Are the intraday movements of options tend to be quite small? Even when the underlying stocks have quite big movements.
It depends, options can move quite a bit. Obviously in $ terms the movements are quite small, but in % terms the moves can be really big. For example, a Jun 116 put on SPY is down $0.10 at the moment, given that it is trading at about $0.75, that's a 11.7% drop, even though SPY is virtually flat. I'm not saying that it is an example of a "huge" move, but still it is definitely more than the stock move.
======== Trader 0008; Agree with the other 2 elitetraders and would add; lets say your scenerio happens , even with ITM or near the money or barely ITM options, puts or calls. That can happen like the coffee cools when you take it off the hotplate for an extended period- its still good coffee, but; usually wait till it heats back up. However even small extended underlying trends like DIA,SPY,QQQQ today ; can add up, especially if it happens 7 or 8 times. Hope this helps.