Friday could be a wild day of trading on Wall Street. Here's why

Wall Street could be in for a volatile end to the week as traders brace for what Goldman Sachs says will be the largest options expiration on record.

More than $7.1 trillion in notional options exposure is set to expire this Friday, according to Goldman, including roughly $5 trillion tied to the S&P 500

index and $880 billion linked to single stocks. December options expirations are typically the biggest of the year, but this one eclipses all prior records, the firm said.

To put the scale in context, the options expiring Friday represent notional exposure equal to about 10.2% of the total market capitalization of the Russell 3000, Goldman said.

That dynamic could lead to choppy trading, particularly around heavily watched levels in the S&P 500, according to Jeff Kilburg, founder and CEO of KKM Financial.