With traders looking to exit positions before they go out worthless and time decay becoming more of a factor, expect volume in the options market to pick up approaching Friday's expiration. The CBOE Market Volatility Index (VIX), which is based on the implied volatility of the S&P 500 options and is used as a gauge for fear in the market, was recently up 5.7% to 14.28. The CBOE Nasdaq Volatility Index, a measure for the implied volatility of the Nasdaq 100, was down 0.3% to 15.53. The S&P Depositary Receipts ( SPY) were among the most actives. After a volatile day for equities Thursday, traders were aiming to capture a large move in the stock market by investing in the ETF, which is designed to mirror the movements of the S&P 500. The ETF was down 78 cents to $119. The October 120 calls have traded 10,900 contracts. Since the calls are out of the money, the buyer would be anticipating a large move in the S&P like the rally seen Thursday. The October 119 puts have traded 29,300 times. These puts are also out the money, meaning the buyer is expecting a selloff in the market before the expiration. eBay's ( EBAY) October options drew interest a day after the online auction site released disappointing guidance. The 40 calls have traded 17,700 times. The sellers of the calls are expecting the stock to close under $40 a share tomorrow. The calls were lower by $2.20. The October 40 puts have traded 23,800 contracts and were lower by 15 cents. Even though the stock is down, the put can trade lower because added premium was built in to the option price ahead of the earnings announcement and there was another day until the expiration. The more volatile a stock is, the more premium it will have. eBay shares were lower by $2.25, or 5.4%, to $39.76.