{"id":225252,"date":"2025-06-09T08:32:50","date_gmt":"2025-06-09T12:32:50","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=225252"},"modified":"2025-06-23T09:57:07","modified_gmt":"2025-06-23T13:57:07","slug":"dte-tective-work-cracking-same-day-options","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/","title":{"rendered":"DTE-tective Work: Cracking Same-Day Options"},"content":{"rendered":"\n<p>Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.<\/p>\n\n\n\n<iframe title=\"DTE-tective Work: Cracking Same-Day Options\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=ihxee-18e4e64-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-264\">Summary \u2013 IBKR Podcasts Ep. 264<\/h2>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Hi everyone, this is Jeff Praissman with IBKR Podcasts, and today we&#8217;re gonna dive into one of the most talked-about trends in modern option trading: zero DTE options\u2014or zero days to expiration. What are they, where did they come from, and where are they going?&nbsp;<\/p>\n\n\n\n<p>With us is strategist and expert Sean Feeney, the former Head of U.S. Options at Nasdaq, and he&#8217;s here to break it all down for us. Hey Sean, how are you?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Hey Jeff, I&#8217;m doing wonderful. Thank you for having me.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-0\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Always a pleasure. Really excited for today&#8217;s segment. Sean, we&#8217;ve covered this topic quite a bit over the past few years, but I always like to start simple\u2014what exactly are zero DTE options?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-0\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Jeff, you&#8217;re touching my heart. Zero DTE options are option contracts that expire on the same day that they&#8217;re traded and have become quite popular over the past few years. Traditionally, options have expired on a monthly basis\u2014going all the way back in time, on the last day of the month.&nbsp;<\/p>\n\n\n\n<p>Then it became the third Friday of the month. In 2005, and then more into the single stock space around 2009, 2010, and 2011, expiries became weekly, happening on each Friday.&nbsp;<\/p>\n\n\n\n<p>But demand for more precise risk management tools has led to expirations\u2014especially in some of the most highly traded instruments\u2014that are daily. And that&#8217;s what we really call zero DTE.&nbsp;<\/p>\n\n\n\n<p>They&#8217;ve taken off on the retail side, they&#8217;ve taken off with institutional traders as well, and a lot of the strategies around zero DTE have to do with either gamma scalping or event trading, some intraday hedging, and then naturally, of course, a bit of speculation as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-1\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, I was just gonna ask you\u2014you gave a nice concise rundown of the, I guess, the lifecycle of options listings there.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-1\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-2\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>So they&#8217;re clearly relatively new, these zero DTEs.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-2\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>They&#8217;re new in the sense that the products have evolved to the point where options are expiring daily. However, the actual zero DTE event\u2014and the first zero DTE event\u2014came on July 31, 1973, which was the first day of an options expiration.&nbsp;<\/p>\n\n\n\n<p>You could have traded\u2014I believe Xerox was one of the stocks trading in the early rounds\u2014you could have traded Xerox options on that day of expiration, and that would have been zero DTE.&nbsp;<\/p>\n\n\n\n<p>The difference between the past and today is that we have much more frequent expiration cycles now, allowing for more zero DTE trading and for the popularity of strategies surrounding and utilizing those instruments to really take off and then hit home with either the retail or institutional community.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-3\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>And there&#8217;s been some\u2014for the most part, though, they&#8217;ve been pretty much indices and ETFs, right? But there&#8217;s been some pretty big news lately, right? Nasdaq basically filed to list Monday and Wednesday expirations on individual stocks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-3\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>That\u2019s right.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-4\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Taken to the next level, right? Like, we had the usual suspects of our index, but now we&#8217;re into some individual stocks. So what&#8217;s going on there?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-4\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Sure. I&#8217;ll give a brief history from the past. In 2005, we listed weeklies, and those were Fridays. Then in 2016, SPX started to offer Monday and Wednesday options. SPY and QQQ, the ETF tracking stocks for those major indexes, started to list Mondays and Wednesdays, and then Tuesdays and Thursdays.&nbsp;<\/p>\n\n\n\n<p>Last year, TLT, GLD, SLV, UNG, and USO\u2014all commodity-based and rate-based ETFs\u2014began to expand their expiry profile. Now you have more expirations, and this is a phenomenon that I like to call continuity of product. As product becomes more continuous, the availability for hedging is really interesting.&nbsp;<\/p>\n\n\n\n<p>That latest news\u2014that Nasdaq recently filed with the SEC\u2014is to allow Monday and Wednesday expirations on nine very liquid securities. These are eight stocks and one ETF within that filing.&nbsp;<\/p>\n\n\n\n<p>Right now, zero DTE\u2014as we are talking about it today, with non-Friday available expirations\u2014is available for those indexes and ETFs. This filing, which is not approved yet, could really unlock it for stocks. They all have the same structure as existing options.&nbsp;<\/p>\n\n\n\n<p>This is huge because it brings that continuity of product into individual equities\u2014not just the broad market positioning.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-5\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Now Sean, why now though? Because I&#8217;m just thinking about this\u2014there&#8217;s certainly significantly more unsystematic risk associated with single-name stocks versus an index or ETF. One example: earnings. Earnings come out, guidance changes, or just any kind of company news event that might be out of the ordinary. So I\u2019m just curious\u2014why did the exchanges feel this was a good time to bring these into the forefront?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-5\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>This is a great question. Now, I&#8217;m not with Nasdaq anymore, but I did a bunch of work on this prior to my leaving\u2014and really for two reasons:&nbsp;<\/p>\n\n\n\n<p>First, trading demand. You have people who wish to have short-term exposure and tools for individual names that do move around a bit.&nbsp;<\/p>\n\n\n\n<p>Second, the volume and liquidity within these mega-cap names is really there. Nasdaq is being smart about listing these, and they&#8217;re not allowing for the listing of options\u2014specifically Monday or Wednesday options\u2014on an announced earnings date.&nbsp;<\/p>\n\n\n\n<p>There\u2019s typically a large outsized move after-hours that could impact or force an individual to take action. There&#8217;s a little bit of controversy around that, but it&#8217;s going to be a really interesting environment. I&#8217;m looking forward to reading through the public commentary as that filing is in its comment period, and then seeing exactly what happens with the approval process\u2014and whether or not these get approved.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-6\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Now I gotta point out too, though\u2014zero DTEs are probably, overall, taking a huge part of the option volume. Correct? But there&#8217;s also critics of them, right? They say they&#8217;re too risky. You have some fast losses, raw speculation. Some even equate it to betting the over-under on a game. Is this really a fair comparison?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-6\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>These are fair concerns, but it&#8217;s really all about education and intent\u2014and how you&#8217;re using these options.&nbsp;<\/p>\n\n\n\n<p>Used properly, zero DTE allows for incredibly efficient risk management. For example, funds use it all the time to fine-tune exposure heading into macro events or to manage their intraday hedging processes.&nbsp;<\/p>\n\n\n\n<p>Do retail traders use these products? Absolutely. Is there risk? Yes, of course there&#8217;s risk. But that risk is no different than using other leveraged tools or using options that were expiring on a Friday or monthly options, and trading them on the date of expiration.&nbsp;<\/p>\n\n\n\n<p>If you really look back in time\u2014go back to 2012, 2013, 2014\u2014and look at all the data through to today, you&#8217;d see that 40\u201345% of any option on the date it is expiring is typically going to trade in that instrument\u2014that zero DTE instrument.&nbsp;<\/p>\n\n\n\n<p>So, as more instruments and more expiries are added into the option chains, you&#8217;ll see an increase just naturally based on the amount of product that&#8217;s available and the overall amount of zero DTE trading.&nbsp;<\/p>\n\n\n\n<p>But these tools are very powerful and they can be used by anyone. If that Nasdaq proposal does get approved, I would really like to see what the effect of these options is on the securities which they are overlying. So, it&#8217;s going to be an interesting time period coming up.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-7\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>And another thing I like to point out too\u2014because no one really, well, a lot of people\u2014I shouldn&#8217;t say no one\u2014but a lot of people don&#8217;t really think about it. Even people that trade options don\u2019t think about all the work that goes on behind the scenes, under the hood.&nbsp;<\/p>\n\n\n\n<p>And one other concern I&#8217;ve heard, especially from clearing firms\u2014and for our listeners that aren&#8217;t familiar with the underworkings of options\u2014essentially there&#8217;s a central clearinghouse that makes sure that, to put it very simply, there&#8217;s no risk that I buy an option from Sean and Sean defaults and I never see it.&nbsp;<\/p>\n\n\n\n<p>So the clearinghouse makes sure that everything\u2019s on the table, everything\u2019s up front, and everything is financially stable\u2014for lack of a better way to put it.&nbsp;<\/p>\n\n\n\n<p>The amount of work, especially from these retail operations desks and clearing firms\u2014talking about the contrary exercise intent, or CEI, the notification windows\u2014some are arguing that adding these single-stock expirations is just really adding to the complexity.&nbsp;<\/p>\n\n\n\n<p>That\u2019s an operational complexity that\u2019s already very complex\u2014and adding more risks. What&#8217;s your take on this?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-7\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Again, spot on, Jeff. And this is a real issue underneath the hood of the options market, and one that industry vets have been speaking about very passionately over the past few years.&nbsp;<\/p>\n\n\n\n<p>When an option expires in the money by a small amount, the default rule is to automatically exercise those options.&nbsp;<\/p>\n\n\n\n<p>But if a trader doesn&#8217;t want to exercise those options\u2014because of news or post-close movement\u2014they have to submit what&#8217;s called a contrary exercise notice to their firm, their trading firm.&nbsp;<\/p>\n\n\n\n<p>So the two main problems here are:&nbsp;<\/p>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>The deadline for submitting one of these contrary exercise intent notices is typically 5:30 PM Eastern. That\u2019s an hour and a half after the market close, and plenty of time for potential news events that could be market-moving in an individual underlying.&nbsp;<\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li>For firms handling thousands of accounts and managing all of these contrary exercises every day\u2014potentially now five times a week per stock, where you have options that are expiring every day\u2014there are definitely workflow pressures and operational risk that are taken on as a result.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Now, secondly, for the retail traders\u2014even experienced ones\u2014they aren\u2019t fully up to speed about their responsibilities for post-close moves and expiring options positions.&nbsp;<\/p>\n\n\n\n<p>That trader who has an option that\u2019s expiring might not even have enough of a cash balance in their account to take delivery of an underlying security, or be authorized to establish a short position in the underlying security.&nbsp;<\/p>\n\n\n\n<p>If, for instance, they have a call option and it closes out of the money at 4:00 PM, and then by 5:30 PM Eastern the underlying security is two or three or four or five dollars through the strike price\u2014and then the holders of that option end up exercising that option in a contrary fashion\u2014those who are short that option can then be assigned and have to deliver short stock, and they might not even be able to do that.&nbsp;<\/p>\n\n\n\n<p>All of this said, I still absolutely support the expansion, because technology is catching up. Many brokers and OCC members are automating their CEI workflows\u2014the contrary exercise intent workflows.&nbsp;<\/p>\n\n\n\n<p>And the industry is already discussing whether or not that 5:30 PM window should evolve to match the pace of trading. It\u2019s really a speed bump, and not so much a stop sign.&nbsp;<\/p>\n\n\n\n<p>These post-close moves make exercise-versus-lapse decisions non-obvious. Clearing firms will worry about the missed notices that lead to position errors\u2014and all of that will happen behind the scenes.&nbsp;<\/p>\n\n\n\n<p>But operationally, it should be seamless. Just make sure that you&#8217;re educated about your responsibilities\u2014most notably, noting that if you are a holder of an option, you have all of the rights in that contract.&nbsp;<\/p>\n\n\n\n<p>And if you are the seller\u2014or if you are the writer of that option\u2014you have nothing but obligations.&nbsp;<\/p>\n\n\n\n<p>So if you have expiring options and you are looking at 4:00 PM Eastern and saying, \u201cOh, I&#8217;m short this call, and it\u2019s close, but it&#8217;s not really there, and my firm didn&#8217;t close me out,\u201d there is still risk.&nbsp;<\/p>\n\n\n\n<p>And you should absolutely take a look back, check in, and make sure you understand where that underlying security is trading around that 5:30 time period.&nbsp;<\/p>\n\n\n\n<p>And you should not have any issues. If you do, please\u2014by all means\u2014reach out to your trading firm and partner.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-8\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>So while the trading tools are evolving, the plumbing underneath is really still evolving as well. And we need to make sure that both are going hand in hand.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-8\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Yeah, exactly. We&#8217;ve innovated on the front end of this trade. Now we need the back end\u2014which is operations, risk, and clearing infrastructure\u2014to evolve in parallel.&nbsp;<\/p>\n\n\n\n<p>And I think Nasdaq&#8217;s cautious rollout of only nine names, no earnings dates, really shows that they understand that.&nbsp;<\/p>\n\n\n\n<p>And again, this filing is still unapproved so far by the Securities and Exchange Commission\u2014it is in its comment period\u2014and there is hot debate around it within the industry.&nbsp;<\/p>\n\n\n\n<p>So we might be putting the cart a little bit before the horse talking about it today, but I think it\u2019s something your listeners should absolutely be made aware of\u2014the opportunity to potentially trade Mondays and Wednesdays on some of their favorite underlying securities.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-9\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>No, it\u2019s a great conversation. I\u2019m glad we\u2019re talking about it today, and it leads me to my next question: Where do you think it goes from here? What do you think the option space looks like in, say, the near term\u2014say, one to three years?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-9\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Man, on the zero DTE side, I think we&#8217;re really just starting.&nbsp;<\/p>\n\n\n\n<p>We have more underlyings\u2014potentially these single names, sector ETFs, and global indices. But the industry will remain mindful of public sentiment and marketplace demand and will carefully weigh any risk and reward before proposing any additional securities to add to this program or any of these buckets.&nbsp;<\/p>\n\n\n\n<p>There&#8217;s potential for some more differentiated strategies. You could even have AI-driven execution of zero DTE spreads.&nbsp;<\/p>\n\n\n\n<p>You could have these artificial intelligence programs searching for the right strikes to trade in given instances. And with better regulation and oversight\u2014especially around volatility spikes\u2014what Nasdaq is proposing is part of a long-term evolution toward a full menu of option products:&nbsp;<\/p>\n\n\n\n<p>One for every timeframe, from zero DTEs all the way to the LEAPS.&nbsp;<\/p>\n\n\n\n<p>And it\u2019s the next step in creating a truly continuous, flexible options ecosystem. Product continuity is incredibly important.&nbsp;<\/p>\n\n\n\n<p>There\u2019s plenty of potential for even CFTC and SEC collaboration on some of these higher-frequency activities. And I think it\u2019s a really interesting place to be right now.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-10\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>So, final thought\u2014Sean, should traders be excited about this expansion of zero DTEs?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sean-feeney-nbsp-10\"><strong>Sean Feeney<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Absolutely. It&#8217;s a forward-thinking move. Zero DTE options give traders precision and choice. And again, that continuity of product lets a trader or trading firm\u2019s strategies evolve without calendar gaps.&nbsp;<\/p>\n\n\n\n<p>Used wisely, they can be a valuable addition to any toolkit. Education has to be essential, but the future of options today is faster, more flexible, and more customized than it\u2019s ever been before.&nbsp;<\/p>\n\n\n\n<p>So I&#8217;d say absolutely\u2014traders should be very excited and continuously looking into different ways to trade their favorite underlyings.&nbsp;<\/p>\n\n\n\n<p>And if you have any questions, Jeff, you know where to find me\u2014but everybody else that&#8217;s listening here is gonna have to find you.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jeff-praissman-nbsp-11\"><strong>Jeff Praissman<\/strong>&nbsp;<\/h3>\n\n\n\n<p>Sean, thanks so much for joining us. It&#8217;s always a pleasure to have you here in the podcast studio.&nbsp;<\/p>\n\n\n\n<p>And for our listeners\u2014obviously, if you&#8217;re interested in options, keep your eyes out for the ongoing fluidity of these SEC approval processes, the zero DTEs, and everything else option-related.&nbsp;<\/p>\n\n\n\n<p>You can find all our great podcasts on our website under <em>Education<\/em>. You can also go on any of the usual sources such as Spotify, Amazon Music, Apple Music, and so forth.&nbsp;<\/p>\n\n\n\n<p>And until next time\u2014we look forward to seeing you guys back here. Thank you.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.<\/p>\n","protected":false},"author":1280,"featured_media":225254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[10842,13857],"tags":[19614,19613,19611,18159,6496,19480,19612,19609,16071,19615,12397,4574,11736,4135,19607,19610,19103,19608,19606],"contributors-categories":[13576],"class_list":{"0":"post-225252","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-day-trading-strategies","10":"tag-dte-trading","11":"tag-expiration-trading","12":"tag-financial-podcast","13":"tag-high-frequency-trading","14":"tag-ibkr-podcast","15":"tag-institutional-options","16":"tag-nasdaq-options","17":"tag-options-education","18":"tag-options-market-trends","19":"tag-options-strategies","20":"tag-options-trading","21":"tag-retail-trading","22":"tag-risk-management","23":"tag-same-day-options","24":"tag-sean-feeney","25":"tag-trading-volatility","26":"tag-zero-day-to-expiration","27":"tag-zero-dte","28":"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>DTE-tective Work: Cracking Same-Day Options | IBKR Podcasts<\/title>\n<meta name=\"description\" content=\"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to...\" \/>\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\/225252\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DTE-tective Work: Cracking Same-Day Options | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-09T12:32:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-23T13:57:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.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=\"vrushabhdoshi88\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"vrushabhdoshi88\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 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\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"vrushabhdoshi88\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f7ed279f68c45973ee1afdb196ed6760\"\n\t            },\n\t            \"headline\": \"DTE-tective Work: Cracking Same-Day Options\",\n\t            \"datePublished\": \"2025-06-09T12:32:50+00:00\",\n\t            \"dateModified\": \"2025-06-23T13:57:07+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/\"\n\t            },\n\t            \"wordCount\": 2858,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/06\\\/pod20250515feeney_coverimage.jpg\",\n\t            \"keywords\": [\n\t                \"day trading strategies\",\n\t                \"DTE trading\",\n\t                \"expiration trading\",\n\t                \"Financial Podcast\",\n\t                \"High-Frequency Trading\",\n\t                \"IBKR podcast\",\n\t                \"institutional options\",\n\t                \"Nasdaq options\",\n\t                \"options education\",\n\t                \"options market trends\",\n\t                \"options strategies\",\n\t                \"options trading\",\n\t                \"Retail trading\",\n\t                \"risk management\",\n\t                \"same-day options\",\n\t                \"Sean Feeney\",\n\t                \"trading volatility\",\n\t                \"zero day to expiration\",\n\t                \"zero DTE\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Podcasts\",\n\t                \"Podcasts\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/\",\n\t            \"name\": \"DTE-tective Work: Cracking Same-Day Options | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/06\\\/pod20250515feeney_coverimage.jpg\",\n\t            \"datePublished\": \"2025-06-09T12:32:50+00:00\",\n\t            \"dateModified\": \"2025-06-23T13:57:07+00:00\",\n\t            \"description\": \"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/dte-tective-work-cracking-same-day-options\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/06\\\/pod20250515feeney_coverimage.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/06\\\/pod20250515feeney_coverimage.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/f7ed279f68c45973ee1afdb196ed6760\",\n\t            \"name\": \"vrushabhdoshi88\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/vrushabhdoshi88\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"DTE-tective Work: Cracking Same-Day Options | IBKR Podcasts","description":"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/225252\/","og_locale":"en_US","og_type":"article","og_title":"DTE-tective Work: Cracking Same-Day Options | IBKR Campus US","og_description":"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/","og_site_name":"IBKR Campus US","article_published_time":"2025-06-09T12:32:50+00:00","article_modified_time":"2025-06-23T13:57:07+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","type":"image\/jpeg"}],"author":"vrushabhdoshi88","twitter_card":"summary_large_image","twitter_misc":{"Written by":"vrushabhdoshi88","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/"},"author":{"name":"vrushabhdoshi88","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f7ed279f68c45973ee1afdb196ed6760"},"headline":"DTE-tective Work: Cracking Same-Day Options","datePublished":"2025-06-09T12:32:50+00:00","dateModified":"2025-06-23T13:57:07+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/"},"wordCount":2858,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","keywords":["day trading strategies","DTE trading","expiration trading","Financial Podcast","High-Frequency Trading","IBKR podcast","institutional options","Nasdaq options","options education","options market trends","options strategies","options trading","Retail trading","risk management","same-day options","Sean Feeney","trading volatility","zero day to expiration","zero DTE"],"articleSection":["IBKR Podcasts","Podcasts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/","url":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/","name":"DTE-tective Work: Cracking Same-Day Options | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","datePublished":"2025-06-09T12:32:50+00:00","dateModified":"2025-06-23T13:57:07+00:00","description":"Zero-day options are exploding in popularity\u2014but what\u2019s really going on behind the scenes? Former Nasdaq Options Head Sean Feeney joins us to uncover the mechanics, risks, and potential of this high-speed trading trend.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/dte-tective-work-cracking-same-day-options\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","width":1000,"height":563},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/f7ed279f68c45973ee1afdb196ed6760","name":"vrushabhdoshi88","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/vrushabhdoshi88\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/06\/pod20250515feeney_coverimage.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/225252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/1280"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=225252"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/225252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/225254"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=225252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=225252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=225252"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=225252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}