Nightwatch Glossary

0DTE

0DTE options expire on the same trading day and can create fast-changing intraday structure.

English definition

0DTE options are contracts that expire on the same trading day. Their gamma, charm, and liquidity profile can change very quickly, which makes intraday hedging flows more sensitive to spot movement and time decay. Nightwatch treats 0DTE structure as a distinct intraday context, especially for SPY and QQQ Dealer GEX views.

中文解释

0DTE 指当天到期的期权合约。它们的 Gamma、Charm 和流动性状态会在盘中快速变化，因此对冲流会对价格移动和时间衰减非常敏感。Nightwatch 会把 0DTE 结构作为独立的盘中背景处理，尤其用于 SPY 和 QQQ 的 Dealer GEX 视图。

How Nightwatch uses this term

Nightwatch uses 0DTE as one market-structure input alongside price, implied volatility, options flow, and dealer-positioning context. It should be read as analytical context, not financial advice.