$ATVI calls score big again

Bullish option traders are racking up profits in Activision Blizzard (ATVI) for the second time in three sessions.

On Oct. 2, Market Rebellion’s tracking systems found that 2,500 Weekly $52.50 calls expiring on Oct. 25 were bought for $2.02 as part of a bullish spread with shares at $52.50. This was clearly a new position, as open interest in the strike was only 1,038 contracts before the trade occurred.

Those calls sold for $4 today, just shy of twice their purchase price. The stock rose 6.46% 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 since Oct. 3.

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 reached a session high of $55.89 earlier today before pulling back with the broader market to trade at $55.40, off 0.07% on the session. The game developer has seen heavy demand for the new mobile version of its “Call of Duty” console franchise that was released last week.