To The Moon

1. Live Review Introduction

Review Live>>

Live: Shortcuts：

• 【 Livestream Recap : SPX vs SPY: it's not just the price 】

• 【Livestream Recap | Why did 0DTE explode after 2022?】

• 【Livestream Recap | Why do pros love 0DTE for events? 】

• 【Livestream Recap | AI's real impact may not be fully priced yet】

Tiger Brokers livestream hosted by Esther, featuring @Selina_Han_Insights, former CBOE economist and founder of Han Insights. With 8 years of experience at CBOE, the largest US equity options exchange, Selina served as the exchange’s first dedicated economist, translating raw market data into actionable insights for regulators and all tiers of market participants. Her research spans US equities, derivatives, volatility dynamics, macro trends and AI sector investment logic.

Zero Days to Expiration (0DTE) SPX options have become one of the most debated trading instruments across US markets. Retail and institutional participation has surged over recent years, yet many investors still confuse SPX contracts with SPY ETF options and misunderstand how 0DTE works.

Disclaimer: All content shared is purely for investor education purposes and does not constitute any financial advice, investment recommendation or trading signal. All trading involves significant risks. Please conduct independent research before making investment decisions.

2. What Exactly Are SPX 0DTE Options?

0DTE stands for Zero Days to Expiration, referring to options that expire on the exact trading day they are opened. Traders only carry exposure through the close of that single session.

A critical distinction must be drawn between SPX index options and SPY ETF options:

• $S&P 500(.SPX)$ : Cash-settled, European-style. No risk of early assignment, making it ideal for event-driven trades.

• $SPDR S&P 500 ETF Trust(SPY)$ : ETF options with physical settlement, American-style, subject to early exercise risk.

3. The Remarkable Growth Trajectory of SPX 0DTE Volume

The market share of 0DTE within total SPX options turnover tells a striking story:

• Before 2015: Less than 10% of overall SPX volume

• August 2015: Rised above 20%

• 2022: Surged rapidly to 40%

• Current level: Nearly 60% of all SPX options trading

This exponential expansion did not happen by chance.

4. Key Drivers Behind the Popularity of SPX 0DTE

• Complete daily expiration cycle rolled out by CBOE After launching Tuesday and Thursday weekly SPX contracts, SPX options now expire every regular trading weekday. Investors can open targeted short-term positions aligned precisely with scheduled market catalysts.

• 2022 high-inflation rate-hike cycle boosted event trading demand Traders sought instruments to express views around FOMC decisions, inflation prints and labour data without long-duration risk exposure.

• Attractive structural advantages for market participants 0DTE options carry minimal time value. Unlike longer-dated contracts suffering heavy time decay even when the underlying moves sideways, 0DTE requires traders to pay almost no extra time premium. Most importantly, positions close automatically before overnight risk emerges.

5. Shifts in Market Participants

In the early phase, SPX 0DTE volume was limited. Market makers provided liquidity, while institutions mainly utilised these contracts for macro portfolio hedging.

A clear shift took place from 2022 onward: retail investors emerged as major participants, actively seeking short-term trading gains. Activity levels closely track overall market uncertainty. Volume spiked dramatically around events including the April 2025 Trump tariff announcements, repeatedly setting new trading records.

6. Who Should (and Should Not) Trade SPX 0DTE?

0DTE is purpose-built for event trading: FOMC meetings, CPI releases, nonfarm payroll reports and other scheduled macro catalysts. However, it is not a universal trading tool. Traders must fully grasp theta decay mechanics. Leveraged vehicles such as 3x long/short QQQ products also face persistent time erosion – holding these positions over extended periods can lead to losses even if the underlying trend moves in your favour.

7. Closing Takeaway

SPX 0DTE is a flexible, low-premium instrument designed for defined, single-day market bets. Its rise reflects deeper structural changes in US derivatives markets. Mastery starts with understanding its mechanics rather than chasing quick profits. In our next article, we will cover how to build a systematic investment framework to identify which market catalysts actually move asset prices.

Read full sumarize>>

• Live Recap 1: SPX 0DTE Options – Origin, Explosive Growth & Core Edge for Event Traders

• Live Recap 2: Build a Structured Investment Framework – Identify Dominant Market Drivers

• Live Recap 3: Inflation, Labor Markets and Fed Policy – Macro Backdrop Shaping H2 2026 Asset Pricing

• Live Recap 4: AI Stock Divergence, High Volatility & Options Playbook for H2 2026

8. Risk Reminder

High-volatility AI stocks and short-dated options carry substantial trading risks. Market participants without sufficient foundational knowledge are advised to complete education modules before initiating live positions.

9. Post-Event Resources

Viewers can access further research via Han Insights official website: highinsights.com. Selina will continue releasing follow-up research papers covering options markets, macro trends and AI sector dynamics. The full livestream replay is available on the Tiger Trader App. Community participants may share demo trading plans and market observations tagging TB Live to join bonus activity rewards.