Is there a cutoff time for opening a new options position?

If entering an option position which expires on the same day (0dte options), a cutoff time will apply.

Currently, the cutoff time to enter a new position on an equity or etf option is 2 hours prior to regular market closing time. 4PM Eastern on regular market days.

For cash settled index options such as SPX, SPXW, RUT, VIX and others, the cutoff time is 30 minutes prior to regular market close. 3:30PM Eastern on regular market days.