Retail investors’ risk appetite is still rising: The 5-day moving average of retail call options volume is up to a record 9 million. Even during the 2021 meme stock frenzy, the largest spike in retail call options volume was 33% lower at ~6 million contracts. This is nearly DOUBLE the average put options volume. Since the 2020 pandemic, retail call options volume has TRIPLED. This year alone, call volume has surged by +3 million contracts, or +50%. Retail investors are trading more than ever.(The Kobeissi Letter)