If you're an options buyer, the personality you're looking for is a relatively nonvolatile, uptrending stock. Options traders can profit the most when their expectations differ from the market's. The actual options that trade on individual stocks will very often give you a clue to current expectations. Let's take Microsoft as an example. Back in December 1997, the market was concerned by the ongoing antitrust investigation, and these concerns were manifested in a very heavy accumulation of put open interest.
Open interest is, simply, the number of contracts that exist at any point in time.
Calls and puts are considered separately, as are the various options' strike prices. There was a record level of open interest in put options for Microsoft. This was occurring at the same time that the stock was pulling back to its 10-month average. The heavy accumulation of puts was a reading of negative sentiment on Microsoft's outlook. A contrarian would believe that Microsoft's situation called for a bullish options strategy.