Some traders think that Office Depot is ready for blastoff.
OptionMonster's monitoring programs detected the purchase of some 2,400 June 4.50 calls for $0.10. Volume was more than 60 times previous open interest, indicating that new positions were initiated.
Calls lock in the price where shares can be purchased in the office-supply retailer. That can provide significant leverage in a rally, while limiting the amount of capital at risk.
Office Depot shares rose 0.94 percent to $4.31 on Friday. It rallied hard late last year, pulled back and has been following its 100-day moving average back higher in the last month. That could make some momentum traders think that it will continue rising in coming weeks.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in ODP.