Final two hours

This is when everything breaks.

Don Kaufman
December 22, 2025

Most traders don't realize where the real action happens.

It's not the open.

It's not midday.

It's the final two hours.

As 0DTE contracts approach expiration, gamma effects intensify dramatically.

Options that were modestly in-the-money suddenly become deeply ITM or worthless.

Forcing immediate hedging adjustments.

We routinely see 0.5-1% index moves in the final hour based purely on options positioning.

Not news.

Not fundamentals.

Positioning.

Example:

April 2025's tariff announcement.

What should have been a modest policy reaction turned into 1-2% intraday swings as 0DTE volume surged.

Dealers had to hedge massive gamma exposures in real time.

Turning a political announcement into a market-moving event.

The catalyst became secondary to the options positioning.

This Is Why You Need Structure

My first-ever, dedicated, 100% 0DTE-only training.

This is a simplified framework for operating inside same-day expiration markets without noise or panic.

Designed for fast environments, limited attention, and real-world trading constraints.

You'll see what actually matters on a same-day expiration trade.

How busy traders participate without living at their screens.

How serious traders are resetting their approach heading into 2026.

Markets aren't slowing down.

But you don't have to speed up.

You just need a framework.

-Don Kaufman