Options traders are taking advantage of muted U.S. stock market gyrations to load up on contracts that would jump in value should equities see a big drop, boosting the number of open contracts on Wall Street's most popular volatility gauge near a record high. The one-month moving average of open contracts on the Cboe Volatility Index hit 13.80 million on Wednesday, close to the record high of 13.85 million contracts logged in late June, according to Refinitiv data. The demand for hedges comes amid a steady rally in stocks that has weighed on the VIX - which tends to move inversely to equities.