Traders are bracing for increased market volatility as a record $6.6 trillion in options are set to expire on Friday, marking the largest quarterly expiration based on notional value. This event, known as 'triple witching,' involves the simultaneous expiration of stock options, stock index futures, and stock index options, which is expected to cause significant market movements. The expiration includes $6.5 trillion in options tied to individual stocks, indexes, and exchange-traded funds, with a particular focus on the S&P 500 where nearly $4.5 trillion in notional open interest is set to expire. The total notional value of expiring options reaches $7.7 trillion, with $5.1 trillion in the S&P 500, $705 billion in other indices and ETFs, and $690 billion in single stocks. The event is anticipated to lead to a period of market fragility extending into the following week.