What is 0DTE?

中文

0DTE stands for Zero Days to Expiration: options that expire the same day. For SPX, same-day-expiry contracts expire around the ET trading-day close, so buyers have only a few hours left.

Three verified mechanics

• Time value decays fast: on expiry day, an option’s time value runs to zero within the day, especially near the close.
• Sensitive to the underlying: near expiry, option prices can react strongly even to small moves in the index; bid/ask spreads and liquidity changes also deserve attention.
• Settled the same day, never held overnight: 0DTE positions are not carried overnight. This simulator also reminds you before 15:55 ET to close, so a same-day contract is not carried past the close.

Simulate first, then talk about anything else

This simulator uses CBOE delayed quotes (about 15 minutes delayed), starts with $100,000 virtual cash, charges $0.65 per contract per side, and shows P&L net of fees. Its purpose is to practice order entry, discipline, and review. It is not investment advice and promises no returns.

Back to the simulator | Simulator Discipline | FAQ