By Pete Najarian, co-founder of OptionMonsterNEW YORK -- Visa's ( V) earnings are more than a week away, but traders are already positioning for good news. Almost 35,000 options traded in the name Monday, compared with a daily average of fewer than 6,000 contracts. Total calls outnumbered puts by almost 2 to 1. The most active strike by far was the May 120 calls, which saw more than 11,000 contracts trade. The largest block priced for $2.55, and they ended the session at $2.70 to $2.75, according to OptionMonster's real-time tracking systems. Those calls lock in the price that traders must pay for the credit-card stock. The contracts will leverage a move to the upside but will expire worthless if the stock fails to rally. Visa closed at $118.10 Monday, down 2.4%. It got taken to the woodshed earlier and was down at nearly 3% at one point during the session. The company is scheduled to report quarterly earnings on Wednesday, May 2. Rival American Express recently released first-quarter results that exceeded expectations on strong spending by cardholders. In addition, cuts to rewards and promotion costs kept expenses in check. Najarian owns V calls.