By Jon "DRJ" Najarian of OptionMonster

NEW YORK --  It hit late Friday, but a massive trade is looking for a rally in Facebook (FB).
 
OptionMonster's tracking programs showed that a big player bought 34,000 July 67.50 calls for $1.08 and sold the same number of July 70 calls for 64 cents. That's a cost of 44 cents per contract, or $1.5 million in total.
 
This bullish call spread now controls a move between $67.50 and $70 on 3.4 million shares through July expiration, as I mentioned on CNBC's "Fast Money" show. So the initial outlay can expand to as much as $8.5 million.
 
Owning calls locks in the price where the investor can buy the social-media stock, while selling them obligates him or her to sell shares if they climb to a certain level. Combining the two cheaply captures a move between the two strikes.
 
The call spread was the largest transaction in the entire option market on Friday. Facebook shares rose 1.37% to $61.35 in the session.
 
Overall option volume in the name was triple its daily average for the last month. Calls accounted for a bullish two-thirds of the total.
 
Najarian is long FB.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

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