UGO01: Reflexive Markets, Real-Time Risk: The Dawn of the 0DTE Era ft. Mike Green
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 2 April 2025
⏱️ 64 minutes
🧾️ Download transcript
Summary
In the premiere of U Got Options, Cem Karsan is joined by Mike Green for an unfiltered, high-conviction conversation straight from the floor of the CBOE. Together, they dive deep into the explosive growth of 0DTE options - now driving over 60% of S&P volume - and unpack how this shift is quietly rewiring market reflexivity, volatility dynamics, and the path of dispersion. With stories from the pits and sharp macro takeaways, this episode sets the tone for a series that goes beyond the headlines to decode the real forces shaping today’s markets. Raw. Insightful. Essential.
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Episode TimeStamps:
02:04 - Introduction to Mike Green
07:39 - How and why 0DTE options have changed the investing landscape
17:23 - Implied volatility is changing - what does it mean for investors?
25:18 - How periods of relative stability impact investor behaviour
31:03 - The unwind of passives - is the system under pressure?
39:51 - What are prices actually telling us?
43:31 - Why this cycle might be different
48:52 - What makes a long lasting investor?
54:17 - A deep dive into passive flows
57:18 - Individualism in investing - are we becoming too separated?
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Transcript
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| 0:00.0 | You got, you got, you got, |
| 0:05.0 | You got, you bet, you bet your money just got made on sex. |
| 0:10.0 | Welcome to You Got Options, an exciting series right here on Top Traders Unplugged, |
| 0:17.0 | hosted by none other than Jim Carson, one of the sharpest minds when it comes to |
| 0:22.7 | understanding what's really driving market moves beneath the surface. In this series, |
| 0:27.8 | Gem brings his deep expertise and unique perspective honed from years of experience on the |
| 0:33.0 | trading floor to candid conversations with some of the brightest minds in the industry. Together, |
| 0:38.3 | they unpack the shifting tides and underlying forces that move markets and the opportunities they create. |
| 0:44.3 | A quick reminder before we dive in. You got options is for informational and educational purposes only. |
| 0:50.3 | None of the discussions you're about to hear should be considered investment advice. As always, please do your own research and consult with a professional advisor before making any investment decisions. |
| 1:00.0 | Now, what makes this series truly special is that it's recorded right from the heart of the action on the trading floor of the Sibo. |
| 1:07.0 | That means you might catch a little background buzz. |
| 1:09.0 | Phones ringing, trade or shouting, as Jam and his guests unpack real-world insights in real time. |
| 1:15.5 | We wouldn't have it any other way, because this is as authentic as it gets. |
| 1:19.4 | And with that, it's time to hear from those who live and breathe this complex corner of the markets. |
| 1:24.7 | Here is your host, Gem Carson. |
| 1:31.6 | Welcome to the first episode of You Got Options. Here we are at the heart of the Sibo trading floor. And for our first episode, we get no other than Mike |
| 1:37.9 | Green. Mike and I sit down and talk about zero DTE, its changes in market structure and how the 60% volume is playing a role, |
| 1:47.2 | the reflexivity of the space, and importantly, dispersion the role it's playing not only in this |
| 1:52.4 | market sell-off, but likely in the year or two ahead. And lastly, a bunch of wonderful anecdotes |
| 1:57.8 | drawing from our rich history of experience. I hope you enjoy the episode. |
| 2:05.7 | Hey, Mike, thank you for joining us. I'm excited to have you here for the first episode of |
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