Bulls double money in $AAPL

Bullish option bets on Apple (AAPL) have paid off today, doubling after only being opened for just two sessions.

On June 3, Investitute’s market scanners found that 7,124 Weekly $175 calls expiring on June 14 were bought, in one print, for $5.30 with shares at $177.32. Volume was well above the strike’s open interest of 323 contracts, indicating that this was clearly fresh buying.

Those calls traded for as much as $10.85 after the opening bell today, two times their purchase price in as many days. The stock rallied 4.3% at the same time, a huge move but nothing like that of its options on a relative basis.

Long calls lock in the price where investors can buy a stock, letting them position for a rally at limited cost with the potential for significant leverage. They carry less risk than owning shares because the most that can be lost is the price of the options no matter how far the stock might fall.

AAPL ticked $184.99 early today before pulling back to close at $182.54, still up 1.61% on the session. The iPhone maker snapped back with the rest of the market over the past two trading days, breaking its downtrend from the May 3 close.