The 10-day moving average of total put volume relative to total call volume for the gauge — a measure of demand for short volatility bets — hit the highest in 14 years, data compiled by Bloomberg show. Investors are buying puts instead of sell calls probably due to the asymmetric risk of the election result, Susquehanna strategist Chris Murphy said. For those betting on declining volatility, selling a call would leave them exposed to a greater-than-expected spike in the VIX.