Options trading was heavy on Delta Air Lines (DAL: sentiment, chart, options) on Friday, as more than 14,300 contracts changed hands. This surge in volume was 2.6 times the equity's average daily trading volume of 5,600 contracts, according to data from WhatsTrading.com. What's more, 79% of the volume changed hands on the put side.

In the front three months of options, we find that trading was relatively light. However, both the December 6 put and the December 7 put both added approximately 500 contracts each in what appears to be a spread strategy.

Overall, options players are rather skeptical of the shares, as the Schaeffer's put/call open interest ratio comes in at 0.85. This reading is higher than 96% of all those taken during the past year. In other words, options players have been more skeptical of the shares only 4% of the time during the past 12 months.

However, sentiment may be beginning to shift. The International Securities Exchange (ISE) reported that 9.5 calls have been purchased during the past 10 trading sessions for every one put purchased to open. This ratio of calls to puts is higher than 85% of all those taken during the past year, pointing to a growing optimism among options players.

Furthermore, all nine of the analysts following DAL rate it a "buy" or better, according to Zacks. This bullish configuration leaves the shares vulnerable to potential downgrades, which could pull the shares lower.

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