Jon "DRJ" Najarian, co-founder of OptionMonster

Duke Energy ( DUK) is seeing extremely unusual call activity as its shares reach multi-year lows.

More than 33,000 calls traded at the April 12.50 strike against open interest of just 784 contracts by mid-afternoon Thursday, according to OptionMonster's tracking systems. The huge turnover is more than 15 times the average daily volume.

Duke ended the day down 3% to $12.04, having fallen from $16 in just the last month. Traders may believe that Duke and other energy names are approaching a bottom at these levels.
At the time of publication, Najarian had no position in Duke Energy.