$QQQ call buyers score

Option traders posted big gains on upside positions in the tech-heavy PowerShares QQQ Fund (QQQ) today.

On Mar. 30, Market Rebellion’s Unusual Options Activity service identified the purchase of 7,000 Weekly $325 calls, expiring this Friday, for $1.12 to $1.17 above the open interest of 3,511 contracts  with shares at $312.88.

Those calls sold for as much as $7.87 today, more than 6 times their purchase prices. The stock rose 6.04% in the same time period, a large move for the index but nowhere near that of its options on a relative basis.

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.

QQQ ended the day at $331.05, up 2% on the session. The exchange-traded fund reflects the Nasdaq 100 Index.