0DTE trading was the topic when our first Theta LIVE was organized on September 10, 2025. For the event, host John Einar Sandvand brought together three well-known retail options traders:

• Tammy Chambless – the “Queen of 0DTE,” trading options since 2006 and focused exclusively on 0DTE since 2019.
• Dale Perryman – the “Iron Fly Guy”. Options trader and educator, recognized for his deep work with Iron Fly strategies.
• Mark Anderson – “Zero Day Mark”. Hedge fund manager who combines multiple 0DTE strategies into a portfolio approach.

Together, they shared how they manage risk, select strategies, and maintain discipline in one of the fastest-growing areas of options trading.

Watch the recording of Theta LIVE about 0DTE trading

The video was produced with Streamyard – an easy-to-use and amazing tool for live streaming and recording.

What is 0DTE trading?

0DTE – zero days to expiration – trading refers to trading options contracts that expire the same day. These ultra-short-term trades have exploded in popularity because they offer:

• High potential returns
• No overnight risk
• Frequent trading opportunities

However, ODT trading also presents unique challenges: heightened sensitivity to market movements, the requirement for precise execution, and stringent risk management.

• Check out some of our videos about 0DTE trading:
• Mark Anderson: 0DTE options trading: Five essential tips from a hedge fund pro
• Tammy Chambless: 0DTE options trading for beginners
• Dale Perryman: 0DTE Iron Fly on SPX
• John Einar Sandvand: The best way to set a stop-loss on credit spreads in 0DTE options trading
• David Berndsen: Here is a consistently profitable 0DTE Iron Condor strategy

Tammy’s rules for survival in 0DTE

Tammy Chambless is direct about what works and what doesn’t:

• Always use a stop. Market stops are safer than mental stops or stop-limits.
• Size matters. She recommends an account of at least $30,000 to avoid pattern day trading restrictions.
• Focus on risk. She limits risk to no more than 2% of her account on any trading day.
• Backtesting is essential. She uses tools like Option Omega to validate strategies before executing them live.
  • Affiliate link: Get 50% OFF the first year of Option Omega

Her primary strategy is Multiple Entry Iron Condors (MEIC), which involves entering positions throughout the day to smooth returns and minimize drawdowns. The strategy is described in detail in the recording from Theta LIVE.

• You also find in-depth videos about MEIC on Tammy’s YouTube channel.

Dale’s Iron Fly strategy

Dale Perryman focuses on the Iron Fly. His approach includes:

• Selling at-the-money call and put options, with protective wings for defined risk.
• Adjusting wing width during the day, often 20–50 points wide.
• Growth mechanics: adding or reducing contracts based on account performance.
• Transparent results: significant profits, but also drawdowns that require a strong mindset.

He highlights that this is “not your grandmother’s mutual fund” — Iron Flies can deliver high returns but also demand discipline. He explains the strategy in detail in the recording in Theta LIVE, as well as in this video interview.

• Dale runs the TradeDiff channel on Discord

Mark’s portfolio approach

Mark Anderson takes a broader view. Instead of focusing on a single strategy, he:

• Trades a mix of condors, flies, trend-following setups, and long-volatility positions.
• Uses backend software to filter out poor entries and improve consistency.
• Optimizes for expected return while minimizing drawdowns.

His message: 0DTE isn’t about one perfect trade — it’s about building a diversified set of trades that balance each other out.

You can learn more about Mark’s way of trading on his YouTube channel Zero Day Mark.

Panel Q&A highlights

The audience asked powerful questions, leading to rich discussions:

• Do stop losses really work? Tammy says yes, Mark and Dale stress execution and sizing. Mental stops are not enough.
• Does VIX matter for 0DTE? All agreed it’s less relevant than many think — options are always priced fairly, though volatility regimes change risk dynamics.
• When is an edge gone? The panel explained how they track win rates, compare live results with backtests, and reduce size when performance degrades.
• Mindset matters. From Dale’s optimism techniques to Tammy’s focus on rules, the panel stressed mental resilience as a critical edge.

Key takeaways for 0DTE traders

• Discipline beats intuition. Clear rules and stops are non-negotiable.
• Risk sizing is everything. Surviving bad days keeps you in the game.
• Don’t obsess over VIX. Focus on mechanics and execution instead.
• Mindset matters. Losses happen, but following your rules keeps you consistent.

What should we cover in the next Theta LIVE?

We will organize new sessions of Theta LIVE in the future. But what topics would you like us to cover? And which options traders do you like us to invite? Use the contact form to submit your suggestion.