Traders are looking for Forest Oil to rally after being trapped in an extremely tight range for the last month.
OptionMonster's tracking systems found heavy buying in the September 6 calls, which saw almost 3,000 contracts trade for $0.10 to $0.23 yesterday. Open interest in the strike was just 584 before the session began, indicating that new positions were established.
These long calls lock in a $6 purchase price for the stock for the next month no matter how far it might rise. But they could expire worthless if shares remain below that level through mid-September.