{"slug":"what-are-leaps","qid":"stages","label":"SPY, the call's delta, and its implied volatility at four life stages","post_title":"What Are LEAPS? Long-Dated Options","post_url":"/blog/what-are-leaps#q-stages","columns":["date","spy","delta","iv_pct"],"rows":[{"date":"2024-01-02","spy":472.67,"delta":0.231,"iv_pct":10.9},{"date":"2024-12-09","spy":604.3,"delta":0.668,"iv_pct":15},{"date":"2025-10-09","spy":671.96,"delta":0.897,"iv_pct":19.7},{"date":"2026-01-14","spy":689.62,"delta":0.975,"iv_pct":98.1}],"shape":"series","sql":"SELECT date,\n       round(avg(underlying_close), 2) AS spy,\n       round(avg(delta), 3) AS delta,\n       round(avg(implied_volatility) * 100, 1) AS iv_pct\nFROM global_markets.options_greeks\nWHERE ticker = 'O:SPY260116C00600000' AND date IN ('2024-01-02', '2024-12-09', '2025-10-09', '2026-01-14') AND implied_volatility > 0.02\nGROUP BY date ORDER BY date","computed_at":"2026-07-16T10:03:47.997714+00:00","elapsed":0.002017458}