0DTE Options Strangles

Examining Intraday Greeks, Liquidity, and Volatility Dynamics in 0DTE Markets for Beginners

0DTE options strangles, intraday Greeks, liquidity, and implied volatility can look confusing at first glance - especially when time is measured in hours instead of weeks. 0DTE Options Strangles is a text-only, beginner-friendly study that explains what same-day expiration markets often reflect, using plain English and repeatable observation prompts rather than charts, screenshots, or formulas.

Inside, readers may learn about how strangles are structured, how option premiums can shift even when price barely moves, and why bid-ask spreads and quote stability can matter as much as the underlying on fast days. The book introduces a simple interpretive framework - the Three-Variable Lens - to help readers separate what changed first: the underlying, implied volatility, or the shrinking clock.

Topics include:

• What makes 0DTE markets behave differently from longer-dated options

• Strangles in plain English: intrinsic vs extrinsic value and moneyness

• Delta, gamma, theta, and vega as practical “sensitivities” beginners can recognize

• Liquidity and microstructure: bid, ask, spreads, and why access can change intraday

• Implied volatility dynamics, skew, and term structure without charts

• Expiration-day mechanics: exercise style, settlement, and why the close can feel sharper

• Scenario thinking: common session shapes and how to describe what happened calmly

All examples are fictional and illustrative. The aim is interpretive fluency: turning a fast, noisy options chain into clear sentences that describe what the market appears to be pricing in the remaining hours of the day.