Volume
The number of option contracts traded during the current session at a strike and expiration. Volume resets daily and, together with open interest, indicates how actively a contract trades.
Volume is the day’s footprint. A contract with real volume can usually be entered and exited near fair value; one with none may quote a wide, stale market that punishes anyone who crosses it.
Comparing today’s volume to open interest hints at whether trades are opening new positions or closing old ones, though the inference is loose without more data.
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