Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Valero Energy Corp (VLO), where a total volume of 12,699 contracts has been traded thus far today, a contract volume which is representative of approximately 1.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 46.8% of VLO's average daily trading volume over the past month, of 2.7 million shares..