{"slug":"what-is-a-risk-reversal","qid":"chain","label":"AAPL out-of-the-money strip for the Aug 21, 2026 expiration, priced at the Jul 20, 2026 close","post_title":"Risk Reversal Options: Sell a Put, Buy a Call","post_url":"/blog/what-is-a-risk-reversal#q-chain","columns":["strike","side","delta_abs","iv_pct","premium"],"rows":[{"strike":"$285","side":"put","delta_abs":0.089,"iv_pct":35.95,"premium":1.49},{"strike":"$290","side":"put","delta_abs":0.113,"iv_pct":35.01,"premium":1.93},{"strike":"$295","side":"put","delta_abs":0.14,"iv_pct":33.92,"premium":2.45},{"strike":"$300","side":"put","delta_abs":0.175,"iv_pct":33.02,"premium":3.15},{"strike":"$305","side":"put","delta_abs":0.217,"iv_pct":32.22,"premium":4.05},{"strike":"$310","side":"put","delta_abs":0.268,"iv_pct":31.69,"premium":5.25},{"strike":"$312.5","side":"put","delta_abs":0.292,"iv_pct":30.69,"premium":5.7},{"strike":"$315","side":"put","delta_abs":0.324,"iv_pct":31.07,"premium":6.68},{"strike":"$317.5","side":"put","delta_abs":0.346,"iv_pct":28.41,"premium":6.66},{"strike":"$320","side":"put","delta_abs":0.387,"iv_pct":30.57,"premium":8.44},{"strike":"$322.5","side":"put","delta_abs":0.414,"iv_pct":27.16,"premium":8.25},{"strike":"$325","side":"put","delta_abs":0.453,"iv_pct":30.02,"premium":10.5},{"strike":"$327.5","side":"call","delta_abs":0.513,"iv_pct":31.01,"premium":11.75},{"strike":"$330","side":"call","delta_abs":0.479,"iv_pct":30.48,"premium":10.4},{"strike":"$332.5","side":"call","delta_abs":0.446,"iv_pct":30.47,"premium":9.33},{"strike":"$335","side":"call","delta_abs":0.412,"iv_pct":30.07,"premium":8.2},{"strike":"$337.5","side":"call","delta_abs":0.379,"iv_pct":29.91,"premium":7.24},{"strike":"$340","side":"call","delta_abs":0.347,"iv_pct":29.92,"premium":6.42},{"strike":"$342.5","side":"call","delta_abs":0.317,"iv_pct":29.8,"premium":5.63},{"strike":"$345","side":"call","delta_abs":0.284,"iv_pct":29.31,"premium":4.79},{"strike":"$347.5","side":"call","delta_abs":0.267,"iv_pct":30.63,"premium":4.6},{"strike":"$350","side":"call","delta_abs":0.231,"iv_pct":29.33,"premium":3.65},{"strike":"$352.5","side":"call","delta_abs":0.206,"iv_pct":29.27,"premium":3.15},{"strike":"$355","side":"call","delta_abs":0.187,"iv_pct":29.57,"premium":2.8},{"strike":"$357.5","side":"call","delta_abs":0.157,"iv_pct":28.57,"premium":2.18},{"strike":"$360","side":"call","delta_abs":0.14,"iv_pct":28.86,"premium":1.92},{"strike":"$365","side":"call","delta_abs":0.108,"iv_pct":28.87,"premium":1.39},{"strike":"$370","side":"call","delta_abs":0.09,"iv_pct":30.06,"premium":1.17}],"shape":"table","sql":"SELECT\n    concat('$', toString(round(toFloat64(strike_price), 2)))   AS strike,\n    if(any(delta) < 0, 'put', 'call')                          AS side,\n    round(abs(any(delta)), 3)                                  AS delta_abs,\n    round(100 * any(implied_volatility), 2)                    AS iv_pct,\n    round(toFloat64(any(option_close)), 2)                     AS premium\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND date = '2026-07-20'\n  AND expiration_date = '2026-08-21'\n  AND iv_converged = 1\n  AND volume > 0\n  AND abs(delta) BETWEEN 0.08 AND 0.55\n  AND ((delta < 0 AND toFloat64(strike_price) < toFloat64(underlying_close))\n       OR (delta > 0 AND toFloat64(strike_price) > toFloat64(underlying_close)))\nGROUP BY strike_price\nORDER BY strike_price","computed_at":"2026-09-19T15:30:57.633955+00:00","elapsed":0.002647261}