the one/five is a spread between the s&p 500 and the oex 100. it trades in a range in relation to fair value of the s&p 500 (emini) future. oex options were overvalued as cash settled higher than this relationship would dictate. the spread was trading -7.00 dollars in the crowd and due to the exercise premium was being bot for -7.70 in the open market. locking in .70 per emini future almost eleven thousand calls were exercised last night so that is why you saw such large bids. the bids did not chase they waited for their price.