Industry Conversations: OIC Instructor Mat Cashman x Cboe x Tradier

In a recent three-part video series filmed on the trading floor of Cboe, OIC instructor Mat Cashman joined Henry Schwartz of Cboe and Lex Luthringshausen from Tradier to explore one of the most discussed topics in today's options landscape—zero days to expiration (0DTE) options. Together, the trio unpacked the history, mechanics, and evolving strategies shaping this rapidly growing segment of the options market.

The conversation began with an overview of how 0DTE contracts developed over time—from their origins as monthly expirations to the introduction of daily expirations across major index products. As Schwartz noted, 0DTE trading has become a dominant force in recent years, now accounting for more than half of daily SPX^® option volume.

Listen to the Conversation on Cboe.com

 

In the second installment, Cashman broke down the key Greeks—Delta, Gamma, Theta, Vega, and Rho—and explained how their sensitivities differ in ultra-short-dated contracts. He highlighted the heightened role of Gamma and Theta in 0DTE options, emphasizing that understanding how these factors interact is essential for managing risk in fast-moving markets.

Listen to the Conversation on Cboe.com

The final segment examined real-world trading behaviors and risk considerations. Schwartz shared insights on automation trends and strategy design among retail traders.

Both Cashman and Luthringshausen echoed the importance of education and practice, stressing that while 0DTE options can offer flexibility and opportunity, investors must remain disciplined and aware of potential risks.

Listen to the Conversation on Cboe.com