$Trump Media & Technology (DJT.US)$ share price has more than doubled since late September, fueled by bullish options trading. On Thursday, investors bought call spreads and sold put spreads, set to expire after the U.S. presidential election in mid-November. The call spreads allow for the purchase of 5 million shares at $25, with a cap at $35, while the put spreads oblige sellers to buy 4 million shares at $12, capping losses at $7.

The stock's future could be influenced by the Nov. 5 election, where polls show a close contest between Vice President Kamala Harris, leading with 49%, and former President Donald Trump at 47.2%. PredictIt odds indicate a 54% likelihood of Trump's return.

Since its March entry into the public market via a blank check deal, Trump Media, owner of Truth Social, has experienced high volatility. The stock reached $79.38 before plummeting below $12 in September. Its 30-day realized volatility of 124 surpasses that of Bitcoin and GameStop, hinting at continued market swings.

On Friday, the stock climbed 4.81% to $25.28, marking a nearly 110% gain since September 23. Although it's uncertain if the surge is tied to the upcoming election, longer-term trades like these are uncommon, with shorter-term options usually making up the bulk of trading activity.