$ATVI call prices double in days

Bullish option traders are racking up big profits in Activision Blizzard (ATVI) today, in positions opened at the beginning of this week.

On Mar. 2, Market Rebellion’s tracking systems found that 3,000 Weekly $60 calls expiring this Friday, Mar. 6 were bought for $1.18 as part of a bullish roll with shares at $59.77. This was clearly a new position, as open interest in the strike was only 275 contracts before the trade occurred.

Those calls traded for as much as $2.75 this afternoon, more than 2.5 times their purchase price. The stock rose 4.67% in the same time frame, illustrating the kind of leverage that can be achieved with options.

Long calls lock in the price where a stock can be purchased, gaining with a rally and providing leverage to the underlying shares. The contracts can quickly lose value if the stock stalls or pulls back but also carry less risk than owning the shares themselves.

ATVI ended the day just shy of its session high at $62.55, up 6.47%. The game developer has risen sharply this week from its recent lows made last Friday.