On April 22, 2026, history was made: A single SPY 0DTE call strike recorded 227,921 contracts — representing 8.6% of total SPY options volume that day.
What does this mean?
- One strike. One day. One massive directional bet.
- Retail traders dominate the 0DTE market
- Smart money watches — and lets most contracts expire worthless
The reality of 0DTE:
0DTE (Zero Days to Expiration) options are the ultimate speculation tool. High leverage, no time for mistakes, and statistically most expire worthless. Retail loves the risk. Smart money sells the premium.