Bulls Step on the Gas in Ford

Ford Motor Corp
Adam Jeffery | CNBC

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.

These calls lock in the price where the stock can be bought no matter how high it might rise. Because they are inexpensive, they can generate significant leverage from even a small movement in the automaker's share price.

Ford rose 1.73 percent to $15.90, its highest price since April 2011. On Wednesday, there was also monster buying in the September 16 calls, so upside option paper has clearly been a pattern in this name of late.

Calls accounted for 144,000 of the 225,000 Ford contracts that traded in the session. Total option volume was three times greater than normal amounts.

—By CNBC Contributor Pete Najarian

Additional News: Bulls Want to Drive Ford Higher

Additional Views: Trader BetsFord Will Keep Accelerating

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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. Najarian has owns F calls.