Morgan Stanley has surged in recent weeks, and traders are looking for an encore.

OptionMonster’s tracking systems detected early buying in the May 24 calls for $0.57 and selling in the April 20 calls for $1.77. It appears that they had earned profits in the April contracts and swapped them out for the May options.

The trade lets them take some money off the table while keeping their position for another month in case the stock makes a big move during that time.

Long calls lock in how much investors must pay to buy a stock. That gives them major leverage to the share price, letting them double or triple their money from even a small move.

One problem that doesn’t exist with stock, however, is that options expire. So we often see rolls like yesterday’s as investors look to extend the duration of their positions.

Morgan Stanley's stock

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[MS  Loading...      ()   ] fell 1.22 percent to $20.26 yesterday, but is up 34 percent year to date. The company got a boost on Jan. 19 after reporting strong earnings and revenue.

More than 60,000 option contracts traded in the name yesterday. Of those, almost 45,000 were calls, a reflection of the bullish sentiment.

—Najarian owns MS 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.

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