0DTE Gamma Optimizer

Same strike scan as the Gamma Optimizer, opened in minutes. The form starts at 390 minutes (one U.S. regular session of clock time), spot 100, target 102, and strikes 95–105 in steps of 1.

The name is historical: this is not a gamma maximizer. It scans a listed strike grid and prices each vanilla of the type you selected with the same Black-Scholes formula as the vanilla option calculator. Long only. Figures are theoretical and for information only.

Type a symbol, then Load or leave the field. Spot, ~30-day historical realized vol, and a US risk-free proxy are filled when the ticker is found. Strikes and target are recentered near the new spot.

Delayed/free data. Historical realized vol is not implied vol from an options chain. Not investment advice.

Assumed underlier price when the option expires.
Option type
Maturity unit
Year-fraction T = minutes ÷ (365.25 × 24 × 60). Calendar minutes, not a trading session.

This address opens the same form in minutes. Use the day-based Gamma Optimizer for the usual 365-day default.

Picking a date switches the unit to days and fills calendar days from today. If a number is also entered, that number is used with the selected unit.

Leave min/max blank for about 70%–130% of spot, expanded to include the target. Examples of step: 1 or 5.

How the optimal option is chosen

You choose a long call or a long put. Each strike on the grid is then priced as that European vanilla with the site’s Black-Scholes formula (spot, strike, volatility, risk-free rate, and days ÷ 365 or minutes ÷ (365.25 × 24 × 60)). The option is assumed to expire with the underlier at your target. There is no path, no early exercise, and no second-order Greek in the ranking — only expiry payoff versus premium paid, scored as return on premium.

Call payoff = max(ST − K, 0)

Put payoff = max(K − ST, 0)

Return on premium = (payoff − premium) / premium

  • ST — target price at expiry
  • K — strike on the listed grid
  • premium — Black-Scholes vanilla price, rounded to three decimals

Return on premium is payoff minus premium, per dollar of premium paid. That ranking usually sits closer to at-the-money than a deepest-in-the-money strike would. After Calculate, the heatmap shows that same yield for the selected call or put at nearby expiry spots so you can see how sensitive the pick is to the target.

Worked examples

These cases use the same Black-Scholes rounding and strike grid as the calculator. Type the inputs in and you should get the same strikes.

Long call, bullish target

Spot 100, target 120, 30% vol, 1% rate, 365 days, strikes 70–130 step 5.

Best strike
90 call
Premium
17.538
Profit at 120
12.462
Return
71.06%

Long put, bearish target

Spot 100, target 80, same vol, rate, tenor, and 70–130 step-5 grid.

Best strike
100 put
Premium
11.373
Profit at 80
8.627
Return
75.86%

0DTE long call, 390 minutes

Spot 100, target 102, 30% vol, 1% rate, 390 minutes, strikes 95–105 step 1. This is the 0DTE preset. A cheap strike just below the target produces a large return on premium.

Best strike
101 call
Premium
0.044
Profit at target
0.956
Return
2172.73%

Short-dated long call

Spot 100, target 110, 30% vol, 1% rate, 90 days, strikes 90–120 step 1.

Best strike
96 call
Premium
8.173
Profit at 110
5.827
Return
71.3%

Premiums here are the vanilla Black-Scholes values from the option calculator. Use a long call/put payoff chart if you already know the strike, or invert a market price into implied vol before you scan a grid.

Option strategies guide

Plain-language straddle, strangle, spread, butterfly, and iron condor — with a calculator for each payoff.

Read the guide

0DTE options

Same Black-Scholes calculator in minutes, with a 390-minute same-day default.

Open calculator

Vanilla / binary options

Black-Scholes prices and Greeks for a single European call and put.

Open calculator

Long call / put

Charted expiry payoff and live P&L sliders for a long option.

Open calculator

Implied volatility

Back out Black-Scholes implied vol from an observed vanilla price.

Open calculator

Short call / put

Short option payoff if you want the other side of a long pick.

Open calculator

Gamma Optimizer FAQ

Despite the name, it does not maximize gamma. You choose a long European vanilla call or put, and the tool finds the strike that maximizes return on premium if the underlier finishes at your target price. Premiums are the same Black-Scholes vanilla prices used on the option calculator.

Payoff at expiry is max(target minus strike, 0) for a call and max(strike minus target, 0) for a put. Return on premium is that payoff minus the Black-Scholes premium paid today, divided by the premium. The payoff is not discounted.

European vanilla calls and puts only, long only. Early exercise is not modelled, there is no dividend yield, and short option positions are not scanned.

Choose days or minutes. Days use the same convention as the other option tools: the year-fraction is days divided by 365. Minutes use calendar time, not a trading session: the year-fraction is minutes divided by 365.25 × 24 × 60 (wall-clock minutes in a mean Gregorian year). You can instead pick an expiry date; that switches the unit back to days and fills calendar days from today. If a number is also entered, that number is used with the unit you selected. If the unit is omitted, the calculator stays in days.

An evenly spaced listed-style chain. Set the strike step (for example 1 or 5) and optional minimum and maximum strikes. If you leave the bounds blank, the tool uses about 70% to 130% of spot, expanded so the target is included.

Rows are the same listed strikes the optimizer scanned. Columns are hypothetical expiry spots on that same grid, plus today’s spot and your typed target if they were missing. Color is return on premium for the call or put you selected; the scale is diverging around zero. The recommended strike is marked “Pick”, your target is the dashed column, and the starred cell is the strike that won.

Disclaimer: the contents of this website are for informational purposes only and do not constitute any investment recommendation. The visitor acts at his own risk.