{"slug":"what-is-average-daily-volume","qid":"days_to_cover_check","label":"Days to cover, recomputed: FINRA's denominator vs this page's 20-session regular-hours ADV (settlement June 30, 2026)","post_title":"What Is Average Daily Volume (ADV)?","post_url":"/blog/what-is-average-daily-volume#q-days_to_cover_check","columns":["ticker","shares_short_m","finra_adv_m","finra_days_to_cover","rth_adv_20_session_m","days_to_cover_recomputed"],"rows":[{"ticker":"KO","shares_short_m":49.6,"finra_adv_m":24.1,"finra_days_to_cover":2.06,"rth_adv_20_session_m":12.4,"days_to_cover_recomputed":4},{"ticker":"MU","shares_short_m":31.7,"finra_adv_m":60.3,"finra_days_to_cover":1,"rth_adv_20_session_m":42,"days_to_cover_recomputed":0.75}],"shape":"table","sql":"WITH our_adv AS (\n    SELECT ticker, avg(day_shares) AS adv\n    FROM (\n        SELECT ticker,\n               toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,\n               sumIf(toFloat64(volume), formatDateTime(toTimeZone(window_start, 'America/New_York'), '%H:%i') >= '09:30'\n                                    AND formatDateTime(toTimeZone(window_start, 'America/New_York'), '%H:%i') < '16:00') AS day_shares\n        FROM global_markets.delayed_stocks_minute_aggs\n        WHERE ticker IN ('MU', 'KO')\n          AND window_start >= toDateTime('2026-06-11 00:00:00', 'America/New_York')\n          AND window_start < toDateTime('2026-07-11 00:00:00', 'America/New_York')\n        GROUP BY ticker, et_date\n    )\n    GROUP BY ticker\n),\nsi AS (\n    SELECT ticker,\n           max(short_interest) AS short_interest,\n           max(avg_daily_volume) AS finra_adv,\n           max(days_to_cover) AS finra_dtc\n    FROM global_markets.stocks_short_interest\n    WHERE settlement_date = '2026-06-30' AND ticker IN ('MU', 'KO')\n    GROUP BY ticker\n)\nSELECT si.ticker AS ticker,\n       round(si.short_interest / 1e6, 1) AS shares_short_m,\n       round(si.finra_adv / 1e6, 1) AS finra_adv_m,\n       round(si.finra_dtc, 2) AS finra_days_to_cover,\n       round(our_adv.adv / 1e6, 1) AS rth_adv_20_session_m,\n       round(si.short_interest / our_adv.adv, 2) AS days_to_cover_recomputed\nFROM si\nINNER JOIN our_adv ON si.ticker = our_adv.ticker\nORDER BY ticker","computed_at":"2026-07-26T06:22:55.964470+00:00","elapsed":1.002080744}