Enter a price, its implied volatility, and days to expiration — get the ±1σ range the options market is pricing (where price stays ~2 of 3 sessions), plus the 2σ range. The number that frames every 0DTE trade.
0DTE = 1 day. Use the option's at-the-money IV (or the index vol: VIX for SPY, VXN for QQQ, RVX for IWM).
For education only — a probability range, not a guarantee or a recommendation. Options involve significant risk of loss.
NoVo overlays today's expected-move band right on your SPY / QQQ / IWM chart and updates it through the session, next to the dealer levels that define where price pins and breaks.
Start the 7-day free trial — $129/mo →The expected move is the range the options market is pricing for a stock or index over a given period — the ±1 standard-deviation (1σ) band, where price stays inside roughly two out of every three sessions. It is the single most useful number for framing a 0DTE trade: it tells you how much room the day realistically has.
Expected move (1σ, in dollars) = Price × (IV / 100) × √(Sessions / 252), where IV is the annualized implied volatility. For a 0DTE trade, Days = 1. The 2σ range (~95%) is simply double the 1σ move. Traders also back it out of the at-the-money straddle: the 1σ move ≈ (call + put premium) × 1.25, which bakes in the market's real-time vol.
If SPY's expected move is ±$4 and it's already run +$4 by mid-morning, the easy part of the day may be over — the tape is at the edge of its priced range. A break outside the expected move on real volume is often the cleaner trade than chasing inside a pinned range. NoVo draws the live expected-move band directly on the chart and updates it through the session, alongside the dealer levels that define where price actually pins. See the deep-dive in The Journal or today’s free SPY / QQQ / IWM reads.
The member portal — delayed dealer levels with the gamma flip and the expected-move band on SPY, QQQ and IWM, plus sectors, movers and the week’s catalysts. Dr. NoVo’s Mid-Day Tape Review every trading day and the Week Ahead on Sundays. And the NoVo Discord: live discussion and Dr. NoVo’s daily dealer-map read.
Create your free account Join the new NoVo Discord →Market data on this page is delayed and provided for general information only — it is not financial advice or a recommendation to trade. VIX/VXN/RVX are ~15-minute delayed (CBOE); index values use E-mini futures. Options trading involves significant risk of loss. © 2026 NoVo Options Trading.