Ford Motor fought a negative tape on Friday, and the option activity was unusually heavy with a bullish bias.
More than 176,000 contracts traded, more than twice the average amount for the auto maker. Almost 110,000 of those were calls, and volume shifted to spring expirations later in the day, according to OptionMonster's tracking systems. The April 14s traded more than 5,300 times, mostly for $0.41, versus previous open interest of 3,532 contacts.
Calls lock in the price where investors can buy shares, so they can generate some nice leverage in the event of a rally. But they can also expire worthless if it doesn't move.
Ford shares closed at $12.87, up 0.86 percent on the day. The stock has been ripping higher since the summer, when it bottomed out below $9. It's now back to the February and March levels that were resistance in the past, and Friday's gains stuck out with the rest of the market down again.
—By CNBC Contributor Pete Najarian
Options Trading School:
Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com. Najarian has no positions in F.