$NKE call buyers score overnight

Bullish option traders have run up gains in Nike (NKE) today.

On Oct. 15, Market Rebellion’s Unusual Activity Service found that 14,300 October $83 calls, expiring this Friday, were bought for $0.40 to $0.55 above the existing open interest of just 2,250 contracts with shares at $82.07.

Those calls have traded for up to $1.30 today, a 136.36% return, while the stock rose 2.44% in the same time frame, showing how quickly options can far outpace gains in their underlying shares.

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.

NKE closed at $83.94, up 2.22% on the session.