Long calls lock in the price that investors must pay to buy the stock, so if Apple has even a modest rally, they could double or triple. But they can also plunge just as easily if the stock declines or stands still.
AAPL closed the session up 0.79 percent at $406.53 and have been moving higher in the last week. Yesterday's volume really stood out, with more than 300,000 contracts changing hands compared with its daily average of 118,000. The heavy trading took place on a very slow session overall, with turnover in the broader market about 30 percent below average.
Total calls outnumbered puts by almost 2 to 1 in the name, a further reflection of the bullish sentiment.
Second Opinion: Buy Apple in 2012?
—Najarian owns AAPL shares.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.