It’s a time-honoured tale. A new force enters the market — quantitative easing, leveraged ETFs, high-frequency trading — and a cottage industry on Wall Street is born devoted to exposing the risks it supposedly poses for investors.

Now it’s happening again with a new breed of high-octane stock options known as zero-day-to-expiration, or 0DTE, which allows investors to buy and sell with contracts that have a shelf life of less than 24 hours. Everyone from amateur sleuths on Reddit to highly paid Wall Street technicians have joined the fray, dispensing daily theories about how big a threat these quick-trigger instruments pose.

Bloomberg