Use the existing strategy, then choose the expiration
“0DTE strategies” usually means applying familiar option structures to contracts expiring today. The same is true for 1DTE and other short-dated options. Start with the structure’s payoff and obligations, then consider how a shorter horizon changes the trade.
All examples below are hypothetical, not recommendations. Each assumes one unit of each listed leg, a 100 multiplier, the same underlying and expiration, and no fees or slippage. Expiration values use the applicable underlying or settlement price. Share-settled examples assume resulting shares are valued or closed at that price. Real exercise and assignment require separate management.
Long calls and puts
A 100-strike call bought for $0.80 has an expiration breakeven of 100.80. A 100-strike put bought for $0.75 has a breakeven of 99.25. At an expiration price of 98, the put’s $200 intrinsic value less its $75 premium gives $125 profit before costs. Either long option can lose its full premium.
With 0DTE or 1DTE, a move arriving after expiration cannot rescue the position. Read Long Call and Long Put; use the call calculator or put calculator.
Vertical spreads
A 100/102 bull call spread bought for $0.70 has a theoretical maximum expiration profit of $130 and loss of $70. A 98/100 bull put credit spread sold for $0.60 has a maximum expiration profit of $60 and loss of $140. Both have matching expirations and $2-wide strikes.
Short-DTE spreads can move toward either payoff extreme quickly. Assignment of one leg can leave a separate position. See Vertical Spreads, Bull Call Spread, Bull Put Spread and Bear Put Spread. Explore the bull call and bull put calculators.
Iron condors
Buy a 95 put, sell a 97 put, sell a 103 call and buy a 105 call for a total $0.50 credit. This hypothetical iron condor has a maximum expiration profit of $50 between 97 and 103, breakevens of 96.50 and 103.50, and a maximum loss of $150 outside the long strikes, before costs.
A quiet opening does not ensure a quiet expiration. Near either short strike, a small move can substantially change exposure. Read Iron Condor and use the existing calculator.
Straddles and strangles
A long 100-strike straddle costing $1.50 in total has expiration breakevens of 98.50 and 101.50. A long 98-put/102-call strangle costing $0.80 has breakevens of 97.20 and 102.80. Maximum loss for each long structure is its debit, before costs.
Direction alone is not enough: the move must be large enough and arrive in time. Falling implied volatility after an event can reduce resale value. Selling these structures reverses the exposure and can create very large losses, including unlimited upside loss from an uncovered short call.
See Long Straddle and Long Strangle, with their straddle and strangle calculators.
What the payoff calculators show
Changing the expiration horizon does not require a new expiration-payoff formula for these structures. Use the existing calculators for their stated assumptions. Their expiration curves do not model intraday theta, changing volatility, executable quotes, early assignment or broker liquidation.
Learn the timing in What Is DTE? and review 0DTE & 1DTE Risks before interpreting a smooth payoff diagram as a path the trade will follow.
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.