The 0DTE Index or ETF Volume Open Interest Indicator aggregates all of the options trading across a specific Index or ETF, and lets you know how much of the volume is based on speculation versus longer term positions. The white spikes represent the 0DTE options volume as a percentage of the total options volume being traded. The pink spikes represent the amount of 0DTE Open Interest that is tied to the next available options expiration, relative to the total open interest across all equities.

The first of two ways to think about this chart is to look for increased levels of 0DTE trading volume or increased levels of 0DTE open interest. The higher the levels, the higher the speculation.

The second of two ways to think about this chart is to look at the relationship between the 0DTE trading volume and open interest ratio. If volumes are growing and open interest is not growing, that could reflect even more short term speculation in the form of day trading.

The 0DTE Index or ETF Volume Open Interest Indicator is a great way to see, at a glance, if we are in a time of higher speculation or if traders are establishing longer term positions.

SpotGamma Subscribers can access this chart for the SPX, SPY, NDX, QQQ, RUT and IWM.