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• Unusual options activity has emerged in CF Industries Holdings (NYSE:CF), with heavy call contract volume and a high volume-to-open-interest ratio.

• The spike points to a large batch of new positions being built in the options market, rather than traders only adjusting existing contracts.

• This options activity sits alongside recent stock moves, with NYSE:CF last closing at $109.26.

CF Industries Holdings has seen mixed price action recently, with the stock down 6.3% over the past week and down 12.2% over the past month, while still up 36.4% year to date and 17.2% over the past year….