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.(The Kobeissi Letter)