By David Russell, reporter at OptionMonsterNEW YORK -- Traders are looking for a rally from Yelp ( YELP) as the consumer-review network hovers near the top of its recent range. OptionMonster's tracking systems detected the purchase of more than 2,500 October 26 calls for $1.95 to $2 on Friday. Volume was more than triple the open interest in the strike at the start of the day, indicating that this is new positioning. Owning calls locks in the price where the investor can buy stock. They can generate some nice leverage in event of a rally but will lose money if the stock fails to move or declines. Yelp's shares rose 3.09% to $27.05 on Friday and are up 21% in the last month. Short interest represents one-quarter of the float in the social-media and e-commerce stock, despite repeatedly strong financial reports. That could help draw buyers and squeeze the stock higher. Calls outnumbered puts by about 4,700 to 1,380 in the session, a reflection of the bullish sentiment. Russell has no positions in YELP.