By Pete Najarian, co-founder of OptionMonster

NEW YORK ( OptionMonster) -- Option trading is often active in Mylan ( MYL), and the generic drugmaker was lighting up OptionMonster's tracking systems again Tuesday as it hit a five-year intraday high.

Investors were buying time, getting into the April calls. Previous bursts of trading on Jan. 6 and Jan. 10 focused on the nearer-term contracts.

Trading in the April 23 calls started with an institutional-sized block of 2,142 bought for $1.34 after the stock opened higher. Shares continued to rally, ending the session up 4.56% at $23.84 and hitting its highest intraday level since early 2006 at $24.07.

For those calls to turn a profit, the stock needs to gain some 2% by the time the options expire in mid-April.

OptionMonster's systems also detected about 3,000 February 25 calls, first bought for 20 cents, but then for 34 cents and as much as 50 cents. Most of those trades changed hands at or near the ask price, which is also bullish.

More than 20,000 contracts ended up trading in the name, which normally sees only about 3,000 move in a day. Fewer than 1,000 of those contracts were puts.

Najarian owns MYL calls.
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