The bulls came back to Autodesk in a huge way on Friday and quickly racked up some nice gains.
optionMONSTER’s Heat Seeker tracking program detected heavy buying early in the December 44 calls, with a chunk of 10,000 contracts purchased for $0.88. Volume at the strike would surpass 17,000 by the end of the session, 179 times previous open interest at the strike.
These long calls lock in the price where the design-software maker can be purchased, letting investors cheaply position for a rally. They can also generate some nice leverage, which is exactly what happened because those December 44s ended the session up 42 percent to $1.25.
— Option Monster