NEW YORK -- Clorox(CLX) - Get Report has pulled back after a strong quarterly report, and now option traders are turning bullish. 

OptionMonster's Heat Seeker program detected the purchase of about 6,300 April 115 calls Wednesday, most of which priced for 30 cents. Volume was more than five times the strike's previous open interest, an indication that new money was at work. 

Long calls lock in the price where investors can buy a stock, which lets them position for a rally with limited risk. The relatively low cost of these options can also produce significant leverage if shares move higher, but the contracts can quickly lose value on a pullback. 

Clorox fell 0.37% to $107.43 on Wednesday. The cleaning-products company reported better-than-expected earnings and revenue on Feb. 4, and management raised its outlook for the top and bottom lines. 

That news initially sent shares above $112, but sellers stepped in over the following month. Wednesday was the first session since September that the stock closed under its 50-day moving average. 

Wednesday's overall option volume in the name was 27 times its daily average for the last month. Total calls accounted for a bullish 96% of the total.

-- Written by David Russell of OptionMonster

Russell has no positions in CLX.