Historically (according to TTD and others) 30–45 DTE has been considered the sweet spot for selling/spreads due to favorable theta vs gamma risk.
But with SPX now seeing a huge percentage of volume in 0DTE (60%), it feels like dealer hedging, gamma regimes, and intraday flows may be changing the overall risk profile across expirations.I primarily trade SPX (defined risk spreads), so I’m wondering:
Do you still think 30–45 DTE is optimal in today’s market structure, or have you shifted shorter or longer because of how dominant 0DTE has become?