Notable Tuesday Option Activity: KMX, NVDA, ALGN

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Carmax Inc. (Symbol: KMX), where a total volume of 6,632 contracts has been traded thus far today, a contract volume which is representative of approximately 663,200 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 64.4% of KMX's average daily trading volume over the past month, of 1.0 million shares. Particularly high volume was seen for the $82.50 strike put option expiring October 21, 2022, with 2,890 contracts trading so far today, representing approximately 289,000 underlying shares of KMX. Below is a chart showing KMX's trailing twelve month trading history, with the $82.50 strike highlighted in orange:

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NVIDIA Corp (Symbol: NVDA) options are showing a volume of 359,466 contracts thus far today. That number of contracts represents approximately 35.9 million underlying shares, working out to a sizeable 60.9% of NVDA's average daily trading volume over the past month, of 59.1 million shares. Particularly high volume was seen for the $135 strike put option expiring September 09, 2022, with 23,644 contracts trading so far today, representing approximately 2.4 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $135 strike highlighted in orange:

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And Align Technology Inc (Symbol: ALGN) saw options trading volume of 3,984 contracts, representing approximately 398,400 underlying shares or approximately 59.9% of ALGN's average daily trading volume over the past month, of 665,545 shares. Particularly high volume was seen for the $140 strike put option expiring September 16, 2022, with 825 contracts trading so far today, representing approximately 82,500 underlying shares of ALGN. Below is a chart showing ALGN's trailing twelve month trading history, with the $140 strike highlighted in orange:

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