Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Eli Lilly (LLY), where a total volume of 98,098 contracts has been traded thus far today, a contract volume which is representative of approximately 9.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 169% of LLY's average daily trading volume over the past month, of 5.8 million shares..