Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in International Business Machines Corp (IBM), where a total volume of 20,400 contracts has been traded thus far today, a contract volume which is representative of approximately 2.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 48.6% of IBM's average daily trading volume over the past month, of 4.2 million shares..