{"slug":"what-is-option-rho","qid":"rho_trace","label":"Weekly average rho: SPY January 2027 calls against a rolling front-month series","post_title":"What Is Option Rho? The Interest Rate Greek","post_url":"/blog/what-is-option-rho#q-rho_trace","columns":["week","leaps_call_rho","front_call_rho"],"rows":[{"week":"2025-08-04","leaps_call_rho":5.125,"front_call_rho":0.288},{"week":"2025-08-11","leaps_call_rho":5.149,"front_call_rho":0.324},{"week":"2025-08-18","leaps_call_rho":5.091,"front_call_rho":0.294},{"week":"2025-08-25","leaps_call_rho":5.064,"front_call_rho":0.276},{"week":"2025-09-01","leaps_call_rho":4.961,"front_call_rho":0.252},{"week":"2025-09-08","leaps_call_rho":4.913,"front_call_rho":0.263},{"week":"2025-09-15","leaps_call_rho":4.862,"front_call_rho":0.279},{"week":"2025-09-22","leaps_call_rho":4.707,"front_call_rho":0.257},{"week":"2025-09-29","leaps_call_rho":4.676,"front_call_rho":0.261},{"week":"2025-10-06","leaps_call_rho":4.582,"front_call_rho":0.285},{"week":"2025-10-13","leaps_call_rho":4.463,"front_call_rho":0.278},{"week":"2025-10-20","leaps_call_rho":4.462,"front_call_rho":0.267},{"week":"2025-10-27","leaps_call_rho":4.439,"front_call_rho":0.281},{"week":"2025-11-03","leaps_call_rho":4.303,"front_call_rho":0.272},{"week":"2025-11-10","leaps_call_rho":4.227,"front_call_rho":0.277},{"week":"2025-11-17","leaps_call_rho":4.007,"front_call_rho":0.275},{"week":"2025-11-24","leaps_call_rho":4.085,"front_call_rho":0.285},{"week":"2025-12-01","leaps_call_rho":4.066,"front_call_rho":0.278},{"week":"2025-12-08","leaps_call_rho":3.964,"front_call_rho":0.268},{"week":"2025-12-15","leaps_call_rho":3.857,"front_call_rho":0.273},{"week":"2025-12-22","leaps_call_rho":3.89,"front_call_rho":0.276},{"week":"2025-12-29","leaps_call_rho":3.769,"front_call_rho":0.244},{"week":"2026-01-05","leaps_call_rho":3.738,"front_call_rho":0.279},{"week":"2026-01-12","leaps_call_rho":3.679,"front_call_rho":0.287},{"week":"2026-01-19","leaps_call_rho":3.539,"front_call_rho":0.253},{"week":"2026-01-26","leaps_call_rho":3.532,"front_call_rho":0.265},{"week":"2026-02-02","leaps_call_rho":3.407,"front_call_rho":0.27},{"week":"2026-02-09","leaps_call_rho":3.356,"front_call_rho":0.268},{"week":"2026-02-16","leaps_call_rho":3.252,"front_call_rho":0.269},{"week":"2026-02-23","leaps_call_rho":3.195,"front_call_rho":0.256},{"week":"2026-03-02","leaps_call_rho":3.075,"front_call_rho":0.261},{"week":"2026-03-09","leaps_call_rho":2.939,"front_call_rho":0.259},{"week":"2026-03-16","leaps_call_rho":2.814,"front_call_rho":0.272},{"week":"2026-03-23","leaps_call_rho":2.667,"front_call_rho":0.25},{"week":"2026-03-30","leaps_call_rho":2.616,"front_call_rho":0.253},{"week":"2026-04-06","leaps_call_rho":2.703,"front_call_rho":0.267},{"week":"2026-04-13","leaps_call_rho":2.75,"front_call_rho":0.349},{"week":"2026-04-20","leaps_call_rho":2.734,"front_call_rho":0.288},{"week":"2026-04-27","leaps_call_rho":2.681,"front_call_rho":0.292},{"week":"2026-05-04","leaps_call_rho":2.661,"front_call_rho":0.354},{"week":"2026-05-11","leaps_call_rho":2.595,"front_call_rho":0.34},{"week":"2026-05-18","leaps_call_rho":2.525,"front_call_rho":0.303},{"week":"2026-05-25","leaps_call_rho":2.519,"front_call_rho":0.3},{"week":"2026-06-01","leaps_call_rho":2.424,"front_call_rho":0.286},{"week":"2026-06-08","leaps_call_rho":2.301,"front_call_rho":0.288},{"week":"2026-06-15","leaps_call_rho":2.299,"front_call_rho":0.312},{"week":"2026-06-22","leaps_call_rho":2.124,"front_call_rho":0.275},{"week":"2026-06-29","leaps_call_rho":2.115,"front_call_rho":0.278},{"week":"2026-07-06","leaps_call_rho":2.058,"front_call_rho":0.303},{"week":"2026-07-13","leaps_call_rho":1.96,"front_call_rho":0.296},{"week":"2026-07-20","leaps_call_rho":1.866,"front_call_rho":0.28},{"week":"2026-07-27","leaps_call_rho":1.789,"front_call_rho":0.274}],"shape":"series","sql":"SELECT\n    toString(toMonday(date))                                       AS week,\n    round(avgIf(rho, expiration_date = '2027-01-15'), 3)           AS leaps_call_rho,\n    round(avgIf(rho, days_to_expiry BETWEEN 21 AND 45), 3)         AS front_call_rho\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'SPY'\n  AND startsWith(lower(toString(option_type)), 'c')\n  AND date >= '2025-08-04'\n  AND date <  '2026-08-01'\n  AND iv_converged = 1\n  AND volume > 0\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.05\n  AND (expiration_date = '2027-01-15' OR days_to_expiry BETWEEN 21 AND 45)\nGROUP BY week\nHAVING countIf(expiration_date = '2027-01-15') > 0\n   AND countIf(days_to_expiry BETWEEN 21 AND 45) > 0\nORDER BY week","computed_at":"2026-08-07T16:31:04.595455+00:00","elapsed":0.002974107}