Personally I doubt that you will end up finding SQL that you can just use in all of SQL Server, Teradata, Postgres, and Oracle and that has acceptable performance if the table is at all large.
A SQL Server solution (demo) would be as follows
SELECT i,
SUBSTRING(MAX(FORMAT(i, 'D10') + val) OVER (PARTITION BY Pos ORDER BY i
ROWS UNBOUNDED PRECEDING), 11, 8000)
FROM (SELECT st.*,
sum(CASE WHEN op = 'I' THEN 1 ELSE -1 END)
OVER (ORDER BY i ROWS UNBOUNDED PRECEDING) AS pos
FROM stack_trace st) t1
ORDER BY i;