Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Chevron Corporation (CVX), where a total volume of 32,536 contracts has been traded thus far today, a contract volume which is representative of approximately 3.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 43.5% of CVX's average daily trading volume over the past month, of 7.5 million shares..