Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Schnitzer Steel Industries Inc (SCHN), where a total volume of 1,290 contracts has been traded thus far today, a contract volume which is representative of approximately 129,000 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 40.6% of SCHN's average daily trading volume over the past month, of 317,970 shares..