$EVGO call prices charge up

Bullish option traders have run up electrifying gains in Evgo Inc (EVGO) today.

On Oct. 25, Market Rebellion’s Unusual Activity Service found that 4,100 November $9 calls were bought for $0.25 to $0.60 above open interest of just 2,205 contracts with shares at $7.88.

Those calls traded for as much as $5.40 this session, at least 9 times their purchase prices. The stock rose 8.58% in the same time frame, illustrating the kind of leverage that can be achieved quickly 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.

EVGO finished at $13.43, up 34.57% on the session.