NEW YORK -- Option traders are looking for a quick bang from SouFun (SFUN) - Get Fang Holdings Limited Sponsored ADR Class A Report , which has been trying to bottom out. 

OptionMonster's Heat Seeker system detected huge buying in the February 7 calls on Friday. It first grabbed our attention when about 5,000 contracts were purchased in rapid succession, but the options kept building throughout the session. By the closing bell, almost 27,000 had changed hands, more than 10 times the previous open interest in the strike, clearly showing that these are new positions. 

Long calls lock in the price where investors can buy a stock, letting them profit from a rally at limited cost. Premiums almost doubled from 30 cents to 55 cents on Friday, which also reflects the kind of leverage that can be generated when shares move in the right direction. 

SouFun rallied as the option activity hit, and it closed up 7.67% to $7.02. The Chinese company, which connects real-estate agents with prospective clients, was upgraded to "overweight" by JPMorgan Chase earlier in the week, with a price target of $8.50. Earnings are also due, and shares have been bouncing from long-term lows on heavy volume recently. 

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Overall option volume in the name was 45 times greater than average in the session, with calls accounting for a bullish 92% of the total.

Written by Jon "DRJ" Najarian of OptionMonster

Najarian is long SFUN.