Choose the correct option. ___ she ___ a new song on the piano right now?

The correct option is 'Is / playing'. The sentence should read: 'Is she playing a new song on the piano right now?' This is because we need to use the present continuous tense (is/are + verb-ing) to describe an action that is happening at this moment. Since the subject is 'she', we use 'is'. The correct answer is 'Is / playing'.