Demand for S&P 500 call options has surged, with Tuesday’s call volume topping 4
million contracts — a record — while put volume remained around average. Simplex
Trading trader Jason Coogan said the market saw two days of one-way order flow.
Analyst Tanvir Sandhu said the options market reflects investor FOMO: traders
are prioritizing upside exposure over downside hedging, a shift evident in a
marked change in option skew. Strong call buying is keeping implied volatility
elevated despite the equity rally.