Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Hewlett-Packard Co (NYSE: HPQ), where a total volume of 116,263 contracts has been traded thus far today, a contract volume which is representative of approximately 11.6 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 132.1% of HPQ's average daily trading volume over the past month, of 8.8 million shares. Particularly high volume was seen for the $35 strike call option expiring June 19, 2015, with 14,525 contracts trading so far today, representing approximately 1.5 million underlying shares of HPQ. Below is a chart showing HPQ's trailing twelve month trading history, with the $35 strike highlighted in orange:
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