By Pete Najarian, co-founder of OptionMonsterNEW YORK -- Options were active in the financials Wednesday, and trading in Bank of America ( BAC) was red hot. The October 15 calls really stood out on OptionMonster's tracking systems, with one huge block of 39,800 bought for 37 cents. But the volume was largest in the July 14s expiring Friday, followed by the August 14s and 15s. These calls lock in the price where shares can be purchased, letting investors establish upside positions at a relatively inexpensive cost. They can also generate some major leverage if the stock rallies. Bank of America shares rose 2.8% Wednesday to close at $14.31 after it reported strong earnings in the morning. The stock is now at its highest level in 2-1/2 years. More than 1 million options traded in the name overall on Wednesday, five times the average amount. Calls dominated the activity, accounting for 79% of the total. Najarian owns BAC calls.