- 0DTE gamma is dealer gamma from options that expire today.
- Gamma peaks at expiry, so 0DTE strikes carry the sharpest per-point response.
- Intraday levels change through the session because the 0DTE book reprices continuously.
- 0DTE view wins the intraday tape; Multi-Day view wins the multi-session picture.
0DTE gamma exposure is the aggregate gamma of options dealers hold across all strikes that expire today. It has one property that makes it different from every other slice of the option book: gamma at an at-the-money strike rises sharply as time to expiry shrinks toward zero. That means the same dealer position at the same strike creates much more forced hedging per point of price movement on expiry day than it does two weeks out.
The consequence on the tape is speed. When SPX drifts into an ATM 0DTE strike carrying meaningful open interest, dealer hedging fires faster and harder per point than it would for a monthly at the same strike. The result: intraday levels on the 0DTE view feel sharper, react quicker, and require tighter risk management.
Why 0DTE levels move during the day
The 0DTE book is not static. New 0DTE contracts trade throughout the session, and existing gamma at each strike shifts as spot moves. The map at 10 AM ET is not the map at 2 PM ET. A wall that showed up in the first hour can be gone by early afternoon, and a strike that was quiet at the open can become the pin candidate for the last hour.
This is different from the Multi-Day view, which aggregates the next several expiries. Multi-Day levels shift slowly, session over session. 0DTE levels shift continuously, inside the session. Traders who read only Multi-Day miss the fast-reacting levels; traders who read only 0DTE miss the multi-session structure.
How to use 0DTE gamma on the dashboard
The workflow that fits 0DTE is checkpoint-based, not continuous. Pre-open, read the Multi-Day walls, the flip line, and Peak Gamma. First hour, flip to the 0DTE view and mark the intraday levels. Midday, re-check for level migration. Power hour, watch pin candidates and the last-hour GEX drift at the heavy strikes.
Because 0DTE gamma is sharpest, hedging flow reacts faster. Size down from normal size, widen mental stops, and expect walls to move on you mid-session. Pin trades want a whole-session view because the mechanic that pins price is the last-hour hedging pressure at a heavy strike; scalps want a single-checkpoint view because the level you're trading may only be there for the next 30 minutes.
0DTE is not a signal service
0DTE gamma tells you where forced hedging concentrates today. It does not tell you whether SPX will finish up or down. When the setup lines up (heavy near-wall + long-gamma regime + real dollar size), the fade at the wall becomes a probabilistic trade with a defined structural rationale. When the setup doesn't line up, the honest read is that no edge exists at that level and the trade is a pass.
The dashboard's Today · 0DTE toggle switches every panel to the same-day book. The near walls in that view are today's action levels. Watch them, but hold them lightly.
Frequently asked
What is 0DTE gamma?
0DTE gamma is the dealer gamma exposure from options expiring the same day. Because gamma is largest right before expiry, 0DTE strikes carry the sharpest hedging response per point of price movement, which is why intraday levels move faster on the 0DTE view than on the multi-day view.
Why do 0DTE levels change during the day?
The 0DTE book reprices continuously through the session as new 0DTE contracts trade and existing gamma at each strike shifts. The map at 10 AM ET is not the map at 2 PM ET. Levels appear, migrate, and disappear inside the session.
How do you trade 0DTE gamma exposure?
Treat the 0DTE near-walls as intraday day-trade markers, not swing levels. Because hedging flow is fast, size down from normal and widen mental stops. Read the 0DTE view together with the Multi-Day view: 0DTE wins the intraday tape, Multi-Day wins the multi-session picture.