Why 0DTE Options Matter
SPX 0DTE options expire the same trading day. Their gamma can become very sensitive near the money, especially around large open-interest strikes. This can make certain strikes more important during the trading session.
Gamma Pinning
When positive gamma exposure is concentrated near spot, price can sometimes appear to pin or rotate around a strike. This effect is not guaranteed, and macro news or strong trend days can overwhelm it.
Negative Gamma Risk
Negative gamma areas may be associated with faster moves and wider intraday ranges. Traders often watch these zones when SPX moves away from large positive gamma areas or crosses a gamma flip region.
Use With Other Context
Gamma levels are best used with price action, volatility, liquidity, scheduled events, and disciplined risk management. The data on this website is delayed and intended for education.