Call traders targeted Transocean LTD. (NYSE: RIG) on Friday, as investors place their bets ahead of the company's turn in the earnings limelight on Wednesday, Nov. 4. During the course of the session, the security saw roughly 18,600 calls cross the tape – more than doubling its average daily volume of fewer than 9,000 calls, and almost tripling its single-session put volume.

Most popular was the stock's out-of-the-money November 100 call, which saw nearly 5,900 contracts change hands. Call open interest at the century mark swelled from roughly 2,650 contracts to more than 7,100 contracts as a result, indicating that the bulk of Friday's activity translated into new positions. What's more, 62% of the calls traded at the ask price, suggesting they were bought.

To continue reading this article, click here: http://www.schaeffersresearch.com/marketcenters/optionscenter/default.aspx?id=95808&source=businesswire