NEW YORK -- Tyco (TYC) has drifted for a year but option traders apparently think that it's ready to wake up. 

OptionMonster's Heat Seeker system detected the purchase of some 11,500 April 45 calls for 17 cents to 34 cents on Monday. Volume was almost nine times the previous open interest in the strike, showing that new money was at work. 

Long calls lock in the price where investors can buy a stock, ensuring that they won't miss a rally. The cheap cost of the options also creates the opportunity for significant leverage if shares move higher, but the contracts will lose value on a pullback. 

Tyco rose 1% to $42.52 on Monday. The stock first reached $42 in February 2014, peaked above $46 in June, and troughed near $38 in October. The security-systems manufacturer has missed expectations in quarterly results, with a strong dollar hurting the last set of numbers on Jan. 30. 

Total option volume in the name was 26 times greater than average in the session, with calls outnumbering puts by a bullish 70-to-1 ratio. 

-- Written by David Russell of  OptionMonster

Russell has no positions in TYC

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