Uploaded August 2026 | Updated September 2026, 2 weeks ago
0DTE options expire the same day, which makes them extremely sensitive to small moves in the S&P.
When enough traders crowd into the same strikes, market makers have to hedge with futures.
At enough size, that hedge can push the index higher, lower, or pin it near a level.
The option may cost pennies.
The hedge behind it can move billions.
Comment LETTER and I’ll send you the Crown Macro Letter.
0DTE options expire the same day, which makes them extremely sensitive to small moves in the S&P.
When enough traders crowd into the same strikes, market makers have to hedge with futures.
At enough size, that hedge can push the index higher, lower, or pin it near a level.
The option may cost pennies.
The hedge behind it can move billions.
Comment LETTER and I’ll send you the Crown Macro Letter.
