NEW YORK -- Raytheon (RTN) - Get Report is trying to bounce and option traders are locked in. 

OptionMonster's Heat Seeker system detected the purchase of almost 8,000 June 110 calls Tuesday in volume well above the previous open interest of 2,478 contracts. The calls initially traded for 98 cents and traded for as much as $1.55 by the afternoon as the defense contractor pushed higher. 

Calls set the price where investors can buy a stock, which ensures that they won't miss a rally. The relatively cheap cost of these options can also generate significant leverage on a%age basis if shares move higher. 

Raytheon was initially down Tuesday but ended the session up 0.31% to $107.08. It touched long-term support around $104 in late April before jumping higher on Friday. Earnings and revenue beat forecasts and management raised guidance the last time quarterly results were announced. 

Total option volume was 11 times greater than average in the session, with calls outnumbering puts by a bullish 20-to-1 ratio.

-- Written by David Russell of OptionMonster

Russell has no positions in RTN.