Notable Wednesday Option Activity: FIVE, AVYA, NVDA

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Five Below Inc (Symbol: FIVE), where a total volume of 6,520 contracts has been traded thus far today, a contract volume which is representative of approximately 652,000 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 76.3% of FIVE's average daily trading volume over the past month, of 854,760 shares. Especially high volume was seen for the $260 strike call option expiring June 17, 2022, with 1,141 contracts trading so far today, representing approximately 114,100 underlying shares of FIVE. Below is a chart showing FIVE's trailing twelve month trading history, with the $260 strike highlighted in orange:

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Avaya Holdings Corp (Symbol: AVYA) saw options trading volume of 15,973 contracts, representing approximately 1.6 million underlying shares or approximately 69.9% of AVYA's average daily trading volume over the past month, of 2.3 million shares. Particularly high volume was seen for the $3 strike put option expiring January 19, 2024, with 7,500 contracts trading so far today, representing approximately 750,000 underlying shares of AVYA. Below is a chart showing AVYA's trailing twelve month trading history, with the $3 strike highlighted in orange:

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And NVIDIA Corp (Symbol: NVDA) options are showing a volume of 418,023 contracts thus far today. That number of contracts represents approximately 41.8 million underlying shares, working out to a sizeable 68.9% of NVDA's average daily trading volume over the past month, of 60.7 million shares. Particularly high volume was seen for the $185 strike call option expiring May 20, 2022, with 37,271 contracts trading so far today, representing approximately 3.7 million underlying shares of NVDA. Below is a chart showing NVDA's trailing twelve month trading history, with the $185 strike highlighted in orange:

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