Bulls are taking Lloyds to the bank

optionMONSTER

One trader apparently thinks that Lloyds Banking Group will keep barreling higher into the autumn.

optionMONSTER's Heat Seeker tracking program detected the purchase of 1,475 October 3 calls for $1. Volume was more than triple the previous open interest at the strike, indicating that new money was put to work.

These long calls are in the money , with a delta of 0.90. This means that they'll closely track movements in the share price closely, offering a substitute for owning shares. The trader now stands to leverage a move to the upside and will double his or her money from the stock climbing less than 30 percent by expiration. (See our Education section)

LYG is off 1.02 percent to $3.87 in afternoon trading. The British lender has doubled in the last year as sentiment improves toward financials, especially those in Europe. Despite the gains, the stock still trades for less than book value, which could be leading some investors to believe that it will keep climbing.

Total option volume is 6 times greater than average so far today, according to the Heat Seeker. Calls outnumber puts by more than 7 to 1, a reflection of the session's bullish sentiment.

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