Larry Berman: Speculation in call volume hits all-time extremes VIDEO SIGN OUT With options expiring this week, we wanted to have a look at the impact itâs having on markets. Itâs huge. In the past week we have seen all-time call volume records challenged (viewers can follow the CBOE data here). It seems the new stimulus cheques are finding their way into Tesla Inc. call options and others. Speculators have had a voracious appetite (call it FOMO plus leverage) and they have been using call spreads and other speculative strategies to add huge leverage. This effect gets magnified around options expiry dates.