Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in The Charles Schwab Corporation (SCHW), where a total volume of 38,349 contracts has been traded thus far today, a contract volume which is representative of approximately 3.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 46.6% of SCHW's average daily trading volume over the past month, of 8.2 million shares..