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Allscripts Healthcare Solutions cratered last week, and investors expect a slow comeback.

optionMONSTER's tracking programs detected the sale of more than 5,000 September 12 calls for $0.75 to $0.85. Volume was more than 20 times open interest in the strike.

MDRX is up 2.24 percent to $10.54 in morning trading. It lost more than one-third of its value on Friday after earnings missed expectations and management predicted higher software costs. In addition, its chief financial officer, chairman, and several directors jumped ship.

Today's option trader probably owns shares in the health-care IT company and is using the short calls to manage their position. He or she is now obligated to unload the stock for $12 if it closes at or above that level on expiration. Including the premium earned their exit price would be about $12.80.

The $12 area was a consolidation range in April and May of 2009, so they may expect it to become resistance in coming months. Today's strategy also benefits from the spike in volatility that followed last week's selloff because it allowed the investor to collect more income from selling the calls. (See our Education section)

Overall option volume is 9 times greater than average so far today.

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