0DTE Options Strategy: Complete Guide to Zero-Day Expiration Trading in 2026

0DTE Options Strategy has become the single most talked-about concept in modern options trading — and for good reason. Zero-day-to-expiration options now account for roughly 45% of all S&P 500 options volume on any given trading day. What was once a niche corner of the derivatives market has transformed into a mainstream trading approach used by retail traders, prop desks, and institutional hedgers alike.

This guide covers everything you need to know about 0DTE options: what they are, which underlyings to trade, eight proven strategies with defined risk, the science of expiration-day Greeks, risk management rules that keep accounts alive, and how to analyze it all in real time using Excel. Whether you are selling premium for daily income or buying options for explosive directional moves, this is the definitive resource for zero-day expiration trading in 2026.

What Are 0DTE Options?

0DTE options are options contracts that expire on the same day you trade them. The "0" refers to zero days remaining until expiration — you open and close (or let expire) the position within a single trading session.

Until 2022, most equity and index options expired on Fridays, with a handful of weekly expirations on Wednesdays and Mondays. The landscape changed dramatically when the CBOE introduced daily expirations for SPX options, followed by SPY, QQQ, and IWM. Suddenly, traders had access to fresh, rapidly decaying options contracts every single trading day of the week.

This shift was seismic. Daily expirations meant that on any given Tuesday or Thursday — days that previously had no expiring contracts — traders could deploy strategies that benefited from same-day theta decay. The floodgates opened, and 0DTE volume exploded almost overnight.

Today, 0DTE options are available on:

• SPX (S&P 500 Index) — Daily expirations Monday through Friday
• SPY (S&P 500 ETF) — Daily expirations Monday through Friday
• QQQ (Nasdaq-100 ETF) — Daily expirations Monday through Friday
• IWM (Russell 2000 ETF) — Daily expirations Monday through Friday
• Individual stocks — Many large-cap names like AAPL, TSLA, AMZN, and NVDA now offer expirations multiple times per week, creating frequent 0DTE opportunities

The key characteristic of 0DTE options is their extreme sensitivity to time and price movement. With only hours until expiration, theta (time decay) is at its maximum, and gamma (the rate of delta change) is at its most volatile. This creates a unique trading environment that rewards precision and punishes carelessness.

Why 0DTE Has Taken Over

The explosive growth of 0DTE trading is not a fluke. Several structural and practical factors explain why nearly half of all SPX options volume is now concentrated in same-day contracts.

Massive Volume Growth

According to CBOE data, 0DTE contracts consistently represent 40–50% of total SPX options volume. On high-volatility days — around FOMC announcements, CPI releases, or earnings surprises — that figure can spike even higher. This is not a small corner of the market; it is the market for S&P 500 options.

Low Capital Requirements

A 0DTE credit spread on SPX with a $5-wide strike can be entered for margin requirements as low as $250–$400 per contract, depending on your broker. Compare that to holding an overnight position where margin requirements are significantly higher, and it becomes clear why capital-efficient traders gravitate toward same-day strategies.

No Overnight Risk

Every position is opened and closed — or expires — within the same session. There is no gap risk from overnight news, no earnings surprises after the bell, and no weekend geopolitical events to worry about. When you leave your desk at 4:00 PM, your 0DTE book is flat.

Rapid Theta Decay Benefits Sellers

Option sellers live and die by theta. On a standard 30-day option, theta decay is gradual and nearly imperceptible day to day. On a 0DTE option, the entire remaining time value evaporates in a matter of hours. A credit spread sold at 10:00 AM can lose half its value by 1:00 PM if the underlying stays within the expected range. This accelerated decay is the primary reason premium sellers have embraced 0DTE strategies.

High Gamma Creates Opportunities for Buyers

The flip side of rapid decay is extreme gamma. A 0DTE at-the-money option can see its delta swing from 0.50 to 0.90 on a relatively modest move in the underlying. For directional buyers who time entries well, this means a $1.00 option can become $5.00 or more in minutes. The leverage is extraordinary — and so is the risk.

Daily Income Potential

Rather than waiting weeks for a monthly option to decay, 0DTE traders can potentially generate income every single trading day. Many traders treat 0DTE selling strategies as a daily routine: analyze levels in the morning, enter a trade, manage it through the day, and collect premium by the close. The repetition and frequency appeal to traders who want an active, structured approach.

0DTE Underlyings Compared: SPX vs. SPY vs. QQQ vs. IWM vs. Stocks

Not all 0DTE options are created equal. The underlying you choose affects everything from tax treatment to settlement mechanics to liquidity. Here is how the major choices stack up:

Here is a detailed breakdown of each underlying:

SPX (S&P 500 Index)

• Settlement: Cash-settled (no shares assigned)
• Contract multiplier: $100 per point
• Tax treatment: Section 1256 — 60% long-term / 40% short-term capital gains regardless of holding period
• Liquidity: Deepest 0DTE liquidity in the world — penny-wide spreads on near-ATM strikes
• Daily expirations: Yes, every trading day
• Best for: Serious 0DTE traders who want tax efficiency and no assignment risk

SPY (S&P 500 ETF)

• Settlement: Physical delivery (shares assigned if exercised)
• Contract multiplier: $100 per share (1/10th of SPX notional)
• Tax treatment: Standard short-term / long-term rules
• Liquidity: Excellent, though slightly wider spreads than SPX in some strikes
• Daily expirations: Yes, every trading day
• Best for: Smaller accounts and traders who want lower notional exposure

For a deeper dive, see our SPX vs SPY Options comparison.

QQQ (Nasdaq-100 ETF)

• Settlement: Physical delivery
• Contract multiplier: $100 per share
• Tax treatment: Standard rules
• Liquidity: Strong, especially near ATM
• Daily expirations: Yes, every trading day
• Best for: Traders who want tech-heavy exposure or prefer Nasdaq price action

IWM (Russell 2000 ETF)

• Settlement: Physical delivery
• Contract multiplier: $100 per share
• Tax treatment: Standard rules
• Liquidity: Good but noticeably less than SPX/SPY/QQQ
• Daily expirations: Yes, every trading day
• Best for: Traders seeking small-cap exposure or diversification away from mega-cap tech

Individual Stocks (AAPL, TSLA, AMZN, NVDA, etc.)

• Settlement: Physical delivery
• Contract multiplier: $100 per share
• Tax treatment: Standard rules
• Liquidity: Varies widely — TSLA and NVDA are liquid; many others have wide spreads
• Daily expirations: Not available for most — typically Monday/Wednesday/Friday
• Best for: Event-driven trades (earnings, FDA announcements) and stock-specific conviction plays

The recommendation for most 0DTE traders: Start with SPX. The combination of cash settlement (no assignment risk), favorable 60/40 tax treatment, and unmatched liquidity makes it the gold standard for zero-day strategies. If SPX's notional value is too large for your account, SPY offers a similar exposure profile at one-tenth the size.

The 8 Best 0DTE Options Strategies

Here are eight strategies that work on expiration day, ordered from simplest to most complex. Each includes the setup, maximum profit and loss, ideal conditions, and risk level.

1. Buying Calls or Puts (Directional)

Setup: Purchase a single call (bullish) or put (bearish) that expires today. Typically choose a strike near ATM or slightly OTM for the best risk-reward balance.

Max profit: Theoretically unlimited (calls) or substantial (puts, limited by zero).

Max loss: The premium paid. A $2.00 option costs $200 per contract — that is the entire risk.

Ideal conditions: You have a strong directional conviction and expect a quick, decisive move. Works best when you anticipate a catalyst (economic data, breakout level) within the session.

Risk level: High. Win rates on outright 0DTE purchases are low because theta decay works against you every minute. The trade needs to move in your direction quickly and significantly to overcome the premium paid.

Key insight: If you buy a 0DTE option at 10:00 AM and the underlying moves sideways for two hours, you may lose 40–60% of your premium to time decay alone — even if the underlying hasn't moved against you.

2. Bull Put Credit Spread

Setup: Sell a put at a chosen strike and simultaneously buy a put at a lower strike (same expiration — today). The credit received is your maximum profit.

Example: With SPX at 6,100, sell the 6,050 put and buy the 6,040 put for a net credit of $1.50 ($150 per contract).

Max profit: $150 (the credit received).

Max loss: Width of spread minus credit = ($10 - $1.50) × 100 = $850 per contract.

Ideal conditions: Bullish or neutral outlook. You believe SPX will stay above 6,050 by the close.

Risk level: Moderate. Defined risk, defined reward. This is the most popular 0DTE income strategy for good reason — you know your worst case before entering.

3. Bear Call Credit Spread

Setup: Sell a call at a chosen strike and buy a call at a higher strike (same expiration — today).

Example: With SPX at 6,100, sell the 6,150 call and buy the 6,160 call for a net credit of $1.20 ($120 per contract).

Max profit: $120 (the credit received).

Max loss: ($10 - $1.20) × 100 = $880 per contract.

Ideal conditions: Bearish or neutral outlook. You believe SPX will stay below 6,150 by close.

Risk level: Moderate. Mirror image of the bull put spread, same defined-risk profile.

4. Iron Condor

Setup: Combine a bull put spread and a bear call spread on the same underlying, same expiration. You sell both sides and collect two credits.

Example: Sell 6,050/6,040 put spread and sell 6,150/6,160 call spread for a combined credit of $2.50.

Max profit: $250 (combined credit).

Max loss: Width of wider spread minus credit. If both spreads are $10 wide: $1,000 - $250 = $750 per side.

Ideal conditions: Range-bound market. You expect SPX to close between 6,050 and 6,150.

Risk level: Moderate. Only one side can lose, so your effective max risk is $750, not $1,500. This is a bread-and-butter strategy for traders who believe the market will stay within a defined range. See our iron condor strategy guide for more on this setup.

5. Iron Butterfly

Setup: Sell an ATM straddle (sell the ATM call and ATM put) and buy protective wings (a lower put and a higher call). All same expiration.

Example: With SPX at 6,100, sell the 6,100 call and 6,100 put, buy the 6,090 put and 6,110 call. Net credit might be $6.00.

Max profit: $600 (the credit received — achieved only if SPX closes exactly at 6,100).

Max loss: Width of wing minus credit. ($10 - $6.00) × 100 = $400 per contract.

Ideal conditions: You expect the market to pin near the current price with minimal movement.

Risk level: Moderate to high. The range is narrower than an iron condor, so the probability of max profit is lower, but the credit collected is significantly higher.

6. Long Straddle

Setup: Buy the ATM call and the ATM put on the same strike, same expiration.

Example: Buy the SPX 6,100 call for $8.00 and the 6,100 put for $7.50. Total cost: $15.50 ($1,550 per contract).

Max profit: Theoretically unlimited in either direction.

Max loss: $1,550 (the total premium paid — realized if SPX closes exactly at 6,100).

Ideal conditions: You expect a big move but are unsure of direction. Best entered before a known catalyst (FOMC, major data release).

Risk level: High. You need a move larger than $15.50 in SPX (in either direction) just to break even. On 0DTE, theta works against you aggressively, so timing is critical.

7. Long Strangle

Setup: Buy an OTM call and an OTM put on the same expiration.

Example: Buy the SPX 6,130 call for $3.00 and the 6,070 put for $2.80. Total cost: $5.80 ($580 per contract).

Max profit: Theoretically unlimited in either direction.

Max loss: $580 (total premium paid — realized if SPX closes between 6,070 and 6,130).

Ideal conditions: Same as the straddle — you expect a big move — but you are willing to accept a wider dead zone in exchange for a cheaper entry.

Risk level: High. Cheaper than a straddle but requires an even larger move to become profitable.

8. Calendar Spread (Sell 0DTE, Buy Longer-Dated)

Setup: Sell a 0DTE option at a specific strike and buy an option at the same strike with a later expiration (next day, next week, or next month).

Example: Sell the SPX 6,100 call expiring today and buy the SPX 6,100 call expiring next Friday. The 0DTE call decays rapidly while the longer-dated call retains most of its value.

Max profit: Realized when the underlying closes near the strike at today's expiration, maximizing the decay of the short leg while the long leg holds value.

Max loss: The net debit paid, though this can vary as it depends on implied volatility changes.

Ideal conditions: You expect the market to stay near a specific price today but want to maintain longer-term exposure.

Risk level: Moderate. This is the most sophisticated 0DTE strategy listed here because it involves managing two different expirations and requires an understanding of term structure and implied volatility dynamics.

Theta and Gamma Dynamics on Expiration Day

Understanding how the Greeks behave on expiration day is not optional — it is the foundation of every 0DTE strategy. Two Greeks dominate: theta and gamma.

Theta: The Accelerating Clock

Theta measures how much an option loses in value per day due to the passage of time. On a standard 30-day option, theta might be $0.05 per day. On a 0DTE option, that same strike might have a theta of $2.00 or more — meaning it loses $200 in value per hour if the underlying stays still.

Crucially, theta does not decay linearly. It accelerates. The rate of decay is roughly proportional to the inverse square root of time remaining. In practical terms:

• 9:30–10:00 AM: Theta is significant but not extreme. Options still carry meaningful time value.
• 10:00 AM–2:00 PM: The sweet spot for sellers. Theta is steady and aggressive. Premium melts.
• 2:00–3:00 PM: Theta is very high. Near-ATM options lose value rapidly.
• 3:00–4:00 PM: Theta becomes almost irrelevant because there is barely any time value left. What remains is mostly intrinsic value.

For a deep dive into how theta behaves through expiration day, read our guide on 0DTE theta decay.

Gamma: The Double-Edged Sword

Gamma measures how quickly delta changes as the underlying moves. On expiration day, gamma for at-the-money options reaches its absolute peak. A 0DTE ATM option might have a gamma of 0.10 or higher, meaning a $10 move in SPX swings delta by a full point.

What does this mean in practice? A 0DTE ATM option that is worth $5.00 with a delta of 0.50 can become worth $10.00 or more on a 15-point move in the underlying. Conversely, a 15-point move against you can take that same option from $5.00 to nearly zero.

For option sellers, extreme gamma is the primary risk. A short iron condor that looks safe at 2:00 PM can be breached and fully in-the-money by 2:30 PM on a sudden market move. This is why risk management on 0DTE positions is non-negotiable.

Pin Risk

As expiration approaches, there is a tendency for underlying prices to gravitate toward heavily traded strikes — a phenomenon known as "pinning." Market makers who are short large open-interest strikes will hedge by buying or selling the underlying, creating a magnetic effect near those levels. Pin risk is particularly relevant for 0DTE strategies because a slight move past your strike in the final minutes can turn a winning trade into a losing one.

Risk Management for 0DTE Trading

0DTE options can produce impressive returns, but they can also produce account-ending losses if risk is not managed properly. These rules are not suggestions — they are survival requirements.

Position Sizing: 1–2% Maximum Per Trade

Never risk more than 1–2% of your total account on a single 0DTE trade. On a $50,000 account, that means a maximum risk of $500–$1,000 per position. This sounds conservative, but remember: you can place 0DTE trades every single day. The frequency compensates for the smaller position size.

Use Defined-Risk Structures

Naked short options on 0DTE are extraordinarily dangerous. A naked short put on SPX can lose tens of thousands of dollars on a sudden market crash. Always use spreads (credit spreads, iron condors, iron butterflies) that define your maximum loss before you enter the trade.

Respect the Economic Calendar

0DTE options are extremely sensitive to news. FOMC rate decisions, CPI releases, employment reports, and other high-impact events can trigger massive moves in seconds. Either avoid trading 0DTE during these events entirely, or specifically design your strategy around the expected volatility (such as a long straddle before a data release).

The 30-Minute Rule

Never hold short 0DTE options into the final 30 minutes of the trading session without active monitoring. Gamma is at its extreme, and a routine SPX move of 10–15 points can flip a profitable iron condor into a maximum loss. Either close positions by 3:30 PM or accept the risk with full attention.

Understand Gamma Risk

Here is a concrete example: You sell a 0DTE credit spread with the short strike $20 out of the money at noon. SPX moves $10 toward your strike by 2:00 PM. On a 30-day option, that $10 move might increase the spread's value by $0.50. On a 0DTE option, that same $10 move can increase the spread's value by $3.00–$5.00 because gamma amplifies every dollar of underlying movement.

Small moves create large P&L swings. Plan accordingly.

Analyzing 0DTE Options in Excel with MarketXLS

Real-time data and rapid analysis are non-negotiable for 0DTE trading. MarketXLS brings institutional-grade options data directly into Excel, allowing you to build custom 0DTE workflows that update in real time.

Pull Today's Option Chain

Start by loading the full options chain for your preferred underlying:

=QM_GetOptionChain("^SPX")
=QM_GetOptionChain("SPY")
=QM_GetOptionChain("QQQ")

This gives you every available strike and expiration, including today's 0DTE contracts, with bid, ask, volume, and open interest.

Focus on Near-Term Expirations

To zero in on options expiring today and in the next few days:

=QM_GetOptionChainNearTerm("^SPX")

This filters the chain to show only the nearest expirations — exactly what 0DTE traders need.

Find the Most Active Contracts

Volume concentration tells you where institutional money is flowing:

=QM_GetOptionChainActive("^SPX")
=TopOptionsByVolume("^SPX")

High-volume strikes often indicate key support/resistance levels and can help you choose strike prices for credit spreads and iron condors.

Stream Live Prices

For real-time monitoring of your positions throughout the day:

=Stream_Last("SPY")
=QM_Stream_Last("@SPX 260214C06100000")

Build a dashboard that tracks the underlying price alongside your specific option positions, updating in real time.

Get Greeks for Every Strike

Understanding delta, gamma, theta, and vega for your target strikes is essential:

=QM_GetOptionQuotesAndGreeks("^SPX")

This returns the full Greek suite for the chain, allowing you to compare theta decay rates and gamma exposure across different strikes before entering a trade.

Build Option Symbols Dynamically

Construct the standardized option symbol for any contract:

=OptionSymbol("^SPX", "2026-02-14", "C", 6100)

This generates the proper symbol format that you can then feed into price and Greek functions, making it easy to build dynamic spreadsheets that update the target date each morning.

Check Implied Volatility

Before entering any 0DTE trade, check the current IV level:

=ImpliedVolatility("^SPX")

Higher IV means richer premiums for sellers but also greater expected movement. Lower IV favors tighter ranges and iron condor strategies.

A Complete 0DTE Morning Routine in Excel

Here is a step-by-step workflow that many MarketXLS users follow each morning:

1. 8:30 AM — Open your MarketXLS workbook. Check =Stream_Last("SPY") for pre-market direction.
2. 9:00 AM — Load today's chain: =QM_GetOptionChainNearTerm("^SPX"). Note the ATM strikes.
3. 9:15 AM — Check =ImpliedVolatility("^SPX"). Compare to recent averages. High IV → consider selling. Low IV → consider tighter ranges or directional buys.
4. 9:30 AM — Market opens. Watch for the first 15–30 minutes of price action. Do not enter trades yet.
5. 10:00 AM — Identify your strikes using =TopOptionsByVolume("^SPX"). Build your spread using =OptionSymbol(...) to generate the legs.
6. 10:00–10:30 AM — Enter the trade. Monitor with =QM_Stream_Last(...) for each leg.
7. 12:00 PM — Midday check. Review Greeks with =QM_GetOptionQuotesAndGreeks("^SPX"). Is theta still working in your favor?
8. 2:00 PM — Decision point. Close for profit or manage. Do not hold blindly into the close.

You can use our Options Profit Calculator to model potential outcomes before entering trades. To explore all available functions, visit our pricing page for access details.

0DTE Trading Schedule: A Time-Based Approach

Timing matters more in 0DTE trading than almost any other options strategy. Here is how experienced traders structure their day:

Pre-Market (7:00–9:30 AM ET)

Check overnight futures on ES (S&P 500 futures), NQ (Nasdaq futures), and RTY (Russell futures). Identify key support and resistance levels from the prior session. Note any scheduled economic releases or Fed speakers. Build your watchlist and have your MarketXLS workbook ready.

9:30–10:00 AM: The Opening Chaos

The first 30 minutes are the most volatile and unpredictable period of the day. Spreads are wide, prices are erratic, and many 0DTE traders sit on their hands entirely. Unless you have a specific opening-range-breakout strategy, patience is rewarded here.

10:00–11:00 AM: The Prime Entry Window

This is when most successful 0DTE income traders enter positions. The opening volatility has settled, the day's range is beginning to establish itself, and option premiums are still rich enough to offer attractive credits. Credit spreads, iron condors, and iron butterflies entered during this window benefit from the full afternoon of theta decay.

11:00 AM–2:00 PM: The Theta Grind

If you entered a position during the prime window, this is the period where time does the work. Premium is steadily decaying, and the market often enters a lower-volatility midday lull. Active management means monitoring for any approaching economic data or unusual volume, but otherwise letting the trade mature.

2:00–3:00 PM: The Decision Zone

Gamma risk is increasing and theta has done most of its work. Most prudent 0DTE traders close their positions during this window, locking in whatever profit exists. If a credit spread has decayed to 20–30% of its original value, closing here makes sense rather than risking a late-day reversal for a small additional gain.

3:00–4:00 PM: The Gamma Zone

This final hour is reserved for experienced traders only. Gamma is at its extreme, and small moves create outsized P&L swings. Some traders specifically trade this window — buying cheap OTM options as lottery tickets or scalping rapid delta swings. For income traders with open short positions, this hour is dangerous and best avoided.

Frequently Asked Questions

Is 0DTE options trading gambling?

No — but it can become gambling if approached without a plan. 0DTE options trading involves defined strategies with known probabilities, calculated risk-reward ratios, and systematic entry and exit rules. Gambling implies random chance. A disciplined 0DTE trader selling credit spreads at historically profitable strike distances is making a statistical bet, not a casino wager. That said, buying far-OTM 0DTE options purely for the adrenaline rush without a thesis is closer to gambling than trading.

What is the minimum account size for 0DTE trading?

For SPY 0DTE credit spreads with $1–$3 wide strikes, you can begin with accounts as small as $2,000–$5,000, though this leaves very little room for error. For SPX 0DTE trading, a practical minimum is $10,000–$25,000 to allow for proper position sizing and multiple simultaneous positions. Most brokers require a minimum of a margin account with options approval level 2 or higher. Some brokers allow defined-risk spreads in retirement accounts.

Which is better for 0DTE: SPX or SPY?

SPX is generally preferred by experienced 0DTE traders for three reasons: cash settlement eliminates assignment risk, Section 1256 tax treatment (60% long-term / 40% short-term) provides a significant tax advantage, and SPX has the deepest liquidity in the options market. SPY is better for smaller accounts because its notional value is roughly one-tenth of SPX. For a detailed comparison, see our SPX vs SPY guide. For SPY-specific 0DTE strategies, read our 0DTE SPY trading guide.

Can I trade 0DTE options in a retirement account?

Yes, with limitations. Most brokers allow defined-risk strategies like credit spreads, iron condors, and long options in IRA accounts. You typically cannot sell naked options in a retirement account. Since 0DTE credit spreads on SPX and SPY are defined-risk by nature, they are generally eligible for IRA trading. Check with your broker for specific approval requirements.

What percentage of 0DTE traders are profitable?

There is no definitive public data on 0DTE profitability rates. Academic studies on options trading in general suggest that disciplined premium sellers with systematic approaches tend to be profitable over time, while undisciplined directional buyers tend to lose money. The key variables are strategy selection, position sizing, and consistency — not the 0DTE structure itself.

How do I backtest 0DTE strategies?

Backtesting 0DTE strategies requires intraday options data with at least 5-minute granularity, which is significantly more complex than end-of-day backtesting. Platforms like ORATS, OptionStack, and custom Python scripts with CBOE DataShop data are commonly used. In MarketXLS, you can use historical options data functions to build backtest frameworks in Excel, testing strategies against actual intraday price and Greek data.

The Bottom Line

0DTE options trading is not a fad — it is a permanent structural shift in how options markets function. Daily expirations on SPX, SPY, QQQ, and IWM have created an entirely new category of strategies that offer daily income potential, zero overnight risk, and capital efficiency that longer-dated options simply cannot match.

But this opportunity comes with real risk. Extreme gamma, rapid theta decay, and the unforgiving pace of expiration-day trading demand preparation, discipline, and real-time tools. There is no room for "set it and forget it" with 0DTE strategies.

The traders who succeed with 0DTE options share common traits: they use defined-risk strategies, they respect position sizing rules, they understand how theta and gamma interact on expiration day, and they rely on real-time data to make informed decisions throughout the session.

MarketXLS gives you that real-time edge directly in Excel — live option chains, streaming Greeks, volume analysis, and the flexibility to build custom 0DTE dashboards tailored to your specific strategy. When every minute matters, having institutional-grade data at your fingertips is the difference between trading with confidence and trading blind.

Ready to build your 0DTE workflow? Explore MarketXLS and start analyzing zero-day options in Excel today.

Disclaimer: This article is for educational purposes only and does not constitute investment advice. Options trading involves significant risk and is not suitable for all investors. You can lose more than your initial investment when trading options. Past performance does not guarantee future results. Please consult with a qualified financial advisor before making any trading decisions.