Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Western Alliance Bancorporation (WAL), where a total volume of 10,225 contracts has been traded thus far today, a contract volume which is representative of approximately 1.0 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 99.7% of WAL's average daily trading volume over the past month, of 1.0 million shares..