Product
SPY and QQQ options expiring the current session
0DTE options prop firm
Same-day expiry is a permission, not a loophole.
Mayospell's proposed 0DTE lane applies an exact beta risk box to SPY and QQQ contracts expiring that session. It preserves the one-step, no-fixed-deadline combine while tightening size, premium, event, liquidity, and time-of-day controls.
Current product status
Permissioned simulated beta design
The current simulator can process eligible long-option limit orders, but the complete 0DTE policy engine and public funded product have not launched.
Snapshot: August 19, 2026. These pages define Mayospell's proposed simulated-program permissions. They do not claim public launch, live brokerage execution, guaranteed funding, or automatic capital allocation.
Instrument contract
Define the product before defining the trade.
Instrument, settlement, and dominant risk determine which rules must sit above the ordinary combine loss model.
Settlement posture
Physically settled ETF options with accelerated expiration risk; the Mayospell simulated lane requires closing trades and does not support exercise or assignment.
Primary risk
Rapid gamma and theta, vanishing liquidity, spread expansion, event jumps, late-session pin risk, and attempts to recover losses by increasing same-day size.
Structure permissions
Approval follows the complete position shape.
A ticker permission alone is not enough. The desk has to approve the structure, settlement exposure, expiry state, and execution path.
Beta core
Long call or put
Maximum two contracts per order and per directional thesis, subject to the lower account-level risk limits.
Under review
One-lot debit spread
One defined-risk vertical may be permitted after atomic multi-leg execution and net-debit accounting are proven.
Blocked
Credit or ratio structure
No naked shorts, credit spreads, ratio spreads, butterflies with short-body assignment exposure, or expiration-dependent settlement.
Blocked
Overnight or expiry carry
Every 0DTE position must be closed through the desk before the Mayospell forced-flat time.
Operating rulebook
Controls that can be enforced and audited.
Each rule states the policy and why it belongs in an options evaluation instead of relying on generic risk language.
Control
Policy
Why it exists
Contract ceiling
Maximum two long contracts per directional thesis; any approved debit-spread lane is limited to one spread.
The 0DTE cap is intentionally below the simulator's general ten-contract server ceiling.
Premium budget
Aggregate open 0DTE premium-at-risk may not exceed 20% of the account's maximum-loss limit or any lower desk limit.
A fixed percentage scales the permission with the selected 50K, 100K, or 150K risk box.
Event blackout
No new 0DTE entries from 10 minutes before through 10 minutes after a scheduled CPI, Fed rate decision, or payroll release unless event mode is explicitly approved.
Conditional news trading needs a testable clock and approval state.
Entry cutoff
No new 0DTE positions after 3:15 p.m. America/New_York.
Late-session gamma and liquidity changes leave too little time for orderly review and exit.
Forced flat
Cancel working 0DTE entry orders and close all same-day positions by 3:45 p.m. America/New_York.
The simulated program does not support exercise, assignment, or physical ETF settlement.
Loss behavior
No adding to a losing 0DTE position, no doubling after a stop, and no new same-direction entry while the prior exit is unresolved.
Same-day expiry cannot become a recovery mechanism around daily and maximum-loss controls.
Liquidity and fills
Require fresh two-sided quotes; buys fill at the ask and sells at the bid. Stale quotes and contracts outside the desk spread threshold are blocked.
A 0DTE score must include the executable spread at the moment risk is taken.
Before the order
A five-point ticket gate.
The same evidence should support trader decision-making, automated validation, desk review, and any later fill dispute.
- 1
Confirm the contract expires today and the system has applied the 0DTE policy automatically.
- 2
Check the two-contract thesis cap and the 20% aggregate premium-at-risk budget.
- 3
Verify the current New York time against the event window, 3:15 p.m. entry cutoff, and 3:45 p.m. forced-flat rule.
- 4
Demand a fresh two-sided quote, approved spread width, displayed size, volume, and open interest.
- 5
Record the setup, invalidation, limit, stop, and exit plan; adding to a loser is not permitted.
Deterministic rejections
A trader should know why the order stopped.
A third contract is added to an existing two-contract 0DTE thesis.
Reject at the dedicated 0DTE contract ceiling.
The new trade pushes open same-day premium above 20% of max loss.
Reject or reduce quantity before routing.
An entry arrives five minutes before a scheduled Fed decision without event approval.
Reject during the event blackout.
A fresh opening order arrives at 3:16 p.m. New York time.
Reject after the entry cutoff; only risk-reducing exits remain available.
A same-day position remains open at 3:45 p.m. New York time.
Trigger the desk flattening workflow and open an audit event.
Instrument FAQ
The commercial claim and its operating limits.
These answers separate Mayospell's current simulated design from future public funding and live brokerage ambitions.
Is Mayospell a live 0DTE options prop firm?
No. Mayospell publishes a permissioned simulated beta design and has working single-leg simulator infrastructure. The full automated 0DTE policy engine, public funded accounts, and live brokerage execution have not launched.
What is the Mayospell 0DTE size limit?
The beta policy permits no more than two long contracts per directional thesis. Any approved debit-spread lane would be limited to one spread, and lower account or desk limits always win.
How much premium can be at risk in 0DTE trades?
Aggregate open 0DTE premium-at-risk is capped at 20% of the account's maximum-loss limit or any lower desk limit. Ordinary daily and maximum-loss controls still apply.
Is 0DTE news trading allowed?
Conditionally. New entries are blocked from 10 minutes before through 10 minutes after scheduled CPI, Fed rate decisions, and payroll releases unless event mode is explicitly approved.
When must 0DTE positions be closed?
The proposed policy stops new entries after 3:15 p.m. New York time and requires working entry orders canceled and all same-day positions closed by 3:45 p.m.
Continue by instrument
Compare the three liquid-core policy lanes.
SPY, QQQ, and same-day expiry share infrastructure but carry materially different concentration, event, and lifecycle rules.