0dteclose Arm a rule
SPYphysically settled (exercise/assignment)15-min delayed
CBOE stamps each payload with its publish time; the prints inside are about 15 minutes older. Every as-of time on this site is the publish time minus 15 minutes — the time the prices were actually true.

What 4:00 does to your SPY 0DTE

—--:--:-- to the closeloading… · 4:00pm ET on the current session

Enter your strike and price.

debit you paid, or credit you received

Seven closes
The delayed price and ±0.25%, ±0.5% and ±1% of it — a spread of closes to see the arithmetic at, not a forecast of any of them. The one that happens is the 4:00 print.

How SPY 0DTE settles at 4:00

Settlement
Physically settled. OCC exercise-by-exception auto-exercises an expiring option that is in the money by $0.01 or more at the close unless the holder (via the broker) says otherwise. Shares are delivered/taken the next business day.
After the close
SPY trades after 4:00pm ET. A move between the close and the broker's cutoff can flip a contract's ITM/OTM status; OCC's own cutoff for exercise instructions is 5:30pm ET, brokers set earlier ones (see the per-broker table).
Caveats
  • SPY options (broad-based ETF options) trade until 4:15pm ET, expiration day included; the OCC exercise-by-exception decision uses the 4:00pm ET closing price. Sources: Schwab expiration guide (3:15pm CT for broad-based ETF options), OCC/OIC exercise FAQ. A move between 4:00 and your broker's cutoff can still change what you want to do.
  • Brokers may close or refuse to exercise a position that would create an unaffordable share position — that policy is per broker.

Broker-universal mechanics only; exercise cutoffs and what a broker does with a position you can't afford to take delivery on differ by broker — per-broker table. Verified 2026-09-25 · sources.

Quick answers

What time do SPY 0DTE options expire?

Expiring SPY contracts stop trading at 4:15pm ET on expiration day (early-close days end earlier). The exercise/assignment decision uses the 4:00pm ET close, but you can still trade or send do-not-exercise instructions until your broker's cutoff — see the mechanics box.

What happens if my SPY 0DTE is in the money at 4:00?

OCC auto-exercises any expiring contract in the money by $0.01 or more unless you instruct otherwise. A long call becomes 100 long shares per contract at the strike (you need the cash); a long put becomes 100 short shares; short positions are assigned the opposite side.

What is my breakeven at expiration?

Call: strike + price paid. Put: strike − price paid. The close has to be beyond that line for a long position to finish with a gain; the simulator shows the distance from the 15-minute delayed price in points and percent.

Is the price on this page live?

No. Quotes are 15-minute delayed CBOE data and the page says the as-of time next to every number. At the 3:30 check you are looking at roughly 3:15's price.

Does this tell me whether to hold or sell?

No. It computes outcomes for the position you enter and, if you arm a rule, reports the same arithmetic at the time you chose. The decision is yours.

Does the PDT rule apply to 0DTE? (2026 status by broker)

The $25,000 pattern-day-trader minimum was eliminated effective 2026-06-04 under the FINRA Rule 4210 pattern-day-trader amendments; brokers phase in their own day-trading margin checks through October 2027, so what actually happens now depends on which broker you use — see the PDT-repeal tracker and the per-broker status for Robinhood, Charles Schwab (thinkorswim), tastytrade, Interactive Brokers, and Webull. Note: cash accounts were never subject to the rule; options proceeds settle next business day.

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Rule changes, not signals