NCR is trying to work its way higher, and the bulls are piling in.
optionMONSTER’s Heat Seeker monitoring program detected the purchase of 2,500 April 35 calls for $1.01 and the sale of an equal number of April 32 puts for $0.61. Volume exceeded open interest at both strikes, indicating that new positions were initiated.
Buying calls locks in the price where a stock can be bought, resulting in leverage to the upside, while selling puts generates income but also forces the investor to own shares in the event of a pullback. Combining the two strategies is highly bullish, mimicking the performance of being long common but with massive leverage.
— Option Monster