{"slug":"when-a-spread-expires-between-the-strikes","qid":"pinned_trace_spy","label":"SPY, 3:00 p.m. to the close on the August 21, 2026 expiration","post_title":"When a Spread Expires Between the Strikes","post_url":"/blog/when-a-spread-expires-between-the-strikes#q-pinned_trace_spy","columns":["et_time","spy_price","strike_line"],"rows":[{"et_time":"15:00","spy_price":766.03,"strike_line":766},{"et_time":"15:05","spy_price":766.1,"strike_line":766},{"et_time":"15:10","spy_price":766.04,"strike_line":766},{"et_time":"15:15","spy_price":765.97,"strike_line":766},{"et_time":"15:20","spy_price":766.2,"strike_line":766},{"et_time":"15:25","spy_price":766.05,"strike_line":766},{"et_time":"15:30","spy_price":766.08,"strike_line":766},{"et_time":"15:35","spy_price":766.28,"strike_line":766},{"et_time":"15:40","spy_price":766.47,"strike_line":766},{"et_time":"15:45","spy_price":766.67,"strike_line":766},{"et_time":"15:50","spy_price":765.9,"strike_line":766},{"et_time":"15:55","spy_price":765.69,"strike_line":766}],"shape":"series","sql":"WITH bars AS (\n    SELECT\n        toStartOfFiveMinute(toTimeZone(window_start, 'America/New_York')) AS et_bucket,\n        argMax(toFloat64(close), window_start)                           AS px\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND window_start >= '2026-08-21 19:00:00'\n      AND window_start <  '2026-08-21 20:00:00'\n    GROUP BY et_bucket\n),\nanchor AS (\n    SELECT floor(argMin(toFloat64(close), window_start)) AS strike_line\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'SPY'\n      AND window_start >= '2026-08-21 19:00:00'\n      AND window_start <  '2026-08-21 19:05:00'\n)\nSELECT\n    formatDateTime(b.et_bucket, '%H:%i') AS et_time,\n    round(b.px, 2)                       AS spy_price,\n    a.strike_line                        AS strike_line\nFROM bars AS b\nCROSS JOIN anchor AS a\nORDER BY et_time","computed_at":"2026-09-27T15:36:11.437881+00:00","elapsed":0.042908377}