A pedestrian carries an umbrella whereas strolling in entrance of the New York Inventory Trade, Feb. 26, 2020.

Michael Nagle | Bloomberg | Getty Pictures

The probabilities of a contested presidential election are on the rise and merchants are gearing up for large market swings after the Nov. 3 contest.

Futures contracts that observe the Cboe Volatility Index (VIX) which can be set to run out after the election are holding at elevated ranges. The VIX futures contract set to run out Nov. 18 — 15 days after the election — is buying and selling above 31, in response to FactSet. VIX futures contracts expiring Dec. 16 and Jan. 20 are each buying and selling above 28.

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