NEW YORK (TheStreet) -- There's a stunning development happening in the options market.

The equity-only put/call ratio is hitting extreme levels. In fact, it's nearing one of its lowest-ever levels. On Wednesday, the put/call ratio closed at 0.38. Since 2003, the ratio has only dropped lower than that on six occasions.

At moments like this, we must ask ourselves: have markets become too complacent? Or are we in fact witnessing one of the greatest bull markets in history?

We've shared two charts below that perfectly show what the put/call ratio is doing right now and why everyone is so captivated by it:

1. Here's a remarkable view of the equity only put/call ratio vs. the S&P 500undefined. The recent divergence between the two is absolutely mesmerizing:  

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2. One of the last times the equity only put/call ratio dropped this low was 2011. Here's a chart showing exactly what happened then:

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At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.