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Options 101
When Do SPY 0DTE Options Stop Trading? 4:00 vs 4:15 PM
It sounds like a trivia question, but on expiration day the exact cutoff decides whether you exit cleanly or get auto-exercised. Here's the honest answer.
NoVo Options Trading · 2026
The underlying — SPY the ETF — stops regular-hours trading at 4:00 PM ET. The options have a wrinkle: broad-based ETF options like SPY, QQQ and IWM have historically had a slightly later options cutoff than single-stock options, which stop at 4:00. The exact last-trade minute is a detail your broker sets and can change, so confirm it with your platform rather than trusting a number you read once.
Why the exact minute matters
On a 0DTE contract, expiration is today. If you're holding into the final minutes, you're choosing between closing the position and letting it settle. Anything $0.01 in-the-money at expiration is automatically exercised — which for a long call means being handed 100 shares you have to pay for. The last-trade cutoff is your final chance to avoid that by selling to close.
The safe rule ignores the trivia: be flat by 4:00. You never have to hold a same-day option into the settlement window.
The rule that removes the question
Serious 0DTE scalpers don't play the cutoff — they're flat by the close, usually well before it, because the last stretch is thin, wide, and dominated by decay. If you're out by 4:00, the 4:00-vs-4:15 debate never touches you, and neither does an in-the-money expiration you can't afford. This is one reason NoVo attaches a full exit ladder and keeps a one-click close at hand, rather than leaving you to the settlement roulette.
More on this: When to Stop Trading a Strategy (vs. Just Riding Variance)
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NoVo is a software tool for market analysis and for executing trades you initiate, not financial advice. This article is general education, not investment advice. Options trading involves substantial risk of loss, up to and including your entire capital. NoVo makes no guarantee of profit, win rate, or performance, and past results do not predict future outcomes. You are responsible for your own broker account, configuration, and trading decisions.