bullish options traders made their voices heard this week as microsoft managed to claw back from losses of more than 5 to close in the green bearish bets decidedly outpaced bullish bets on the tech giant which reports earnings after the bell on tuesday in the first half of the day monday with may 210puts emerging as the most popular strike however as the day wore on and microsoft began its comeback sentiment in the options market quickly changed we did see calls outpacing puts by a ratio of about 3to2 optimize advisors cio michael khouw said monday on cnbcs fast money the four most active options were all weekly calls the most active of those were the jan 28 weekly 300calls we saw over 27000 of those trading for 484 in premium buyers of those calls are risking just over 16 of the closing stock price to bet that the stock will finish higher after they report earnings khouw said those call contracts which expire this coming friday have a breakeven underlying stock price of 30484 thats just about 3 higher than where microsoft closed mondays session or half of the magnitude of the stocks implied move between now and fridays close not only did call contracts eventually outpace the trading volume of put contracts in microsoft during mondays session but calls made up all of the top four most active contracts in the name by the time the closing bell rang microsoft was trading about 3 lower in tuesdays session