Force Protection, Inc. (FRPT: sentiment, chart, options) investors appear to be optimistic about a pending Pentagon contract, slated to be awarded to one of four bidders within the next few sessions. Further evidence of the high hopes has been the recent call activity surrounding the defense diva. Since Monday, call open interest in the front three months of options has skyrocketed from about 72,000 to 80,313 contracts. During the same time frame, near-term put open interest has escalated at a more moderate pace, rising from about 11,000 to 13,605 contracts.

What's more, according to data from WhatsTrading.com, the security saw roughly 8,500 calls cross the tape yesterday, more than doubling its average single-session volume of fewer than 4,100 contracts. Plus, in afternoon trading today, FRPT has already seen about 3,700 calls change hands, compared to its average intraday volume of 700 bullish bets.

Speculators yesterday honed in on the equity's July 12.50 call, which saw more than 4,100 contracts traded. Today, options players have centered on the closer-to-the-money July 10 call, which has already seen nearly 2,200 contracts change hands. The July 12.50 call's implied volatility currently rests at 138.3%, while the July 10 call sports an implied volatility of 139.5%. Compared to FRPT's one-month historical volatility of only 95%, both of these front-month options are relatively expensive at the moment.

At last check, the shares of FRPT were lingering in the $8.80 region, a gain of 10 cents, or 1.15%, from yesterday's close.