Introduction
What defines 0DTE options
0DTE options still have time left in the morning, but they reach expiration later that same day. That makes them extremely sensitive to intraday movement, gamma, and fast time decay.
This style is usually best expressed through liquid, cash-settled indices. In those products, spreads, execution quality, and position handling tend to stay cleaner than in less liquid single names or niche underlyings.
SPXW is especially attractive because these are European-style, cash-settled index options. There is no physical share delivery, only a cash settlement based on the final settlement result.
Another important advantage of regular PM-settled SPXW contracts is the timing: trading in the expiring contract ends at 4:00 p.m. US Eastern Time on expiration day. After that, you do not have the same stock-delivery dynamic as with many American-style equity options because SPXW is a cash-settled index product.
Later on, the workflow can be extended with scans inside the Optionist.net OWS Tools. For this first step, the focus is intentionally just on the structural basics.
Official references: Cboe SPX Specifications and Cboe SPXW Specifications.