By Chris McKhann , analyst at OptionMonster.SAN FRANCISCO ( TheStreet) -- Option volume in Gap ( GPS) is unusually bullish as its shares trade just below five-year highs. The average daily volume in the name is 5,000 contracts, but eight times that number traded Wednesday. OptionMonster's real-time systems showed that one block of 22,000 April 24 calls was bought for 30 cents against open interest of just 21 contracts, so it was clearly a new position being opened. Traders also were buying the June 24 calls, with two blocks of 4,250 contracts going for 75 cents and 80 cents within a second. This buying was less than half the open interest of 9,379 contracts, but it did come within a couple of minutes of the larger trade so they could be related. Gap finished the session down 0.63% to $23.15, its highest close in five years and just off the 52-week intraday high of $23.36 hit in October. Shares have been in a near-vertical run from $19 at the beginning of February. All of this call-buying certainly appears to be a bet that GPS shares will break to new highs over the next month. At the time of publication, McKhann had no positions in the stock mentioned.