By Mike Yamamoto of OptionMonster

NEW YORK -- McDonald's (MCD - Get Report) has been struggling for months, but one bull is rolling a large position higher. 

OptionMonster's Heat Seeker tracking system showed that a trader sold 15,000 January 92.50 calls for $2.53 and bought 15,000 January 95 calls for $1.38 on Monday. Volume was below previous open interest in the lower contracts, which indicates that an existing position was closed and rolled to the higher strike. 

Long calls lock in the price where investors can buy shares in the fast-food chain, increasing in value in a rally. This limits risk because only the cost of the options can be lost if the stock drops. In the case of Monday's transaction, the trader was also recover $1.15 of capital while staying positioned for more gains. 

MCD slipped 0.13% to $93.61 on Monday. The stock has rebounded from mid-October losses with the rest of the market but remains well off its 52-week high of $103.78 in mid-May. 

Total option volume is about 2.5 times its full session average, with calls outnumbering puts by more than 5 to 1. 

Yamamoto has no positions in MCD.

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.