⏰ ออปชัน 0DTE

0DTE stands for "Zero Days to Expiration" — options that expire on the same trading day they are traded. This is possible through index products with daily expiry (SPX, SPY, QQQ). Since 2022, trading volume in these contracts has exploded and now makes up a large portion of total SPX options turnover.

The appeal: on a single day, the entire remaining time value (Theta) of the option decays. Those who sell premium collect this decay — those who buy are betting on a fast, large move.

0DTE is no longer a niche product — it is structurally the largest part of the SPX options market. Data from Cboe (the exchange that lists SPX options) impressively illustrates this growth:

In absolute terms, an average of over 1.23 million 0DTE contracts per day were traded in 2023 — a notional volume of approximately 500 billion USD daily (Source: Cboe). The share has continued to rise since then; every percentage figure therefore requires a date label.

Myth: "0DTE is primarily a premium-selling business"? An academic analysis of regulatory Cboe trading data (January 2020 – June 2023) shows the opposite: 0DTE accounted for an average of 34.8 % of total SPX/SPXW volume — and the flow was nearly equal in both directions: 17.2 % came from customer purchases, 16.0 % from customer sales. Roughly as many market participants buy 0DTE options (directional bets) as sell them (premium strategies). Anyone selling premium always has an equally large counterparty betting on the fast move — 0DTE is not a one-sided "free lunch" for premium sellers.

On expiration day, time value decay is at its maximum — a "Theta rocket" for premium sellers. At the same time, Gamma near the strike rises dramatically: even small price moves change the Delta of the position sharply. A position that was safe just minutes ago can move deep in-the-money within minutes.

This asymmetry — high Theta, but explosive Gamma — is at the core of every 0DTE strategy. Premium sellers reliably earn small amounts on quiet days and quickly lose a multiple on trend or news days.

The success of a 0DTE premium strategy depends almost entirely on the character of the day. Since there is no "tomorrow" on expiration day, the movement of just a few hours determines profit or loss — there is no time for a position that has gone in-the-money to recover.

The uncomfortable consequence: a 0DTE premium strategy can reliably generate small gains over many days and then lose more on a single trend or news day than it earned over weeks. A high win rate does not automatically mean profitability — the rare losing days are disproportionately large. It is precisely this asymmetry that makes money management (see below) the real strategy.

Practical rules of thumb (for orientation, not a backtested claim):

• 📋 Avoid or wait out macro events: Before scheduled events (FOMC, CPI, NFP), shock risk is elevated — many premium sellers do not trade on those days at all, or only after the release.
• 📋 Respect the daily bias: A clear trend already in motion argues against a neutral Condor and in favor of a directional Credit Spread that eliminates trend risk on one side.
• 📋 Calm as context: News-light days with low prior-day movement are the natural environment for neutral range strategies.

⚠️ Illustrative, not backtested: The following setups are widely used practitioner approaches. Concrete win rates circulating online could not be reliably verified during source review and are deliberately omitted here.

The following setups show how 0DTE traders typically operate — as a structural guide, not a promise of success and not a recommendation. Common to all is defined risk (purchased wings rather than naked options) and a hard, pre-defined exit.

Setup A — Iron Condor (expectation: range day)

• 📋 Entry: sell both sides as OTM spreads, strikes outside the expected daily range (reference e.g. the "Expected Move"). The purchased wings cap the maximum loss.
• ⚙️ Management: close at a fixed percentage of the credit received as profit; hard stop at a loss ≈ 1.5–2× credit; do not "defend" the tested side — close the entire trade instead.
• 🎯 Goal: small, defined credit. Preferably do not hold the position into the closing auction (incalculable Gamma risk).

Setup B — Put Credit Spread (expectation: neutral to mildly bullish)

• 📋 Entry: sell only the put side as an OTM spread when the daily bias is not bearish.
• ⚙️ Management: same stop principle as the Condor. Advantage: only one directional risk, no upside risk.
• 🎯 Goal: premium collected. If the market breaks to the downside, the defined maximum loss of the spread kicks in.

Setup C — Butterfly (expectation: "pin" near a level)

• 📋 Entry: Long-Butterfly with the middle strike at the expected closing price. Low capital outlay, high reward-to-risk ratio if the market "pins" at the strike.
• ⚙️ Management: low win rate, but outlay is limited from the outset; rarely adjust — think of it as a cheap bet on a precise level.
• 🎯 Goal: outsized gain only if the close is near the middle strike, otherwise total loss of the (small) outlay.

As with volatility selling in general: the profit curve is many small green days, punctuated by rare, catastrophic red days. Position sizing and hard stops are not optional.

• Small position size: Cap the maximum loss per trade at 1–2 % of the account.
• Hard stops: Close at 1.5–2× the credit received — do not "hope".
• Never hold to zero: Gamma risk into the closing auction is incalculable.
• Prefer defined risk: Spreads/condors with wings rather than naked options.