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NEW YORK -- Oneok (OKE) - Get ONEOK, Inc. Report has been squeezing into a range, and now the bulls are looking for a run higher. 

OptionMonster's Heat Seeker system detected a flurry of call buying Monday afternoon, with more than 13,000 April 50s changing hands for 45 cents to 60 cents. The pipeline operator caught a bid almost immediately and the contracts ended the session going for 82 cents as volume surpassed 16,600, more than triple the strike's previous open interest. 

Long calls lock in the price where investors can purchase a stock, allowing them to profit from a rally without having to risk all the capital needed to buy shares directly. That cheap cost can also result in significant leverage if the stock moves higher. 

Oneok rose 2.1% to $48.04 on Monday. The stock lost almost half value between September and January as the broader energy sector collapsed, but share have been fighting higher since and pressing in on either side of $47. It's also been holding support above its 50-day moving average, which could make some chart watchers believe that a rebound is coming. 

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Total option turnover was 29 times greater than average in the name, and calls outnumbered puts by a bullish 46-to-1 ratio. 

-- Written by David Russell of OptionMonster

Russell has no positions in any stocks mentioned.