Top Traders Unplugged

UGO01: Reflexive Markets, Real-Time Risk: The Dawn of the 0DTE Era ft. Mike Green

71 snips
Apr 2, 2025
Guest
Mike Green
Mike Green, a seasoned market expert and guest on the premiere of 'You Got Options', sheds light on the explosive growth of 0DTE options and their startling impact on market dynamics. He discusses how these short-term trading strategies are reshaping volatility and the investing landscape. With vivid anecdotes from the trading floor, Green emphasizes the complex interplay between market reflexivity and the behavior of participants. He also dives into the broader implications for risk management in an era increasingly defined by rapid market shifts.
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ANECDOTE

Early Trading Days

  • Mike Green's first trading experience was in crude oil futures at the NYMEX in 1989.
  • He started as a clerk but quickly became a trader after his boss was fired.
INSIGHT

OEX vs. S&P

  • OEX options were as big as S&P options initially, reflecting the limitations of technology for options calculations.
  • Traders had to install extra hardware and software just to run option pricing models.
ANECDOTE

Learning of the Kuwait Invasion

  • Mike Green learned about Saddam Hussein's invasion of Kuwait through a newspaper headline, highlighting the analog nature of information dissemination at the time.
  • His immediate response was to prepare for market volatility by adjusting his options sheets.
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