BREAKING: 0DTE, or “0 days to expiration” options accounted for a record ~56% of options volume in February. This comes as average daily volume of the S&P 500 options hit a record 3.49 million contracts. The spike in 0DTE trading was mostly driven by Robinhood expanding access to options trading for all its customers in January. Elevated intraday volatility in the markets was also behind the rapid increase in activity. On Thursday, we saw the second-highest volume day on record for VIX calls with the strike of 50+, according to CBOE. Volatility is ramping up.