Quick Profits Shine in Silver Wheaton

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Upside option activity hit Silver Wheaton early on Friday, and traders racked up some fast money in the stock.

The Weekly 19 calls that expire at the end of this week were purchased early for $0.43, according to OptionMonster's tracking systems. Almost 5,000 traded in the session versus previous positioning of just 179 contracts, clearly showing that this is fresh buying.

Calls lock in the price where shares can be purchased, which can result in some nice leverage if the investor times the move correctly. That's exactly what happened in Friday's trade, because those Weekly 19 calls more than doubled to more than $1 by the afternoon.

Silver Wheaton rose 7.49 percent to close the session at $19.67, but has lost more than half its value since November amid a big selloff in gold and silver prices. More than 28,000 calls traded in the session, compared to fewer than 6,100 puts.

Total option volume in the name on Friday was more than twice its daily average.

—By CNBC Contributor Pete Najarian

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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 SLW calls.