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Macro

Cboe stats: 32% 0DTE share

By Macro2 min read

0DTE options jumped to 32% of overall volume in April in Cboe’s SPX positioning work cboe.com. That is the cleanest tell in the latest Cboe market stats: this rally is being expressed through very short-dated listed options, not through a slower cash-equity rebalance. The rest of the read fits the same tape. Cboe describes call demand richening while downside protection cheapens, which is what you get when investors are caught offside and use options to re-risk quickly rather than add spot outright. Important qualifier: this is Cboe-listed activity, not a full count of the whole equity market, but it still matters because index options are where hedging demand and upside chase reprice fastest. The beat for risk is more call-heavy participation with downside demand staying contained; the miss is any snapback in protection buying that tells you the move is losing its squeeze dynamic and turning back into a hedge market. If the next Cboe stats keep short-dated flow dominant, the market keeps reading this as chase; if puts reassert, the read shifts back to fragile upside.

0DTE options jumped to 32% of overall volume in April in Cboe’s SPX positioning work cboe.com. That is the cleanest tell in the latest Cboe market stats: this rally is being expressed through very short-dated listed options, not through a slower cash-equity rebalance. The rest of the read fits the same tape. Cboe describes call demand richening while downside protection cheapens, which is what you get when investors are caught offside and use options to re-risk quickly rather than add spot outright. Important qualifier: this is Cboe-listed activity, not a full count of the whole equity market, but it still matters because index options are where hedging demand and upside chase reprice fastest. The beat for risk is more call-heavy participation with downside demand staying contained; the miss is any snapback in protection buying that tells you the move is losing its squeeze dynamic and turning back into a hedge market. If the next Cboe stats keep short-dated flow dominant, the market keeps reading this as chase; if puts reassert, the read shifts back to fragile upside.