Under the storm of the US stock market, zero-day options are no longer "popular"

During the stock market crash in the United States, investors turned to longer-term contracts for protection, avoiding zero-date options. This exposed the limitations of zero-date options in mitigating market volatility. The share of zero-date options in the total volume of S&P 500 index options has dropped to 26%, below the average level so far this year. The surge in volatility has led options traders to price zero-date contracts at extremely high levels, enhancing the attractiveness of longer-term contracts. As the market calms down, the trading volume of short-term contracts rebounds. Investors are shifting their hedging behavior from short-term to long-term, requiring contracts with longer maturities