Market Structure0DTEMulti-leg StrategiesOption Flow
The Evolution of US Option Trading: A Five-Year Analysis (2021–2026)
A descriptive analysis of the evolution of US option trading from April 2021 to April 2026, using intraday large option flow data spanning 1,253 trading sessions, 5,509 unique tickers, and 188 million large orders representing $12 trillion in premium. We document sustained growth in trading activity, rising multi-leg strategy usage, and a dramatic shift toward shorter-dated options—especially 0DTE.
1,253 Trading Sessions5,509 Unique Tickers188M Large Orders$12T Total Premium
