0DTE (zero days to expiry)

The purest lottery-ticket structure on the board. Implied volatility (IV) on same-day expiries around a catalyst prints at levels that imply enormous single-day moves, and the time decay is measured in minutes. The honest use is tactical and tiny; the common use — chasing a move that already happened with same-day calls — is the fastest way to be right about the story and lose the entire premium anyway, because the Breakeven (options) sits beyond even an optimistic continuation and the clock runs out first.