From Trader's Narrative:

Yesterday we looked at the CBOE put call ratio since it had gone off the charts. Today it was the retail option traders turn to go crazy...

The ISE sentiment index is a slightly different way of looking at option sentiment since it is primarily focused on smaller option traders and it looks at option activity to open a trade. So by looking at the ratio of the ISE equity only call put ratio we get a much better idea of what retail option traders are doing...

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More on sentiment:

Another sentiment indicator is soaring to record highs

Bearish warning: Market sentiment jumps to extremes again

Sentiment expert: Bullishness is approaching "dangerously high levels"