What is Option Volume?

An option's volume is the total number of contracts that have been traded on that trading day. For example, if an option has a daily volume of 15,000, then 15,000 contracts of that option have traded on that particular trading day.

The following chart shows the estimated total number of option contracts that were traded for various products in 2017:

As we can see here, almost a billion option contracts were traded among the top four products, which indicates SPY, VIX, QQQ and IWM options are very actively traded. With that said, every product included in the above chart is very actively traded.