{"slug":"what-skew-means-in-markets","qid":"spy_smile","label":"spy_smile","post_title":"what-skew-means-in-markets","post_url":"/blog/lang/fr/what-skew-means-in-markets#q-spy_smile","columns":["moneyness","iv_pct"],"rows":[{"moneyness":"Put 10 delta","iv_pct":18.81},{"moneyness":"Put 25 delta","iv_pct":14.34},{"moneyness":"ATM 50 delta","iv_pct":11.47},{"moneyness":"Call 25 delta","iv_pct":9.77},{"moneyness":"Call 10 delta","iv_pct":9.29}],"shape":"ranking","sql":"SELECT\n    multiIf(zone = 1, 'Put 10 delta',\n            zone = 2, 'Put 25 delta',\n            zone = 3, 'ATM 50 delta',\n            zone = 4, 'Call 25 delta',\n                      'Call 10 delta')            AS moneyness,\n    round(avg(implied_volatility) * 100, 2)       AS iv_pct\nFROM\n(\n    SELECT\n        implied_volatility,\n        multiIf(delta BETWEEN -0.15 AND -0.05, 1,\n                delta BETWEEN -0.30 AND -0.20, 2,\n                abs(delta) BETWEEN 0.45 AND 0.55, 3,\n                delta BETWEEN 0.20 AND 0.30, 4,\n                delta BETWEEN 0.05 AND 0.15, 5,\n                0)                                AS zone\n    FROM global_markets.options_greeks\n    WHERE underlying_symbol = 'SPY'\n      AND date = toDate('2025-02-14')\n      AND days_to_expiry BETWEEN 20 AND 45\n      AND iv_converged = 1\n      AND volume > 0\n)\nWHERE zone > 0\nGROUP BY zone\nORDER BY zone","computed_at":"2026-09-11T14:53:59.501532+00:00","elapsed":0.003891145}