{"slug":"what-are-call-options","qid":"trace","label":"One SPY $740 call vs SPY, indexed to 100 on May 1 (expired Jun 18 2026)","post_title":"What Are Call Options?","post_url":"/blog/what-are-call-options#q-trace","columns":["date","spy_indexed","call_indexed"],"rows":[{"date":"2026-05-01","spy_indexed":100,"call_indexed":100},{"date":"2026-05-04","spy_indexed":100,"call_indexed":83},{"date":"2026-05-05","spy_indexed":101,"call_indexed":113},{"date":"2026-05-06","spy_indexed":102,"call_indexed":184},{"date":"2026-05-07","spy_indexed":102,"call_indexed":163},{"date":"2026-05-08","spy_indexed":102,"call_indexed":201},{"date":"2026-05-11","spy_indexed":103,"call_indexed":216},{"date":"2026-05-12","spy_indexed":102,"call_indexed":195},{"date":"2026-05-13","spy_indexed":103,"call_indexed":239},{"date":"2026-05-14","spy_indexed":104,"call_indexed":284},{"date":"2026-05-15","spy_indexed":102,"call_indexed":190},{"date":"2026-05-18","spy_indexed":103,"call_indexed":180},{"date":"2026-05-19","spy_indexed":102,"call_indexed":143},{"date":"2026-05-20","spy_indexed":103,"call_indexed":194},{"date":"2026-05-21","spy_indexed":103,"call_indexed":201},{"date":"2026-05-22","spy_indexed":103,"call_indexed":216},{"date":"2026-05-26","spy_indexed":104,"call_indexed":255},{"date":"2026-05-27","spy_indexed":104,"call_indexed":247},{"date":"2026-05-28","spy_indexed":105,"call_indexed":287},{"date":"2026-05-29","spy_indexed":105,"call_indexed":295},{"date":"2026-06-01","spy_indexed":105,"call_indexed":312},{"date":"2026-06-02","spy_indexed":106,"call_indexed":325},{"date":"2026-06-03","spy_indexed":104,"call_indexed":255},{"date":"2026-06-04","spy_indexed":105,"call_indexed":277},{"date":"2026-06-05","spy_indexed":102,"call_indexed":101},{"date":"2026-06-08","spy_indexed":103,"call_indexed":109},{"date":"2026-06-09","spy_indexed":102,"call_indexed":93},{"date":"2026-06-10","spy_indexed":100,"call_indexed":44},{"date":"2026-06-11","spy_indexed":103,"call_indexed":97},{"date":"2026-06-12","spy_indexed":103,"call_indexed":98},{"date":"2026-06-15","spy_indexed":105,"call_indexed":213}],"shape":"series","sql":"WITH d AS (\n  SELECT date, avg(underlying_close) AS spy, avg(option_close) AS call\n  FROM global_markets.options_greeks\n  WHERE ticker = 'O:SPY260618C00740000' AND date BETWEEN '2026-05-01' AND '2026-06-15' AND implied_volatility > 0.02\n  GROUP BY date\n)\nSELECT date,\n       round(100 * spy / first_value(spy) OVER (ORDER BY date), 0) AS spy_indexed,\n       round(100 * call / first_value(call) OVER (ORDER BY date), 0) AS call_indexed\nFROM d\nORDER BY date","computed_at":"2026-07-16T09:33:59.916235+00:00","elapsed":0.002395902}