Before every ‘quadruple witching,’ Goldman Sachs or someone else writes that we’re about to see the largest (or one of the largest) expirations of index and stock options.
It’s logical that the notional value of options expiring in March, June, September, or December keeps growing. Almost everyone trades options now.
Of course, $5.1 trillion is impressive. But ‘quadruple witching’ affects index movements much less than it did when the volume of expiring options was more modest.
Almost everyone has learned to control delta and gamma. For 0DTE (zero days to expiration) options, this can be tricky, and many retail traders can make serious mistakes. But these are individual issues and don’t lead to significant movements in indexes or stocks.
It's almost a pity
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