What are 0DTE options?
0DTE options expire on the current trading day. A trader might open and close a position that day, or hold a position opened earlier into its final day. A weekly or monthly contract can both reach 0DTE. Same-day expiration is not a new call or put type.
Having an expiration today does not guarantee trading remains open. Check the contract’s last trading time and settlement convention. Availability also depends on the product: a chain with only Friday expirations does not provide a new 0DTE opportunity every weekday.
How a same-day position is traded
The order uses the usual underlying, expiration, strike, call/put and buy/sell choices. A long option is normally sold to close; a short option is bought to close. Multi-leg structures can be entered or closed as a spread where supported. Orders still require an available counterparty, and fills are not guaranteed.
0DTE strategies can use calls, puts or familiar spreads. Choosing the same structure with less time gives the expected price move less time to occur. A long call can lose money even if the underlying rises a little.
A hypothetical same-day call
Suppose a 100-strike call costs $0.80 per share with a 100-share multiplier, or $80 before costs. If the relevant expiration price is 100 or below and the option expires unexercised, the premium is lost. At 100.50, its intrinsic value is $50, leaving a $30 loss. At 102, intrinsic value is $200 and the theoretical expiration profit is $120 before costs.
The expiration breakeven is 100.80. These are hypothetical payoff calculations, not forecasts or recommendations. For a share-settled contract, realizing that value through exercise involves buying shares and funding the strike payment; the payoff arithmetic assumes any resulting shares can be valued or closed at the stated price. Use the Long Call guide and calculator for the base structure.
The final hours
Near-the-money options can have high gamma, so their delta may change sharply as the underlying crosses the strike. Remaining time value can erode quickly. Neither effect means the option price will move smoothly: underlying price and implied volatility can outweigh time decay.
A stop order does not guarantee its intended execution price. Decide what holding through expiration would mean for the exact product and review expiration and execution risks. For positions that start a day earlier, see 1DTE options.
Sources and further reading
Reviewed 18 September 2026. Contract availability and terms can change; verify the selected series with the exchange and broker. Examples are hypothetical and exclude trading costs. Editorial standards.