Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in APA Corp (APA), where a total volume of 197,634 contracts has been traded thus far today, a contract volume which is representative of approximately 19.8 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 279.2% of APA's average daily trading volume over the past month, of 7.1 million shares..