We have quantified a short term instability budget for an optical frequency standard based on cold, freely expanding calcium atoms. Such systems are the subject of renewed interest due to their high frequency stability and relative technical simplicity compared to trapped atom optical clocks. By filtering the clock laser light at 657 nm through a high finesse cavity, we observe a slight reduction in the optical Dick effect caused by aliased local oscillator noise. The ultimately limiting technical noise is measured using a technique that does not rely on a second clock or fs-comb.
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