Educational only, not financial advice. Broker features, options-approval requirements, 0DTE availability, and fees change and vary by account — verify current details on the broker’s own site. NoVo is independent and not affiliated with the brokers named.
Schwab is a major broker whose advanced platform, thinkorswim, is well-regarded for options trading. This guide walks the process of trading a 0DTE (same-day expiration) SPY option there. The mechanics are broadly the same on any broker; what matters more than the platform is the discipline around the trade.
Step 1: options approval
To buy SPY calls or puts you need options trading approval on your account — typically the level that permits buying long options (often called Level 2, though names vary). Apply for it in your Schwab account settings if you haven’t already; approval depends on the broker’s assessment of your experience. On Schwab, the thinkorswim platform offers deeper options tools than the standard web interface. Confirm your account’s approval level and whether same-day (0DTE) expirations are available to you — see does my broker offer 0DTE SPY.
Steps 2–3: find the 0DTE chain and pick a strike
Search SPY, open the options chain, and select today’s expiration (SPY has a 0DTE every weekday). Then pick a strike — for a scalp, favor a responsive near-the-money strike, not a far-OTM lottery ticket. Learn to read the quote (bid/ask, volume) so you trade a liquid strike.
Steps 4–5: place the order and manage the exit
Place the order (start with one contract), then — the part most beginners skip — set your stop and know your exit before you’re in. On 0DTE, decay is fast, so have a plan and don’t drift into the close. A hard stop beats a mental one.
The broker is just where the buttons are. Getting approval and finding the chain is the easy 10%; the strike, the stop, and the discipline are the 90% that decides your P&L.
The part no broker gives you
Any broker can place the order — but none map the dealer structure or enforce the discipline for you. That’s where a cockpit like NoVo fits: it maps the dealer levels and executes with sizing, stop, and exit built in. Note NoVo executes through your own Tradier or Alpaca account (non-custodial), not Schwab — so think of this guide as how to trade 0DTE on Schwab manually, and NoVo as the disciplined-execution layer if you want it. Either way: start small, and remember levels are structure, not signals.