The bulls are pouring into Oneok as the pipeline company tries to bounce from long-term support.
OptionMonster's tracking programs detected unusual volume in the August 45 calls yesterday, with buyers paying $0.45 and $0.50 halfway through the morning. Volume quickly ratcheted above previous open interest of 142 contracts, indicating that new money was put to work. More than 6,300 calls eventually changed hands in the strike.
These calls lock in the price where shares can be purchased, providing investors with a relatively inexpensive way to profit from gains. That way they risk only a fraction of the stock's value, which limits the amount of money they can lose in the event of a selloff.
Oneok pushed higher after the trades hit and ended the session up 3.55 percent to $41.42. The August 45 calls, however, doubled to $0.95, which shows the kind of leverage that can be achieved with options.
Oneok produced some winning option trades earlier in the year but is now back near its lows from 2012. Pipelines have been weak for the last few months, but the longer-term trend in the group remains bullish as the domestic energy story takes hold.
Overall option volume was 12 times greater than average in the name yesterday. Calls accounted for more than four-fifths of the total.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in OKE.