Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Apple Inc (AAPL), where a total volume of 306,767 contracts has been traded thus far today, a contract volume which is representative of approximately 30.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 70.2% of AAPL's average daily trading volume over the past month, of 43.7 million shares..