Traders want Spirit Airlines to fly

optionMONSTER

Option traders apparently think that Spirit Airlines is ready to take off.

optionMONSTER's Heat Seeker monitoring program detected the purchase of 5,800 December 70 calls for $4 and the sale of a similar number of December 80 calls for $2.02. There was barely any open interest at either strike before the trade appeared, which means new money was put to work.

The investor stands to collect $10 if the Florida-based carrier closes at $80 or higher by expiration the week before Christmas. The trader paid $1.98 for that right, implying a potential profit of more than 400 percent from the stock moving less than 40 percent. (See our Education section for more on the strategy, which is known as a bullish call spread .)

SAVE rose 3.82 percent to $58.99 yesterday and has more than doubled in the last year. It's been riding a wave of optimism as flight demand increases and management adds capacity. The next earnings report is scheduled for next Tuesday, April 29, before the opening bell.

The stock pulled back in early April but is now finding support at its 50-day moving average. That could make chart watchers think that its bullish uptrend will continue and help explain yesterday's spread.

Overall option volume was 35 times greater than average in the session, according to the Heat Seeker. Calls accounted for a bullish 97 percent of the total.

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