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Risk Reversal Options: Sell a Put, Buy a Call
The two legs closest to 25 delta, and what they net totable · 2026-11-01 · 3×6 Payoff per share at expiration across AAPL prices, against owning the sharestable · 2026-11-01 · 11×5 The 25-delta risk reversal for SPY, AAPL and TSLA, nearest-to-30-day expiration, latest sessiontable · 2026-11-01 · 3×6 AAPL out-of-the-money strip for the Aug 21, 2026 expiration, priced at the Jul 20, 2026 closetable · 2026-11-01 · 28×5
Covered Calls on Futures: How They Work
SPY dividends paid over the past three yearsseries · 2026-09-26 · 12×3Preview: a 12-point series, roughly flat.
The two legs closest to 25 delta, and what they net to

The two legs closest to 25 delta, and what they net to

most recentas of table 3×6read in context →
The two legs closest to 25 delta, and what they net to — 3 rows by 6 columns, computed from US exchange, SIP and OPRA data.
componentstrikedeltaiv_pctpremium_per_sharestock_close
short put (premium received)$310-0.26831.695.25$326
long call (premium paid)$347.50.26730.634.6$326
net credit0.5351.070.65$326
the exact SQL behind every number 
SELECT
    multiIf(ord = 1, 'short put (premium received)',
            ord = 2, 'long call (premium paid)',
            net >= 0, 'net credit', 'net debit')                                        AS component,
    multiIf(ord = 1, concat('$', toString(put_strike)),
            ord = 2, concat('$', toString(call_strike)), '')                            AS strike,
    round(multiIf(ord = 1, put_delta, ord = 2, call_delta, call_delta - put_delta), 3) AS delta,
    round(100 * multiIf(ord = 1, put_iv, ord = 2, call_iv, put_iv - call_iv), 2)      AS iv_pct,
    round(multiIf(ord = 1, put_premium, ord = 2, call_premium, abs(net)), 2)          AS premium_per_share,
    concat('$', toString(round(spot, 2)))                                             AS stock_close
FROM
(
    SELECT
        arrayJoin([1, 2, 3])          AS ord,
        put_strike, put_delta, put_iv, put_premium,
        call_strike, call_delta, call_iv, call_premium,
        put_premium - call_premium    AS net,
        spot
    FROM
    (
        SELECT
            anyIf(strike, side = 'put')     AS put_strike,
            anyIf(delta, side = 'put')      AS put_delta,
            anyIf(iv, side = 'put')         AS put_iv,
            anyIf(premium, side = 'put')    AS put_premium,
            anyIf(strike, side = 'call')    AS call_strike,
            anyIf(delta, side = 'call')     AS call_delta,
            anyIf(iv, side = 'call')        AS call_iv,
            anyIf(premium, side = 'call')   AS call_premium,
            any(spot)                       AS spot
        FROM
        (
            SELECT
                if(delta < 0, 'put', 'call')   AS side,
                toFloat64(strike_price)        AS strike,
                delta,
                implied_volatility             AS iv,
                toFloat64(option_close)        AS premium,
                toFloat64(underlying_close)    AS spot
            FROM global_markets.options_greeks
            WHERE underlying_symbol = 'AAPL'
              AND date = '2026-07-20'
              AND expiration_date = '2026-08-21'
              AND iv_converged = 1
              AND volume > 0
            ORDER BY abs(abs(delta) - 0.25)
            LIMIT 1 BY side
        )
    )
)
ORDER BY ord
More from this analysisRisk Reversal Options: Sell a Put, Buy a Call
AAPL out-of-the-money strip for the Aug 21, 2026 expiration, priced at the Jul 20, 2026 close table 28×5 → Payoff per share at expiration across AAPL prices, against owning the shares table 11×5 → The 25-delta risk reversal for SPY, AAPL and TSLA, nearest-to-30-day expiration, latest session table 3×6 → The 25-delta wing spread on SPY, month by month series 24×4 → See all 3,293 queries →
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