Calls lock in the price where investors can buy shares, so they can generate significant leverage in a rally. The trades have already been working for some investors because there was also call buying in the October 50s a month ago. Those calls more than doubled by yesterday's session, despite the stock climbing barely 5 percent in the same period.
Call buyers have increasingly targeted pipelines in the last week as awareness grows of the U.S. regaining its status as a major player in the energy industry. Kinder Morgan and Energy Transfer have also seen bullish option paper.
Oneok shares closed yesterday's session up 1.66 percent to $48.46. Total option volume was 22 times greater than average in the name, with calls outnumbering puts by 83 to 1.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in OKE.