$GOOGL bulls search for profits

Option traders that searched for profits in Alphabet (GOOGL) options are finding them today as shares see a new high.

On Jul. 1, Our unusual tracking systems found that 3,000 Weekly $1,470 calls expiring today, Jul. 10, were purchased for $5.40 to $7.40 above open interest of 125 contracts with shares at $1,426.50.

Those calls traded for as much as $62.60 today, more than 8 times their purchase prices. The stock rose 7.44% in the same time, underscoring how options can far outperform their underlying shares.

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.

GOOGL is up this session by 0.88% at $1,531.99 today after making a new 52-Week high earlier of $$1,533.76, and is scheduled to report earnings on Jul. 30 after the close.