{"id":201966,"date":"2024-02-02T12:15:00","date_gmt":"2024-02-02T17:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=201966"},"modified":"2024-02-05T11:51:28","modified_gmt":"2024-02-05T16:51:28","slug":"the-debutante-ball-for-0dte-was-a-year-ago-today","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/options\/the-debutante-ball-for-0dte-was-a-year-ago-today\/","title":{"rendered":"The &#8220;Debutante Ball&#8221; for 0DTE Was a Year Ago Today"},"content":{"rendered":"\n<p>A long-held dream for traders was consequence-free speculation, something that allowed them to take big positions with neither overnight risk nor the potential costs of exiting a day trade.&nbsp; It was exactly one year ago today when a multitude of traders discovered that so-called \u201czero-dated\u201d, or \u201c0DTE\u201d options offered that possibility.<br><br><\/p>\n\n\n\n<p>Just as occurred this week, there was an FOMC meeting on a Wednesday ahead of Friday Payrolls report during the first week of February.&nbsp; The exact dates were February 1<sup>st<\/sup> and 3<sup>rd<\/sup>, 2023.&nbsp; Unlike the most recent meeting, traders were enamored of Chairman Powell\u2019s press conference, and stocks took another leg higher each time he uttered the word \u201cdisinflation.\u201d&nbsp; <a href=\"gful.%20%20So%20began%20a%20rally%20that%20lasted%20for%20the%20rest%20of%20the%20day%20last%20Wednesday%20and%20Thursday\">As we wrote on February 8<sup>th<\/sup>, 2023<\/a>:<\/p>\n\n\n\n<p><em>One week ago, we learned that \u201cdisinflation\u201d was the market\u2019s secret word for the FOMC.&nbsp; If you recall, during the early part of Chair Powell\u2019s press conference we saw stocks and bonds both trade lower.&nbsp; The declines ended when the Chairman utilized the term \u201cdisinflation.\u201d&nbsp; He then proceeded to use some form of that word \u2013 either as a noun or the adjective \u201cdisinflationary\u201d \u2013 a total of 11 times.&nbsp; Even the thickest of minds can figure out that if something is said 11 times in a relatively short period of time, it must be meaningful.&nbsp; So began a rally that lasted for the rest of the day last Wednesday and Thursday\u2026<\/em><\/p>\n\n\n\n<p>In prior years, any trader who wanted to speculate on a Thursday rally ahead of a key payrolls report had a problem.&nbsp; He could use options that expired at Friday\u2019s close, but that would require either selling the position ahead of Thursday\u2019s close or carrying the positions over a potentially market moving economic report.&nbsp; But in May 2022, options on major indices and key ETFs began listing Thursday expirations.&nbsp; <a href=\"\/campus\/traders-insight\/securities\/options\/the-games-havent-changed-the-casino-opened-more-tables\/\">As we noted on February 16<sup>th<\/sup>, 2023<\/a>:<\/p>\n\n\n\n<p><em>\u2026for those who hadn\u2019t noticed, we\u2019ve had sub-weekly expirations for years.&nbsp; The Cboe listed Wednesday-expiring SPX options in February 2016 and Monday expiries in August of that year without much hue and cry.&nbsp; The exchange added Tuesday and Thursday expirations in April and May of last year, similarly with little concern or fanfare.<\/em><\/p>\n\n\n\n<p>Quite frankly, there hadn\u2019t been a great use case for these ultra-short-term options.&nbsp; The events of last February gave traders a perfect reason to utilize 0DTE options, and they gravitated to them with a vengeance.&nbsp; After closing 1.05% higher on that Wednesday, the S&amp;P 500 (SPX) rallied an additional 1.47% on Thursday.&nbsp; Options volumes exploded to a record on that Thursday session, propelled largely by traders\u2019 newfound love of 0DTE options.&nbsp; And that love was requited when SPX fell over 1% on the 3<sup>rd<\/sup>, as a result of a hotter jobs report.<\/p>\n\n\n\n<p>Those events brought 0DTE options into the forefront of market consciousness.&nbsp; I first wrote about them as part of a broader market piece <a href=\"\/campus\/traders-insight\/my-state-of-the-markets-address\/\">on February 9<sup>th<\/sup>, saying<\/a>:<\/p>\n\n\n\n<p><em>How has the plethora of short-term options affected the recent market action?&nbsp; Late last year, we saw exchanges list so-called \u201czero-dated\u201d or \u201c0DTE\u201d options listed in a range of key indices and ETFs.&nbsp; They have proven immensely popular, with cumulative options volume setting a record last Thursday (the day after the FOMC meeting).&nbsp; For better or worse, they have made speculation incredibly easy.&nbsp; It is likely tha.\u201dt these products exacerbated December\u2019s decline, and it is almost certain that they have accelerated this year\u2019s rally.&nbsp; Most traders are more comfortable trading from the long side rather than the short side, which explains the recent pops in volume on up days.&nbsp; Over time, the effect will fade.&nbsp; Markets learn to adapt to new financial innovations and speculators can be fickle.&nbsp; But in the short-term, it would not be surprising if these ultra-short-term options lead to microbursts of volatility and the occasional spurious move.<\/em><\/p>\n\n\n\n<p>I would assert that these options continued to accelerate the rally that began in January 2023.&nbsp; I also firmly believe that we have seen no shortage of \u201cmicrobursts of volatility.\u201d&nbsp; Yesterday\u2019s rally was one of them.&nbsp; It is understandable why traders might have sought to buy the dip after Wednesday&#8217;s post-FOMC swoon, but it is quite clear that the move higher was turbocharged by 0DTE options.&nbsp; Over 500,000 expiring calls traded in the SPX index options alone, not to mention thousands more in similar products like SPY and QQQ.&nbsp; It\u2019s hard to imagine that traders would have been so eager to continually press their bullish bets into the close if they needed to be concerned with carrying positions into a jobs report.&nbsp; (The post-earnings 20% rally in META and 8% move in AMZN were hardly a foregone conclusion, even if they did overwhelm the negative effects of much higher Nonfarm Payrolls and Monthly Average Earnings reports on fixed income markets.)<\/p>\n\n\n\n<p>We never succumbed to the fearmongering that accompanied the early discussions that surrounded last February\u2019s 0DTE frenzy.&nbsp; On February 16<sup>th<\/sup>, our piece was entitled, \u201c<a href=\"\/campus\/traders-insight\/securities\/options\/the-games-havent-changed-the-casino-opened-more-tables\/\">The Games Haven\u2019t Changed, The Casino Opened More Tables<\/a>,\u201d noting that 0DTE options fit into a long-established clearing and risk management framework.&nbsp; We followed with a piece for the February 23<sup>rd<\/sup> edition of <em><u>Barron\u2019s<\/u><\/em> entitled, \u201c<a href=\"\/campus\/traders-insight\/securities\/options\/zero-dated-options-are-hot-but-not-hazardous\/\">Zero-Dated Options Are Hot\u2014but Not Hazardous<\/a>.\u201d&nbsp; There are plenty of reasons to treat ultra-short-term options with a healthy degree of respect, <a href=\"\/campus\/traders-insight\/securities\/options\/individual-risk-vs-systemic-risk\/\">but systemic risk isn\u2019t necessarily one of them<\/a>.&nbsp;<\/p>\n\n\n\n<p>It is clear that 0DTE options are helping propel equity markets on their year-long rally.&nbsp; We\u2019ve yet to see how they might contribute if the broader sentiment turns.&nbsp; But it is clear that traders love them, and they have certainly changed the market\u2019s climate in a short period of time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A long-held dream for traders was consequence-free speculation, something that allowed them to take big positions with neither overnight risk nor the potential costs of exiting a day trade.  It was exactly one year ago today when a multitude of traders discovered that so-called &#8220;zero-dated&#8221;, or &#8220;0DTE&#8221; options offered that possibility.<\/p>\n","protected":false},"author":4,"featured_media":195717,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,6,19,8,9,26,3],"tags":[14761,4574],"contributors-categories":[13576],"class_list":{"0":"post-201966","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-north-america","9":"category-options","10":"category-region","11":"category-securities","12":"category-text-articles","13":"category-traders-insight","14":"tag-0dte","15":"tag-options-trading","16":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The &#8220;Debutante Ball&#8221; for 0DTE Was a Year Ago Today<\/title>\n<meta name=\"description\" content=\"A long-held dream for traders was consequence-free speculation, something that allowed them to take big positions with neither overnight risk nor the...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/201966\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The &quot;Debutante Ball&quot; for 0DTE Was a Year Ago Today | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"A long-held dream for traders was consequence-free speculation, something that allowed them to take big positions with neither overnight risk nor the potential costs of exiting a day trade. It was exactly one year ago today when a multitude of traders discovered that so-called &quot;zero-dated&quot;, or &quot;0DTE&quot; options offered that possibility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/the-debutante-ball-for-0dte-was-a-year-ago-today\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-02T17:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-05T16:51:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/0dte-options-finance-trading.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-debutante-ball-for-0dte-was-a-year-ago-today\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/the-debutante-ball-for-0dte-was-a-year-ago-today\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"The &#8220;Debutante Ball&#8221; 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