What are the characteristics of 0 Days To Expiration (0DTE) Options?

Value

If the option is In-the-Money at the expiration trading day's close, the intrinsic value is the difference between the underlying symbol's price and the option's strike price.

At-the-Money (ATM) and Out-of-the-Money (OTM) options do not have any value at the close of trading on the expiration date.

Risk

Trading 0DTE options involves higher risks and volatility, and market movements may impact their prices more. When investing in 0DTE options, you should pay close attention to the market price, market liquidity, bid/ask spreads, transaction costs, and other factors.