Option activity has been heavy in Ford Motor, and yesterday traders adjusted some winning bets to position for even more gains.
Earlier in the week, OptionMonster's tracking programs detected buying in the Weekly 15.50 calls that expire at the end of today's session for $0.08 through $0.11. The stock traded near $16 yesterday, and the options had risen to the $0.30 to $0.40 range.
This time, investors sold those contracts and bought the June 16 calls for $0.22 and $0.26. That let them take in a small credit, while keeping them on track for more gains with the new options if the stock keeps driving higher.