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 18,846 contracts has been traded thus far today, a contract volume which is representative of approximately 1.9 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 44.8% of LLY's average daily trading volume over the past month, of 4.2 million shares..