0DTE and Intraday Gamma Structure

The 0DTE Revolution

Same-day expiration options (0DTE) have exploded in popularity. On SPY alone, 0DTE options regularly account for over 40% of daily volume. This has fundamentally changed intraday market structure.

Because 0DTE options have extremely high gamma (they're at or near expiration), even modest open interest creates significant hedging pressure. A few thousand contracts at a single strike can generate enough gamma to influence intraday price action.

This means the structural landscape within a single trading day is now more complex — and more important — than ever.

How Intraday Gamma Structure Forms

At market open, 0DTE options are listed across a range of strikes. As traders buy and sell throughout the morning, open interest builds — and with it, gamma exposure.

By mid-morning, a recognizable structure often forms: call gamma building above the current price (creating intraday resistance) and put gamma building below (creating intraday support). This structure is separate from — and overlaid on top of — the multi-day structure from weekly and monthly options.

In GammaLens, you can isolate 0DTE structure by filtering for today's expiration in the sidebar. This strips away everything except the intraday hedging landscape.

Why 0DTE Moves Are So Explosive

0DTE options have a unique property: their gamma is astronomical near the money. An at-the-money 0DTE option might have 10x the gamma of an option expiring in 30 days.

This means that when price crosses a level with heavy 0DTE open interest, the hedging reaction is immediate and intense. Dealers might need to buy or sell thousands of shares within minutes.

The result: intraday moves can be violent and fast. Price might drift slowly all morning, then suddenly move $3 in 15 minutes as it triggers a cascade of gamma hedging. These are the moves that make 0DTE trading both extremely profitable and extremely dangerous.

Trading with 0DTE Structure

Filter for today's expiration in the Options Matrix. Identify the high-gamma strikes above and below spot. These are your intraday walls.

In the first hour, structure is still forming. By 10:30-11:00 AM, the picture is usually clear. The highest gamma levels will act as magnets and barriers.

As expiration approaches (after 2:00 PM), gamma intensifies further. Pinning effects become extreme. If price is near a high-OI strike, expect it to stick there. If it's between levels, expect a rapid resolution toward one of them.

Key principle: 0DTE structure resets daily. Yesterday's levels don't carry forward. Every morning is a clean slate.