Recent market data indicates a notable shift in retail options trading, with traders now holding the largest short position in gamma in over 14 months. Concurrently, the 30-day moving average of the put-to-call ratio has fallen to its lowest level since November 2021, a period that preceded the 2022 bear market. This trend mirrors levels seen in February 2020, just before the market crash of that year. Additionally, the total put/call ratio recorded its second lowest weekly close in four years, suggesting a bullish sentiment among investors, who are purchasing significantly more call options than put options. However, the short volatility trade is reaching an extreme, raising concerns about potential market unwinding similar to the August sell-off. The CBOE US Equity Put Call Ratio and rolling 20-day average of the equity put/call ratio have also dropped to their lowest since July 2023, reinforcing the notion of a market with minimal hedging activity. The volatility index (VIX) is currently positioned under 15, with traders advised to remain cautious as the market seeks support around the 16 level.