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0DTE
of SPX® volume traded 0DTE
annual increase in SPX® 0DTE volume since 2016
of XSP® volume traded 0DTE
Some of the most popular 0DTE strategies are selling call or put spreads, and iron condors (a call spread + a put spread of equal strike distances).
Other strategies commonly used include buying outright calls and/or puts to tactically trade around market events, and hedge longer dated portfolios.
You may sell a call or put spread based on your directional view of the market. A call or put spread means taking on some limited amount of market risk (the strike width) in exchange for the premium collected at trade entry.
Unlike iron condors, these are directional trades – if you think the market won’t go down then you could sell a put spread, and if you think the market won’t go up you could sell a call spread.
Sell 1 call short
Buy 1 call at any price beyond the short call
The trade would become profitable if SPX moves down or stay the same, or moves below the price of the short strike. Maximum profit for a call spread is the premium received. The trade would become unprofitable if SPX moves beyond the difference or width of the strikes. Maximum loss is the width of the strikes minus the premium received.
The goal is to limit the potential max loss on the position. If the underlying asset rises slightly, the position may have a gain, depending on how far out-of-the-money (OTM) the credit spread is. If the underlying asset doesn’t move at all, the position will make money.
Sell 1 put short
Buy 1 put at any price further out-of-the money (OTM) from the short put
The trade would become profitable if SPX rallies and the put spread decreases in value. The trade would become unprofitable if SPX falls, resulting in the put spread increasing in value. Maximum profit for the put spread is the premium received. Maximum loss is the width of the strikes minus the premium received.
A put spread that is initiated OTM has an increased probability of expiring worthless. Because of this, the potential profit is always less than the potential loss for OTM credit spreads.
You may buy an iron condor if you think that SPX will trade out of a specific range at expiry. If you sell an iron condor, you may think that SPX will trade within a specific range.
If you sell a 5-wide iron condor, the max loss will be $500 minus the credit received.
The maximum loss in selling an iron condor is the (spread width of the call spread or put spread) minus premium collected at trade entry. The maximum loss in buying an iron condor is the premium paid to enter the trade.
Traders of an iron condor 0DTE strategy should actively manage their position as adjustments may be needed if the underlying asset moves outside the specific range.
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S&P 500
SPX options provide broad exposure with cash settlement, European-style exercise, and flexible expirations.
S&P 500
XSP options offer targeted exposure at 1/10th the size of standard SPX Contracts.
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