This paper investigates the predictive content of option-implied tail measures for forecasting next-day market crashes in the era of ultra short-dated (1DTE) options. Building on Bollerslev and Todorov (2011), we construct a model-free left-tail risk metric derived from deep out-of-the-money index puts, isolating jump risk without parametric assumptions about return distributions. Using a binary probit framework (Vilkov and Xiao, 2013; Dierkes et al., 2024), we show that the daily left-tail measure utilizing intraday option prices significantly predicts one-day-ahead extreme returns beyond the information contained in the VIX. Furthermore, we evaluate its practical relevance by employing the tail measure as a dynamic signal for adjusting leverage in daily put-writing strategies. Our results highlight that today’s short-dated option prices embed a meaningful signal of tomorrow’s crash risk.