Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Alcoa, Inc. (NYSE: AA), where a total volume of 153,765 contracts has been traded thus far today, a contract volume which is representative of approximately 15.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 55.3% of AA's average daily trading volume over the past month, of 27.8 million shares. Particularly high volume was seen for the $11 strike call option expiring July 15, 2016, with 70,436 contracts trading so far today, representing approximately 7.0 million underlying shares of AA. Below is a chart showing AA's trailing twelve month trading history, with the $11 strike highlighted in orange:
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