Chris McKhann , analyst at OptionMonster.

Ford ( F) rose 16% yesterday after reducing its debt by $10 billion and had plenty of options activity along the way.

The automaker closed at $3.77 after trading as high as $4 during the session, its highest levels since early October. The stock was as low as $2.40 just three days ago.

OptionMonster's tracking systems showed that 186,535 Ford option contracts traded yesterday, dwarfing their 20-day average volume of 33,207. Most of this action was in the calls, as the overall put/call ratio was 0.35. The buying action exceeded open interest at several strikes, including the April 5, June 5 and June 6 calls.

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