0DTE GEX | Real-Time Zero Day Options Gamma Exposure & Intraday Levels
Track real-time 0DTE gamma exposure, same-day expiration call/put walls, and intraday dealer hedging flow across SPX, SPY, QQQ, and major equities. 59% of SPX options volume is 0DTE — monitor every intraday shift live.
What is 0DTE GEX (Zero Days to Expiration Gamma Exposure)?
What is 0DTE Gamma Exposure?
0DTE GEX measures the gamma exposure of options contracts expiring on the same trading day. These contracts generate extreme intraday dealer hedging flows because their gamma sensitivity peaks as expiration approaches, making 0DTE the dominant force in modern market microstructure.
Since Cboe introduced daily SPX expirations in 2022, zero-days-to-expiration options have transformed market structure. In 2025, 0DTE contracts average 2.3 million contracts per day, representing 59% of total SPX options volume (source: Cboe Global Markets).
This explosion in same-day expiry volume means that 0DTE dealer hedging flows now dominate intraday price action for the S&P 500 and related ETFs. Options market makers holding short 0DTE positions must continuously delta-hedge as gamma peaks near expiration, creating rapid intraday support and resistance levels.
GEX Horizon isolates 0DTE gamma exposure from the total GEX calculation, giving traders a pure view of same-day dealer hedging dynamics across SPX, SPY, QQQ, and major single-stock tickers.
0DTE Intraday Gamma Exposure Scanner
Track same-day expiration dealer hedging levels. Green rows indicate positive gamma (volatility suppression). Red rows indicate negative gamma (volatility acceleration).
0DTE Intraday Gamma Exposure Scanner
| Symbol | Expiry | Spot | 0DTE Net GEX | 0DTE Call Wall | 0DTE Put Wall | 0DTE Gamma Flip | Regime |
|---|---|---|---|---|---|---|---|
SPX | Today 4:15 PM ET | 5483.25 +24.50 | +$2.4B | 5520 | 5440 | 5475 | ▲ Long γ |
SPY | Today 4:00 PM ET | 548.20 +2.45 | +$680M | 552 | 544 | 546.50 | ▲ Long γ |
QQQ | Today 4:00 PM ET | 482.50 +3.20 | +$310M | 488 | 476 | 480 | ▲ Long γ |
NVDA | Today | •••.•• | +$•••M | ••• | ••• | ••• | 🔒 GEX Pro |
TSLA | Today | •••.•• | +$•••M | ••• | ••• | ••• | 🔒 GEX Pro |
AAPL | Today | •••.•• | +$•••M | ••• | ••• | ••• | 🔒 GEX Pro |
IWM | Today | •••.•• | +$•••M | ••• | ••• | ••• | 🔒 GEX Pro |
BTC | Today | •••.•• | +$•••M | ••• | ••• | ••• | 🔒 GEX Pro |
Gamma Decay & Theta-Gamma Interaction
0DTE options experience extreme gamma decay throughout the session. As expiration approaches, gamma for at-the-money strikes spikes while out-of-the-money strikes decay rapidly. This theta-gamma interaction causes the intraday zero flip level to migrate quickly, creating fast-moving squeeze and pin levels.
0DTE Volume Intensity & Dealer Response
When significant volume hits specific 0DTE strikes, dealers must immediately hedge with underlying shares. A surge in 0DTE call buying at a specific strike forces dealers to buy shares, creating upward pressure. Conversely, heavy 0DTE put buying forces dealers to sell, accelerating downside moves.
0DTE GEX Calculation & Expiry Weighting
Unlike total GEX which aggregates across all expirations, 0DTE GEX isolates only same-day contracts. This requires filtering the options chain to contracts with DTE = 0 to calculate the dealer net dollar gamma.
Because 0DTE gamma peaks near ATM strikes and decays exponentially for OTM strikes, the 0DTE call wall and put wall tend to cluster tightly around the current spot price. This creates concentrated dealer hedging zones that act as intraday magnets and barriers. For the full mathematical derivation, see our guide on How to Calculate and Interpret GEX.
0DTE GEX: Intraday Dynamics
0DTE GEX captures the fastest-moving dealer hedging obligations. Same-day gamma is concentrated near ATM strikes and shifts rapidly as the session progresses. Call/put walls migrate intraday, creating short-lived but powerful support and resistance zones used by scalpers and day traders.
Total GEX: Structural Positioning
Total GEX aggregates gamma across weekly, monthly, and quarterly expirations. These structural levels change more slowly and represent the broader dealer positioning framework. The GEX Levels Scanner tracks these multi-expiration boundaries in real-time.
Why 0DTE Options Dominate Modern Market Microstructure
The rapid adoption of 0DTE options has fundamentally altered how markets operate intraday. With 59% of SPX options volume concentrated in same-day contracts, dealer hedging flows from 0DTE positions now frequently overwhelm longer-dated structural positioning.
Institutional and retail traders alike use 0DTE contracts for precise intraday directional bets, low premium cost exposure, and rapid gamma decay harvesting strategies. According to Citadel Securities, nearly half of all retail options volume now consists of 0DTE contracts.
This shift means that traditional multi-day GEX models alone are no longer sufficient for intraday trading. Dedicated 0DTE tracking — separating same-day gamma from structural gamma — provides the edge needed to anticipate dealer-driven price movements in real-time.
Frequently Asked Questions: 0DTE GEX & Intraday Options Flow
Questions about zero-days-to-expiration gamma exposure, intraday dealer hedging, and 0DTE trading strategies.
What is 0DTE GEX (Zero Days to Expiration Gamma Exposure)?
0DTE GEX measures the gamma exposure of options contracts expiring on the same trading day. Because these contracts have extreme gamma sensitivity near expiration, they generate intense intraday dealer hedging flows that significantly influence market volatility and price direction.
Why do 0DTE options account for 59% of SPX volume?
Since Cboe introduced daily SPX expirations in 2022, 0DTE contracts have surged to 59% of total SPX options volume, averaging 2.3 million contracts per day. Traders favor 0DTE for precise intraday directional bets, low premium costs, and rapid gamma decay dynamics that create concentrated hedging zones.
How does 0DTE gamma decay affect intraday dealer hedging?
0DTE options experience extreme gamma decay (theta-gamma interaction) throughout the session. As expiration approaches, gamma for at-the-money strikes spikes while out-of-the-money strikes decay rapidly. This causes the zero gamma flip level to migrate quickly, creating fast-moving intraday squeeze and support levels.
What is the difference between 0DTE GEX and total GEX?
Total GEX aggregates gamma exposure across all expiration dates (weekly, monthly, quarterly). 0DTE GEX isolates only same-day expiring contracts, capturing the most volatile and rapidly shifting dealer hedging dynamics. While total GEX shows structural positioning, 0DTE GEX reveals the intraday forces that dominate price action.
How do I use 0DTE gamma levels for day trading?
Monitor the 0DTE call wall (resistance ceiling), put wall (support floor), and gamma flip (regime boundary). In a positive gamma regime, expect mean reversion toward these levels. In a negative gamma regime, expect trend acceleration through levels. Use GEX Horizon to track these levels in real-time across SPX, SPY, QQQ, and major equities.