The Kobeissi Letter(@KobeissiLetter):Retail risk appetite is at record levels: 0DTE options contracts now account for a record 48% of total retail options volume. This percentage has more than TRIPLED over the last 5 years. Furthermore, 0DTE options reflected a record 30% of total US options volume in May. By comparison, the 2022 high was ~18% while the average over the last 5 years is ~21%. As a result, the average options contract now expires in under 3 days. Retail demand for short-term options has never been higher.

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The Kobeissi Letter@KobeissiLetter

2026.07.05 17:16

Retail risk appetite is at record levels: 0DTE options contracts now account for a record 48% of total retail options volume. This percentage has more than TRIPLED over the last 5 years. Furthermore, 0DTE options reflected a record 30% of total US options volume in May. By comparison, the 2022 high was ~18% while the average over the last 5 years is ~21%. As a result, the average options contract now expires in under 3 days. Retail demand for short-term options has never been higher.