The book

The 0DTE Playbook

A Defined-Risk System for Trading SPX Options with Dealer Gamma Levels

William M. Wass

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Know which side of the flip you’re on before the open.

Same-day SPX options are among the most actively traded contracts in the listed markets, with dealers on the opposite side mechanically hedging their exposure. That hedging creates a measurable landscape of key levels: points where price movements tend to stall or reverse, and others where they tend to accelerate.

This book translates that landscape into a structured trading system: a premarket framework for identifying key levels, a written rule set for defined-risk spreads, and a position-sizing methodology built around the planned loss of every trade.

For the newcomer entering the practice and the professional honing it: one written system for risk management and profit potential.

Inside
  • Reading dealer gamma: the gamma flip, the walls, the pin, and the expected-move band.
  • Understanding the two market regimes and the trading structures each one calls for.
  • Applying the three-signal entry rule and its fade variant.
  • Managing risk with hardened exits, the soft stop, the 3:00 PM cutoff, and the ratchet.
  • Establishing a paper-trading gate before committing live capital.
  • Accessing companion tools and resources at the0dteplaybook.com.
Contents

Twenty-six chapters, six parts, six appendices.

Part I · Chapters 1–3

What same-day SPX options are, how dealer gamma moves price, and what the older options literature leaves out.

Part II · Chapters 4–6

The data, the platforms, and the real cost of the business, fees and slippage included.

Part III · Chapters 7–8

Building the level map and identifying the day’s regime.

Part IV · Chapters 9–14

The six trading prompts, the chart layer, and checking every output against its source.

Part V · Chapters 15–19

Structure selection, the three-signal entry, the fade variant, the exits, and the discipline to follow them.

Part VI · Chapters 20–26

The journal, the macro calendar, paper trading, the move to live capital, account structure, and evolving the framework.

Appendices · A–F

The prompts, the script reference, the quick-reference card, the Readiness Checklist, a toolkit quick-reference, and an illustrative casebook.

Update notices

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The framework is refined as practice tests it. Get a short email when a clarification or refinement is posted to the Updates page, and nothing else.

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