One investor is trying to turn time into money with CentryLink.

optionMONSTER's tracking programs detected the sale of 5,000 April 41 calls for $0.57 and the purchase of an equal number of January 40 calls for an average premium of $0.375. Volume was below open interest in the January options but not the April contracts, indicating that an existing position was rolled from one contract to the other.

The investor probably owns shares in the slow-moving telecom and is using the options to earn extra income and reduce volatility . (See our Education section for more on covered calls )

Adjusting the position allows the trader to collect an additional $0.195 of income and raises by $1 the level at which the shares can be sold. He or she also avoids the possibility of being forced to unload the stock at expiration two weeks from now.

In addition to the credit received from selling calls, the investor receives the company's rich 7.2 percent annualized dividend yield. The net result is a slow-money trade with a risk profile akin to owning bonds but with a much higher potential return.

CTL rose 0.38 percent to $39.91 on Friday. Its total option volume was 5 times greater than average in the session.

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