The release of Take-Two Interactive Software's (TTWO: sentiment, chart, options) latest edition of Grand Theft Auto continues to creep closer and closer, and, as a life-long "gamer," I must say that I am considerably excited about the new GTA IV. However, looking at the recent options activity surrounding TTWO shares, I'm not nearly as excited as the speculative investing crowd. The equity's latest Schaeffer's put/call open interest ratio (SOIR) of 0.58 indicates that calls nearly double puts among near-term options. What's more, this ratio ranks just 2 percentage points shy of an annual peak, meaning that options players have been more optimistic about TTWO's prospects just 2% of the time during the past year. And here I was thinking that investors weren't all that exited about a videogame centered on an immigrant getting caught up in a world of crime. Who knew?

On the other hand, maybe these speculative investors see this current situation surrounding TTWO as a "win, win." On one hand, if sales of GTA IV exceed expectations, then the shares are bound to rally - potentially above the current buyout price being offered by Electronic Arts (ERTS: sentiment, chart, options) . On the other hand, if sales are merely in line with expectations, then the ERTS bid stands, and TTWO has little leverage left for staving off the bid. Either way, the bias is to the upside for call speculators. The only downside to this scenario is poor sales for the new release, and with all the hype currently in the videogame industry surrounding the latest release in one of the hottest franchises in years, this seems highly unlikely.