Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Alphabet Inc (NASD: GOOG), where a total volume of 13,374 contracts has been traded thus far today, a contract volume which is representative of approximately 1.3 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 106% of GOOG’s average daily trading volume over the past month, of 1.3 million shares.