NEW YORK -- IMAX(IMAX) - Get Report has been a great name for the bulls, and Wednesday the profits came quick. 

OptionMonster's Heat Seeker system detected the purchase of 2,900 June 30 calls for 60 cents. The trades hit early in the session with the movie-technology stock pulling back to its trading range from earlier in the month. 

Buyers piled into the stock minutes after we sent out an alert on our InsideOptions Pro service, quickly driving IMAX into positive territory and sending premiums up 50% to 90 cents by the afternoon. Volume at the strike would climb past 5,000 contracts as well, 92 times previous open interest. 

Long calls lock in the price where investors can buy shares. Their cheap cost reduces the amount of capital at risk and can generate the kind of significant leverage we saw Wednesday. 

IMAX ended the session up 1.38% to $37.51. It's never traded above $38, so those buyers were looking for a breakout to new all-time highs. Earnings are due April 30. 

Overall option volume was 20 times greater than average Wednesday, with calls accounting for a bullish 93% of the total. 

Earlier trades in IMAX also remain big winners. June 33 calls cited on Jan. 20 have almost quadrupled in value and June 36s from March 10 have more than doubled. 

-- Written by David Russell of OptionMonster

Russell has no positions in the stocks mentioned

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