{"slug":"what-is-a-calendar-spread","qid":"term_structure","label":"Near the money implied volatility by expiry band, three names","post_title":"What Is a Calendar Spread in Options?","post_url":"/blog/what-is-a-calendar-spread#q-term_structure","columns":["dte_band","aapl_iv_pct","spy_iv_pct","ko_iv_pct"],"rows":[{"dte_band":"1-10 DTE","aapl_iv_pct":34.5,"spy_iv_pct":16.2,"ko_iv_pct":24.7},{"dte_band":"11-25 DTE","aapl_iv_pct":28.4,"spy_iv_pct":13.5,"ko_iv_pct":20.4},{"dte_band":"26-45 DTE","aapl_iv_pct":26.8,"spy_iv_pct":14.3,"ko_iv_pct":19.7},{"dte_band":"46-90 DTE","aapl_iv_pct":26.9,"spy_iv_pct":14.8,"ko_iv_pct":20},{"dte_band":"91-180 DTE","aapl_iv_pct":27.7,"spy_iv_pct":16.1,"ko_iv_pct":20.5},{"dte_band":"181+ DTE","aapl_iv_pct":28.5,"spy_iv_pct":17.8,"ko_iv_pct":20.4}],"shape":"ranking","sql":"SELECT\n    multiIf(days_to_expiry <= 10,  '1-10 DTE',\n            days_to_expiry <= 25,  '11-25 DTE',\n            days_to_expiry <= 45,  '26-45 DTE',\n            days_to_expiry <= 90,  '46-90 DTE',\n            days_to_expiry <= 180, '91-180 DTE',\n                                   '181+ DTE')                            AS dte_band,\n    round(avgIf(implied_volatility, underlying_symbol = 'AAPL') * 100, 1)  AS aapl_iv_pct,\n    round(avgIf(implied_volatility, underlying_symbol = 'SPY')  * 100, 1)  AS spy_iv_pct,\n    round(avgIf(implied_volatility, underlying_symbol = 'KO')   * 100, 1)  AS ko_iv_pct\nFROM global_markets.options_greeks\nWHERE underlying_symbol IN ('AAPL', 'SPY', 'KO')\n  AND date >= today() - 30\n  AND date <= today() - 2\n  AND iv_converged = 1\n  AND volume > 0\n  AND days_to_expiry BETWEEN 1 AND 400\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\nGROUP BY dte_band\nHAVING countIf(underlying_symbol = 'AAPL') > 0\n   AND countIf(underlying_symbol = 'SPY')  > 0\n   AND countIf(underlying_symbol = 'KO')   > 0\nORDER BY min(days_to_expiry)","computed_at":"2026-08-22T04:33:01.586468+00:00","elapsed":0.156762808}