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May 7, 2013  Tue 11:24 AM CT

F: SEE CHART GET CHAIN FIND STRATEGIES
A large complex call spread tops today's option activity in Ford as shares move back toward their January highs.

The strategy involved 10,000 January 15 calls that traded for $0.72 in volume well below the previous open interest of 169,905, according to optionMONSTER systems. At the same time 20,000 January 19 calls were sold for the bid price of $0.08 with no open interest at that strike.

This could be a new vertical spread that is looking for shares to rise to, but not beyond, the $19 level. Alternatively, the trader could be rolling a short-call position to a higher strike while doubling its size. The latter would have an initially bearish bias but could profit with shares anywhere below $19.08. (See our Education section)

F is up fractionally to $14.11 this afternoon. The auto maker is off its highs of the morning but still at its highest level since January, when it peaked at $14.30. Shares have tested support near $12 twice in the interim.
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