Prior literature recognizes that liquidity is essential in understanding the information content of option trades. In this paper, we model the duration and volume jointly, for the first time, as a natural measure of options’ trading intensity and we associate it with differential degrees of information present in option trades. We report a highly significant association between option trading intensity with contemporaneous and future underlying volatility and returns, which is distinct from the effects of option duration and option trading volume and the O/S ratio. Finally, we show that our trading intensity measure and the O/S ratio are complementary in capturing informed trading in the option market.