Total option volume has picked up today as 5.4 million contracts have changed hands so far, with more calls trading in the indexes and ETFs than one might expect given the market action.
The SPDR S&P 500 Fund (SPY) has 800,000 contracts traded, 494,000 of which are puts. The iShares Russell 2000 Fund (IWM) has 315,000, with 250,000 puts.
The S&P 500 Index (:SPX) has 250,000 options traded, with a put/call ratio of less than 2 to 1. Just behind are the PowerShares QQQ Trust (QQQ) with volume of 227,000, including 142,000 puts. The CBOE Volatility Index (:VIX) sees 157,000 options turn over, 93,000 of which are calls.
The SPDR Gold Shares Fund (GLD) has 88,000 contracts moving, evenly split between calls and puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) has 85,000 option traded, with 47,000 calls.
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