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Calpine rallied yesterday, and one investor apparently thinks that the power company still has room to run.

With less than two minutes remaining in yesterday's session, optionMONSTER's Heat Seeker monitoring program detected a surge of call volume as a large bullish trade was rolled forward in time.

It entailed the sale of 5,082 October 18 calls for $0.25 at volume that was under open interest and the purchase of an equal number of November 19s for an average premium of $0.325. Adjusting the position spared the investor from another day of time decay , which will erase the value of those October contracts at an accelerating pace as expiration approaches this Friday. (See our Education section)

As a result, he or she now has an additional four weeks to profit from a rally by the electrical-generating company. The trader paid about $0.075 to extend the position.

CPN rose 4.12 percent to $18.20 yesterday and has been slowly trending higher since the market bottomed in early 2009.

The roll accounted for most of Calpine's option activity in the session, pushing its total volume to 15 times greater than average. Calls outnumbered puts by a bullish 33-to-1 ratio, according to the Heat Seeker.

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