0-DT Trading Dashboard Guide

Understanding Zero Days to Expiration (0DTE) options trading data and how to use this dashboard effectively.

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🎯 Core Thesis: Why 0DTE Options Matter for ES & NQ

ES and NQ futures are mechanically tied to the same indices underlying the 0DTE options market (SPX/SPY for ES, NDX/QQQ for NQ). Because these options concentrate enormous notional exposure into a single session, dealer hedging flows frequently act as leading indicators for intraday futures moves.

💡 The Key Insight

"Options define the terrain. Futures determine the path. Edge comes from alignment."

When options positioning and futures flow align, high-conviction trades emerge. When they diverge, expect failed moves or reversals.

Key Options-Derived Signals

Call/Put Walls Define Support & Resistance
Strikes with massive open interest create magnetic price levels. Call walls act as resistance (dealers sell as price rises). Put walls act as support (dealers buy as price falls).
Gamma Flips Signal Regime Shifts
When price crosses the gamma flip level, market behavior changes fundamentally. Above = mean-reverting chop. Below = momentum amplification.
0DTE Volume Reveals Urgency & Direction
Sudden spikes in 0DTE volume indicate institutional urgency. Watch for volume clustering at specific strikes - it shows where smart money is positioning.
Dealer Delta Shifts Precede Futures Hedging
As options flow shifts net delta, dealers must hedge with futures. This creates predictable lagged moves - options flow leads, futures follow.

🔄 The Intraday Feedback Loop

Understanding the reflexive relationship between options and futures is critical:

Traders trade 0DTE options → Dealers inherit delta/gamma → Dealers hedge with futures → Futures move alters option risk → Dealers rebalance hedges → ↺ Cycle repeats

Futures-to-Options Causality

The loop works both ways. Aggressive ES/NQ order flow can force rapid repricing of 0DTE options as dealers rebalance deltas, creating reflexive continuation:

Beware of Failed Breakouts

When futures move without options confirmation, the move often fails. If price breaks a level but options flow doesn't support it (no delta shift, walls intact), expect a reversal. Always verify futures moves with options data.

📈 What is 0DTE Trading?

0DTE (Zero Days to Expiration) options are contracts that expire on the same day they're traded. These options offer unique characteristics:

High Gamma
Options near expiration have extremely high gamma, meaning small price movements create large delta changes. This amplifies both profits and losses.
Rapid Time Decay (Theta)
Theta decay accelerates dramatically on expiration day. Option premium erodes quickly, benefiting sellers but challenging buyers.
Lower Premium
0DTE options cost less due to minimal time value, allowing traders to control more contracts with less capital.
Risk Warning

0DTE options are extremely high-risk instruments. Positions can move from profit to total loss within minutes. Never risk more than you can afford to lose.

📊 Dashboard Overview

The main dashboard provides a comprehensive view of market conditions relevant to 0DTE trading:

Futures Pricing (ES & NQ)

Real-time streaming prices for E-mini S&P 500 (ES) and E-mini Nasdaq (NQ) futures. These are the underlying instruments for SPX/SPY and NDX/QQQ options.

Last Price
Most recent trade price. Green = up from previous close, Red = down.
Bid / Ask
Current best bid and ask prices. The spread indicates liquidity - tighter spreads mean more liquid markets.
Volume
Total contracts traded today. Higher volume indicates more active participation.
Open Interest (OI)
Total outstanding contracts. Changes in OI reveal whether money is flowing in or out.
VWAP
Volume Weighted Average Price. Institutional traders often use VWAP as a benchmark. Price above VWAP suggests bullish sentiment.
Delta / CumD
Trade delta measures buying vs selling pressure. Cumulative Delta shows the running total - rising CumD suggests buyers in control.

💸 Understanding Futures Data

Session Levels

Key price levels that traders watch throughout the session:

Level Description Trading Use
VWAP Volume Weighted Average Price Institutional fair value. Above = bullish, below = bearish bias
High / Low Session high and low prices Breakout/breakdown levels. Range expansion signals momentum
POC Point of Control (highest volume price) Most accepted price. Often acts as magnet for price
Value Area 70% of volume occurred here (VAH/VAL) Trading range. Breakouts from VA signal directional moves
IB High/Low Initial Balance (first hour range) First hour establishes the day's range. IB breakout = trend day potential
💡 Pro Tip

When price breaks above IB High AND holds above VWAP, it's often a strong bullish signal. The opposite (below IB Low and VWAP) suggests bearish momentum.

🎯 Options Greeks Explained

Greeks measure how option prices change relative to various factors:

Delta Δ
Rate of change in option price per $1 move in underlying. A delta of 0.50 means the option moves $0.50 for every $1 in the stock. For 0DTE, ATM options have ~0.50 delta.
Gamma Γ
Rate of change in delta. High gamma means delta changes rapidly. 0DTE options have extreme gamma near the strike - a small price move can flip an option from worthless to valuable.
Theta Θ
Daily time decay. Shows how much value the option loses each day. On 0DTE, theta is massive - options lose value by the minute as expiration approaches.
Vega ν
Sensitivity to implied volatility. Higher IV increases option prices. 0DTE options have low vega since there's little time for volatility to matter.

For 0DTE Trading

The most critical greek is Gamma. Near expiration:

📈 Market Profile

Market Profile shows where volume traded at each price level, revealing value areas and potential support/resistance:

POC (Point of Control)
The price with the highest trading volume. This is the "fair value" where most traders agreed to transact. Price often gravitates back to POC.
Value Area High (VAH)
Upper boundary of the value area. Breaking above VAH suggests buyers are willing to pay higher prices - bullish signal.
Value Area Low (VAL)
Lower boundary of the value area. Breaking below VAL suggests sellers are accepting lower prices - bearish signal.
Initial Balance (IB)
The price range established in the first trading hour. The IB sets expectations for the day - narrow IB often leads to range expansion.
💡 Trading the Value Area

If price opens inside yesterday's value area, expect a rotational/range day. If price opens outside and stays there, expect a trend day with potential for larger moves.

⚡ Gamma Exposure (GEX)

GEX measures the total gamma held by market makers across all options strikes. This creates predictable hedging flows:

Positive GEX (High GEX)
Market makers are long gamma. As price rises, they sell. As price falls, they buy. This suppresses volatility and keeps price in a range.
Negative GEX (Low/Negative GEX)
Market makers are short gamma. As price rises, they must buy. As price falls, they must sell. This amplifies moves and increases volatility.
GEX Flip Level
The price where GEX changes from positive to negative. Below this level, expect larger moves and higher volatility.

GEX-Based Trading

GEX State Market Behavior 0DTE Strategy
High Positive Choppy, mean-reverting Sell premium, iron condors, fade extremes
Near Flip Transitional, watch for breakout Wait for direction, smaller size
Negative Trending, volatile Directional plays, ride momentum

💰 Options Flow Analysis

Options flow tracks large trades to reveal institutional positioning and sentiment:

Call Delta
Net delta from call options flow. Positive call delta suggests bullish bets are being placed.
Put Delta
Net delta from put options flow. Positive put delta (buying puts) suggests bearish positioning or hedging.
Net Delta
Total delta across all options. Shows overall directional bias of options traders.
Premium Flow
Dollar amount flowing into calls vs puts. Large premium on one side can signal smart money direction.

CVD (Cumulative Volume Delta)

The CVD bar shows the balance of buying vs selling pressure:

📈 ATM Options Chart

The ATM (At-The-Money) chart tracks the price of the nearest strike call and put options throughout the day:

ATM Call Line
Price of the at-the-money call option. Rising call prices indicate bullish sentiment or increasing volatility.
ATM Put Line
Price of the at-the-money put option. Rising put prices indicate bearish sentiment, hedging activity, or fear.
Underlying Price
The actual index/ETF price shown on the right axis for reference.

Reading the ATM Chart

💡 0DTE ATM Insight

On 0DTE, the ATM chart shows the "heartbeat" of the market. Sharp spikes in either direction often precede price moves. If ATM premiums collapse while price is flat, it often signals consolidation before a directional move.

🌐 Common Intraday Regimes

Recognizing the day type early helps you adapt your strategy:

📍 Pin Days (Range/Chop)
Characteristics: High positive gamma, tight price ranges, price gravitates to VWAP and pin strikes.

What's happening: Massive options OI at nearby strikes creates a "gravitational pull." Dealers hedge both ways, dampening moves.

Strategy: Fade extremes, sell premium, expect mean reversion. Don't chase breakouts - they'll likely fail.
🚀 Trend Days
Characteristics: Negative gamma environment, momentum reinforcement, one-directional moves with shallow pullbacks.

What's happening: Price below gamma flip. Dealer hedging amplifies moves instead of dampening them. Shorts covering or longs liquidating cascade.

Strategy: Trade with the direction, add on pullbacks. Don't fade - the reflexive loop reinforces the trend.
⚠️ Failed Breakout Days
Characteristics: Futures move aggressively but options flow doesn't confirm. Walls remain intact, no delta shift.

What's happening: Futures-only move without options participation. No dealer hedging support for continuation.

Strategy: Watch for reversal signals. The move lacks "fuel" from options - expect it to fail and retrace.

Trader Action Map

Condition Expectation Action
Walls nearby Expect chop Fade extremes, sell premium
Gamma flip breach + flow confirmation Expect trend Trade with direction
Futures lead without options confirmation Expect options reprice Watch for continuation OR reversal

🔥 Combining Signals for 0DTE Trading

The most powerful signals come from multiple indicators aligning:

Bullish Setup

Multiple Bullish Signals
  • Price above VWAP and holding
  • IB High broken with follow-through
  • Positive GEX (controlled uptrend)
  • Positive cumulative delta (buyers in control)
  • Call delta building in options flow
  • ATM calls rising faster than puts

Bearish Setup

Multiple Bearish Signals
  • Price below VWAP and rejected from it
  • IB Low broken with follow-through
  • Negative GEX (amplified selling)
  • Negative cumulative delta (sellers in control)
  • Put delta building in options flow
  • ATM puts rising faster than calls

Neutral/Range Setup

Range-Bound Signals
  • Price oscillating around VWAP
  • IB intact (no breakout)
  • High positive GEX (mean reversion)
  • CVD balanced (no clear winner)
  • ATM premiums declining (theta eating premium)
Risk Management Reminder

Even with multiple confirming signals, 0DTE options can turn against you instantly. Always:

  • Define your max loss before entering
  • Use position sizing appropriate for 0DTE risk
  • Be prepared for 100% loss on any trade
  • Take profits quickly - don't get greedy

✅ Session Open Checklist

Before the regular session opens (9:30 AM ET), prepare by checking these items on the dashboard:

1
Identify Dominant Strikes
Check the Key Levels section for Call Wall (CW) and Put Wall (PW). These are your primary support/resistance levels for the day.
2
Mark the Gamma Flip Level
Note the GEX flip price. Above it = expect chop and mean reversion. Below it = expect momentum and trend potential.
3
Track VWAP & Open Positioning
Check where price is relative to VWAP and yesterday's value area. Opening inside VA = expect range day. Opening outside = expect trend potential.
4
Watch Early Order Flow
Monitor the Macro Regime card and Delta Z-Score in the first 30 minutes. Early delta positioning often sets the tone for the day.
5
Note Pin Strikes
Check the Pin Strikes in the regime card. Price often gravitates toward these "max pain" levels, especially into the close.
💡 Pro Tip: The First Hour

The Initial Balance (IB) - the high and low of the first 60 minutes - is critical. If IB is narrow, expect range expansion later. If IB breaks early and holds, it often signals a trend day. Use the IBH and IBL levels on the dashboard as your first breakout/breakdown signals.

Quick Reference: Dashboard Areas

What to Check Where on Dashboard What to Look For
Support/Resistance Key Levels (CW, PW) Distance from current price
Regime Type Macro Regime card BULLISH, BEARISH, or NEUTRAL
Volatility Environment GEX value & gamma flip Positive = range, Negative = trend
Order Flow Bias Delta Z-Score, CVD > 1.5 bullish, < -1.5 bearish
IV Environment IV and IV change Rising = fear/uncertainty
Expected Range Expected Move Straddle-implied daily range