Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in ServiceNow Inc (NOW), where a total volume of 7,211 contracts has been traded thus far today, a contract volume which is representative of approximately 721,100 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 52.8% of NOW's average daily trading volume over the past month, of 1.4 million shares..