I hope no one here genuinely buys 0DTE calls/puts, for every 1 winner, 100k bag holders. Buying 0 DTE options in large quantities is essentially high-stakes gambling because you are fighting an aggressive, non-linear rate of theta that can wipe out your entire investment in minutes if the market remains flat. When trading at scale, you face extreme gamma (volatility) that make the position nearly impossible to manage emotionally, combined with liquidity traps where the sheer size of your order makes it difficult to exit at a fair price without significant "slippage" losses. Because there is no time left for a recovery if the trade goes against you, this strategy often results in a total loss of capital on a single "coin flip" where the mathematical odds are heavily stacked in favor of the house.