In recent trading activity, zero-day to expiration (0DTE) options on the S&P 500 Index have reached unprecedented levels. In Q4 2024, 0DTE contracts accounted for 51% of the S&P Index’s options volume, while on January 4, 2025, they surged to an all-time high of 59% of total options volume. This marks a significant increase, with the share of these instruments more than doubling over the past five years. The average daily options volume for contracts expiring on the same day reached approximately 1.5 million in Q4 2024, tripling the volume seen in Q4 2021. Meanwhile, the CBOE Volatility Index (VIX) has shown fluctuations, closing at 15.94 on January 6, 2025, after reaching a support level of 16.29 earlier in the day. Traders are currently monitoring upcoming economic data releases, including PMI and jobless claims, which are expected to influence market conditions.