{"slug":"what-is-the-closing-auction","qid":"auction_anatomy","label":"The closing auction vs. everything else: SPY, AAPL, NVDA on July 2, 2026","post_title":"What Is the Closing Auction? (Closing Cross)","post_url":"/blog/what-is-the-closing-auction#q-auction_anatomy","columns":["ticker","auction_shares_m","auction_time_et","auction_print_count","auction_prints_at_1600","median_trade_shares","auction_vs_median_thousand_x","auction_pct_of_volume","biggest_other_trade_m","auction_vs_biggest_other_x"],"rows":[{"ticker":"SPY","auction_shares_m":1.65,"auction_time_et":"16:00:00","auction_print_count":1,"auction_prints_at_1600":1,"median_trade_shares":25,"auction_vs_median_thousand_x":66,"auction_pct_of_volume":2.9,"biggest_other_trade_m":2.5,"auction_vs_biggest_other_x":0.66},{"ticker":"AAPL","auction_shares_m":10.89,"auction_time_et":"16:00:00","auction_print_count":1,"auction_prints_at_1600":1,"median_trade_shares":20,"auction_vs_median_thousand_x":545,"auction_pct_of_volume":14.4,"biggest_other_trade_m":1.8,"auction_vs_biggest_other_x":6.05},{"ticker":"NVDA","auction_shares_m":17.38,"auction_time_et":"16:00:00","auction_print_count":1,"auction_prints_at_1600":1,"median_trade_shares":5,"auction_vs_median_thousand_x":3475,"auction_pct_of_volume":12.2,"biggest_other_trade_m":5.47,"auction_vs_biggest_other_x":3.18}],"shape":"table","sql":"SELECT\n    ticker,\n    round(toFloat64(maxIf(size, has(conditions, 8))) / 1e6, 2) AS auction_shares_m,\n    formatDateTime(toTimeZone(argMaxIf(sip_timestamp, size, has(conditions, 8)), 'America/New_York'), '%H:%i:%S') AS auction_time_et,\n    countIf(has(conditions, 8)) AS auction_print_count,\n    countIf(has(conditions, 8) AND formatDateTime(toTimeZone(sip_timestamp, 'America/New_York'), '%H:%i:%S') = '16:00:00') AS auction_prints_at_1600,\n    round(quantileDeterministicIf(0.5)(toFloat64(size), toUInt64(sip_timestamp), NOT has(conditions, 8) AND NOT hasAny(conditions, [15, 16, 38]))) AS median_trade_shares,\n    round(toFloat64(maxIf(size, has(conditions, 8))) / quantileDeterministicIf(0.5)(toFloat64(size), toUInt64(sip_timestamp), NOT has(conditions, 8) AND NOT hasAny(conditions, [15, 16, 38])) / 1000) AS auction_vs_median_thousand_x,\n    round(100 * toFloat64(maxIf(size, has(conditions, 8))) / toFloat64(sumIf(size, NOT hasAny(conditions, [15, 16, 38]))), 1) AS auction_pct_of_volume,\n    round(toFloat64(maxIf(size, NOT has(conditions, 8) AND NOT hasAny(conditions, [15, 16, 38]))) / 1e6, 2) AS biggest_other_trade_m,\n    round(toFloat64(maxIf(size, has(conditions, 8))) / toFloat64(maxIf(size, NOT has(conditions, 8) AND NOT hasAny(conditions, [15, 16, 38]))), 2) AS auction_vs_biggest_other_x\nFROM global_markets.stocks_trades\nWHERE ticker IN ('SPY', 'AAPL', 'NVDA')\n  AND sip_timestamp >= '2026-07-02 00:00:00' AND sip_timestamp < '2026-07-03 00:00:00'\nGROUP BY ticker\nORDER BY indexOf(['SPY', 'AAPL', 'NVDA'], ticker)","computed_at":"2026-07-26T06:24:06.856378+00:00","elapsed":1.0314305}