While it’s interesting to see what options are trading in terms of absolute volume, it can also be useful to look at relative volume. For instance, Broadridge Financial (BR) traded over 125x its normal options volume one day last week. The banking software company typically only trades 40 contracts per today, so seeing a 2,000-lot put spread trade was certainly eye-opening. The put spread buyer could be expecting or hedging against downside in the stock over the next few months.