Retail investors are engaging in record levels of speculative activity, with zero-days-to-expiration (0DTE) contracts now representing 48% of their total options trading volume. This specific segment of retail activity has more than tripled in size over the last five years.
In the broader market, 0DTE contracts reached a record 30% of the total U.S. options volume during the month of May. These figures underscore a significant shift toward short-term volatility plays across both individual and institutional trading desks.