Chesapeake Energy has been ramping higher, and yesterday traders were betting on more upside.
optionMONSTER’s Heat Seeker system found bullish trades in the November Weekly 28.50 calls that expire two weeks from today. More than 5,500 of the contracts changed hands, including a single print of 4,494 that was purchased for the ask price of $0.76. The volume was far above the previous open interest of just 225, showing that this is fresh buying.
These long calls lock in the price where the stock can be purchased, letting investors cheaply position for a rally and enjoy potentially significant leverage if one occurs.
— Option Monster