PDT tracker · tastytrade · checked 2026-09-25
tastytrade after the PDT repeal: day-trading checks and expiration mechanics
The $25,000 pattern-day-trader minimum ended 2026-06-04. Each broker now decides how it checks day-trading margin and what it does at expiration. The table shows tastytrade's published values — and says so when we could not find one.
| Last time to submit exercise / do-not-exercise instructions on expiration day (ET) | 16:30 ET (3:30pm CT) for exercise / do-not-exercise requests via the Trade Desk; best-efforts until 17:30 ET (4:30pm CT) |
|---|---|
| What the broker does with an expiring ITM position the account cannot afford to take delivery on | Risk team may close an option position before the market close on expiration day if the account is subject to expiration risk (an exercise/assignment that would create a large unhedged position). Sell-to-open orders on expiring equity/ETF options are prohibited in the last 30 minutes of trading. Do-not-exercise / exercise-by-exception requests must reach tastytrade by 3:30pm CT. |
| How the post-repeal day-trading margin check is applied (real_time | end_of_day | none) | real_time |
| Minimum equity the broker requires to day-trade on margin after the June 2026 PDT repeal (USD, null = none published) | none — no minimum equity to day-trade in a margin account; dynamic buying power updates in real time (effective 2026-06-04) |
| Settlement the broker applies to option proceeds in a cash account (e.g. T+1) | T+1 for stocks, ETFs and options; cash accounts day-trade only with settled funds (Good Faith Violation rules apply) |
Sources: support.tastytrade.com · support.tastytrade.com · support.tastytrade.com · methodology · no affiliate links.
0DTE expiration day at tastytrade
| Fact | What tastytrade states | Source |
|---|---|---|
| Exercise / do-not-exercise cutoff on expiration day | 4:30pm ET — (3:30pm CT) for exercise / do-not-exercise requests via the Trade Desk; best-efforts until 17:30 ET (4:30pm CT) | support.tastytrade.com verified 2026-09-25 |
| In-the-money position the account cannot take delivery on | Risk team may close an option position before the market close on expiration day if the account is subject to expiration risk (an exercise/assignment that would create a large unhedged position). Sell-to-open orders on expiring equity/ETF options are prohibited in the last 30 minutes of trading. Do-not-exercise / exercise-by-exception requests must reach tastytrade by 3:30pm CT. | support.tastytrade.com verified 2026-09-25 |
| Cash-account settlement of option proceeds | T+1 for stocks, ETFs and options; cash accounts day-trade only with settled funds (Good Faith Violation rules apply) | support.tastytrade.com verified 2026-09-25 |
| Minimum equity to day-trade on margin | none — no minimum equity to day-trade in a margin account; dynamic buying power updates in real time (effective 2026-06-04) | support.tastytrade.com verified 2026-09-25 |
SPX 0DTE (SPXW) settles in cash at the 4:00pm ET official close regardless of broker — what an in-the-money SPXW settles to. SPY/QQQ expiring in the money are exercised by the OCC at $0.01 unless instructed by the cutoff above — what an in-the-money SPY 0DTE turns into. Missed the cutoff? What happens after the exercise cutoff passes.
Compare: Charles Schwab (thinkorswim) · Interactive Brokers
Quick answers
Does tastytrade still enforce the $25,000 pattern-day-trader minimum?
The FINRA minimum was eliminated effective 2026-06-04; brokers phase in their own day-trading margin checks through October 2027. tastytrade applies its check real time.
What is tastytrade's exercise cutoff on 0DTE expiration day?
tastytrade states 4:30pm ET for exercise / do-not-exercise instructions on expiration day (as published: “16:30 ET (3:30pm CT) for exercise / do-not-exercise requests via the Trade Desk; best-efforts until 17:30 ET (4:30pm CT)”; support.tastytrade.com, verified 2026-09-25). The cutoff applies to physically settled SPY and QQQ contracts; SPXW settles in cash at the 4:00pm ET official close with no exercise decision.
What does tastytrade do if my 0DTE finishes in the money and I can't take delivery?
tastytrade states: “Risk team may close an option position before the market close on expiration day if the account is subject to expiration risk (an exercise/assignment that would create a large unhedged position). Sell-to-open orders on expiring equity/ETF options are prohibited in the last 30 minutes of trading. Do-not-exercise / exercise-by-exception requests must reach tastytrade by 3:30pm CT.” (support.tastytrade.com, verified 2026-09-25). For SPY/QQQ, OCC exercises any contract in the money by $0.01 or more at the close unless a do-not-exercise instruction reaches the broker by its cutoff; SPXW settles in cash, so there is nothing to deliver.
Next
- Holding a SPY 0DTE into the close? see exactly what 4:00 does to it at tastytrade's cutoff
- All brokers PDT-repeal tracker