Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Microsoft Corporation (MSFT), where a total volume of 174,027 contracts has been traded thus far today, a contract volume which is representative of approximately 17.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 74.8% of MSFT's average daily trading volume over the past month, of 23.3 million shares..