BREAKING: Total US net call options volume is down to ~10,000 contracts per day, the lowest since the April 2025 selloff. The 5-day moving average of calls-minus-puts has fallen by -1.3 million contracts since February. This comes as put options trading has significantly outweighed calls since the Iran War began. By comparison, the April 2025 and August 2024 bottoms were -1.1 million and -750,000 as put volume far exceeded calls. Options activity is rapidly shifting.(The Kobeissi Letter)