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January 15, 2013  Tue 11:02 AM CT

A trader is apparently adjusting a covered-call strategy in Procter & Gamble as shares of the consumer-products giant push back near multi-year highs.

optionMONSTER systems show that a trader bought 4,545 January 70 calls for $0.14 against previous open interest of more than 51,000 contract. At the same time, he or she sold 4,545 February 72.50 calls, also for $0.14, in volume that was twice the open interest at that strike and therefore a new position.

The trader appears to be rolling the January position forward in a covered call strategy. He or she is buying back those short calls to close the initial position and selling the February calls against long stock.

Covered calls are bullish only up the strike price, in this case $72.50, and will not participate in any gains above that. (See our Education section)

PG is up fractionally on the day to $69.75. It was at a four-year intraday high of $70.99 in mid-December.
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