')\nSELECT instrument, start_price, end_price, pct_change FROM (\n  SELECT 'SPY stock' AS instrument,\n         round((SELECT spy FROM m1), 2) AS start_price,\n         round((SELECT spy FROM m2), 2) AS end_price,\n         round(100 * ((SELECT spy FROM m2) - (SELECT spy FROM m1)) / (SELECT spy FROM m1), 1) AS pct_change,\n         1 AS o\n  UNION ALL\n  SELECT 'SPY 740 call',\n         round((SELECT call FROM m1), 2),\n         round((SELECT call FROM m2), 2),\n         round(100 * ((SELECT call FROM m2) - (SELECT call FROM m1)) / (SELECT call FROM m1), 1),\n         2 AS o\n) ORDER BY o","computed_at":"2026-07-16T09:34:00.093292+00:00","elapsed":0.003859311}