SPY: average share of full-day volume completed by each clock time (last 20 sessions)
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-22, from What Is RVOL (Relative Volume)? How to Read It.
| et_checkpoint | avg_pct_of_day_volume_done |
|---|---|
| 10:00 | 20.7 |
| 12:00 | 42.6 |
| 14:00 | 57.2 |
| 15:30 | 71.2 |
| 16:00 | 87.5 |
- Rows × columns
- 5 × 2
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
et_checkpoint |
text | 5 distinct values (10:00, 12:00, 14:00…) | |
avg_pct_of_day_volume_done |
number | 20.7 to 87.5 | percent |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
the exact SQL behind every number
WITH per_min AS (
SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,
formatDateTime(toTimeZone(window_start, 'America/New_York'), '%H:%i') AS et_min,
sum(toFloat64(volume)) AS v
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY'
AND window_start >= now() - INTERVAL 45 DAY
AND toDate(toTimeZone(window_start, 'America/New_York')) < toDate(toTimeZone(now(), 'America/New_York'))
GROUP BY et_date, et_min
),
last20 AS (
SELECT DISTINCT et_date FROM per_min ORDER BY et_date DESC LIMIT 20
)
SELECT checkpoint AS et_checkpoint,
round(avg(share) * 100, 1) AS avg_pct_of_day_volume_done
FROM (
SELECT et_date,
checkpoint,
sumIf(v, et_min < checkpoint) / sum(v) AS share
FROM (
SELECT et_date, et_min, v, arrayJoin(['10:00', '12:00', '14:00', '15:30', '16:00']) AS checkpoint
FROM per_min
WHERE et_date IN (SELECT et_date FROM last20)
)
GROUP BY et_date, checkpoint
)
GROUP BY checkpoint
ORDER BY checkpoint
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