$ATVI call prices triple in days

Option traders are scoring big profits today on bullish positions opened in Activision Blizzard (ATVI) only two sessions earlier.

On Oct. 1, Market Rebellion’s tracking systems found that 15,000 Weekly $55 calls expiring on Oct. 11 were bought at the same time for $0.34 to $0.50 above open interest of 251 contracts with shares at $52.36. Market Rebellion co-founder Pete Najarian cited the unusual activity at that time on CNBC’s “Halftime Report.”

Those calls traded for as much as $1.17 so far today, almost 3.5 times their initial purchase price. The stock rose 4.53% in the same time frame, illustrating the kind of leverage that can be achieved with options.

It is the second winning trade in the name posted on Market Rebellion in the last month.

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 is up 3.29% to $53.97 this afternoon. The game developer has seen heavy demand for the new mobile version of its “Call of Duty” console franchise.