{"slug":"when-an-option-isnt-100-shares","qid":"cost_trace","label":"One quote, two multipliers: AAPL near-the-money premium converted to cash","post_title":"How Many Shares in an Options Contract?","post_url":"/blog/when-an-option-isnt-100-shares#q-cost_trace","columns":["session_date","session_label","premium_x_100_usd","premium_x_150_usd"],"rows":[{"session_date":"2026-09-01","session_label":"Sep 1","premium_x_100_usd":1001.5,"premium_x_150_usd":1502.25},{"session_date":"2026-09-02","session_label":"Sep 2","premium_x_100_usd":987.79,"premium_x_150_usd":1481.69},{"session_date":"2026-09-03","session_label":"Sep 3","premium_x_100_usd":957.94,"premium_x_150_usd":1436.91},{"session_date":"2026-09-04","session_label":"Sep 4","premium_x_100_usd":930.92,"premium_x_150_usd":1396.38},{"session_date":"2026-09-08","session_label":"Sep 8","premium_x_100_usd":1018.56,"premium_x_150_usd":1527.84},{"session_date":"2026-09-09","session_label":"Sep 9","premium_x_100_usd":983.75,"premium_x_150_usd":1475.62},{"session_date":"2026-09-10","session_label":"Sep 10","premium_x_100_usd":1010.25,"premium_x_150_usd":1515.38},{"session_date":"2026-09-11","session_label":"Sep 11","premium_x_100_usd":939.56,"premium_x_150_usd":1409.34},{"session_date":"2026-09-14","session_label":"Sep 14","premium_x_100_usd":977.58,"premium_x_150_usd":1466.38},{"session_date":"2026-09-15","session_label":"Sep 15","premium_x_100_usd":1038.87,"premium_x_150_usd":1558.31},{"session_date":"2026-09-16","session_label":"Sep 16","premium_x_100_usd":1033.92,"premium_x_150_usd":1550.87},{"session_date":"2026-09-17","session_label":"Sep 17","premium_x_100_usd":995.42,"premium_x_150_usd":1493.12},{"session_date":"2026-09-18","session_label":"Sep 18","premium_x_100_usd":941.79,"premium_x_150_usd":1412.69},{"session_date":"2026-09-21","session_label":"Sep 21","premium_x_100_usd":954.58,"premium_x_150_usd":1431.87},{"session_date":"2026-09-22","session_label":"Sep 22","premium_x_100_usd":923.41,"premium_x_150_usd":1385.11},{"session_date":"2026-09-23","session_label":"Sep 23","premium_x_100_usd":887.5,"premium_x_150_usd":1331.25},{"session_date":"2026-09-24","session_label":"Sep 24","premium_x_100_usd":959.39,"premium_x_150_usd":1439.09},{"session_date":"2026-09-25","session_label":"Sep 25","premium_x_100_usd":883.21,"premium_x_150_usd":1324.81},{"session_date":"2026-09-28","session_label":"Sep 28","premium_x_100_usd":983.78,"premium_x_150_usd":1475.67},{"session_date":"2026-09-29","session_label":"Sep 29","premium_x_100_usd":990.5,"premium_x_150_usd":1485.75},{"session_date":"2026-09-30","session_label":"Sep 30","premium_x_100_usd":983.61,"premium_x_150_usd":1475.42}],"shape":"series","sql":"SELECT\n    toString(date)                                   AS session_date,\n    formatDateTime(date, '%b %e')                    AS session_label,\n    round(100 * avg(toFloat64(option_close)), 2)     AS premium_x_100_usd,\n    round(150 * avg(toFloat64(option_close)), 2)     AS premium_x_150_usd\nFROM global_markets.options_greeks\nWHERE underlying_symbol = 'AAPL'\n  AND date >= '2026-09-01'\n  AND date <= '2026-09-30'\n  AND iv_converged = 1\n  AND volume > 0\n  AND days_to_expiry BETWEEN 20 AND 45\n  AND abs(toFloat64(strike_price) / toFloat64(underlying_close) - 1) < 0.02\nGROUP BY date\nORDER BY date","computed_at":"2026-10-06T16:05:05.175860+00:00","elapsed":0.002736227}