Pete Najarian, co-founder of OptionMonster.

Tiffany ( TIF) options are experiencing some heavy call activity as the company's shares try to break out of their recent trading range.

Tiffany had risen steadily since hitting its 52-week low of $16.70 on March 6 but has met some resistance in the $23-$24 range since reporting some ugly sales numbers later in the month. Shares are trading at $23.56 this afternoon, down slightly.

Today's options activity is heaviest at the April 24 and 25 strikes, where more than 12,000 calls traded in the first 30 minutes of today's session, according to OptionMonster's tracking systems. That is more than double the average contract volume for a full day, and the April 24 call volume was 10 times open interest of just 566 contracts.

The April options expire Friday, however, and will be worthless if the stock is under the $24 and $25 strike prices of those contracts.

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