On CNBC's "Options Action," Mike Khouw said that Palantir Technologies Inc (NYSE:PLTR) options saw above average call activity on Monday as the number of traded contracts exceeded the average by about 90,000 contracts.

The most action was seen in the $24, $25 and $26 strike calls that expire on Friday. Around 45,000 contracts of the April $24 calls were traded for 65 cents. The trade breaks even at $24.65 or 5.61% above the closing price on Monday so buyers are betting on a quick recovery in Palantir.