U.S. Markets open in 6 hrs 30 mins

Midday index, ETF option volumes

Chris McKhann (chris.mckhann@optionmonster.com)

Option volume has finally picked up as more than 7.1 million contracts change hands so far this morning, with the big indexes and ETFs dominating the action, optionMONSTER data systems show.

The SPDR S&P 500 Fund (:SPY) has 937,000 options traded, with 566,000 puts. Next up are the S&P 500 Index (:SPX) options at 300,000, with a put/call ratio of 2 to 1. The CBOE Volatility Index (:VIX) has seen 245,000 contracts turn over, with 148,000 calls.

Just behind are the options of the iShares Emerging Markets Fund (EEM) at 244,000, with 151,000 calls. Close behind is the iShares Russell 2000 Fund (:IWM) at 242,000, with calls outpacing puts by 2 to 1. The PowerShares QQQ Trust (QQQ) just breaks the 200,000 market, evenly split between calls and puts.

The iPath S&P 500 VIX Short-Term Futures Note (VXX) has 124,000 options traded, with 71,000 puts. And the iShares China Large-Cap Fund (:FXI) has 118,000 contracts, with 64,000 puts. (See related story )

More From optionMONSTER