Biovail (BVF, news, chart, volatility) is seeing six times normal trading volume, with 5,051 calls and 0 puts trading on the day. The November 7.5 calls saw the most action, with a block of 5,000 contracts traded for 40 cents a contract at 10:15 ET on the NYSE. A few minutes later, a block of 500,000 shares traded for $7.25. The action is possibly part of a buy write, where the strategist sold calls against stock. If so, the investor paid $6.85 per share total and, if shares rally, might be willing to sell at $7.50 by November options expiration for a 9.5 percent gain.