Being in this forum I'm assuming your looking at an option quote. Normally a 0 bid would mean there is no bid/no buyer. Answer to your question would then be no. I'm not a big fan of "market" orders anyway but in this case I definitely would not use one.
I highly doubt it since why would you sell for nothing or why would someone buy (mainly the MM) for nothing. The $0 bid means the market maker and no one else for that matters wants to buy that option but they are willing to sell it and thus an ask of nickle.
No, you cannot open a trade at a zero bid. If you are selling to close, it's called a cabinet trade and you will get filled at a .01. MM's love cabinet trades. Better then playing the lotto.
Reminds me of the used car salesman who said he lost $400 on each car he sold but he made it up in volume...
This question may seem a little naive, but why would anyone want to close out a long option that is worth 0.02 or less? Pin risk is the only reason I can come up with. db
If the option is way underwater a day or two before expiration day and has a bid of .00, I close them out by selling at .05, and if that doesn't work I sell at market. Getting $50 for a 10 lot is better than getting $0. I actually got .05 for the DNDN May 7.50 calls on Thursday, which were OTM by 15%. But now that most brokers can trade on BOX, a market sell of an option that has a .00 bid can get you less than .05 per contract.