CHICAGO (

TheStreet

) --

Citrix Systems

(CTXS) - Get Report

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shares are relatively unchanged on the day, but it appears at least one investor expects significant upside in the stock throughout the next few months.

The March 35 puts have crossed the tape more than 10,000 times, while the March 50 calls have changed hands 11,300 times thanks to at least one investor who employed a bull synthetic for a net credit of 10 cents. The investor sold the out-of-the-money put for around 45 cents and bought the OTM call for roughly 35 cents in this bullish risk reversal, which simulates being long stock.

The March 35 puts are home to 8,840 contracts of open interest, and the March 50 calls are home to current open interest of 7,176 contracts. The puts are unchanged on the day, while the calls have gained two cents so far today.

CTXS did not announce any news today, and the company is not expected to announce earnings until sometime around Jan. 27. The risk reversal we saw cross the tape suggests at least one investor is taking a bullish stance on CTXS, and expects further upside even after the company releases earnings figures.

-- Written by Jud Pyle in Chicago

At the time of publication, Pyle did not have a position in the stock mentioned. Jud Pyle, CFA, is the chief investment strategist for Options News Network. Pyle started his career in finance in 1994 as a derivative analyst with SBC Warburg. After four years with Warburg, Pyle joined PEAK6 Investments, L.P., in 1998 as an equity options trader and as chief risk officer. A native of Minneapolis, Pyle received his bachelor's degree in economics and history from Colgate University in 1994. As a trader, Pyle traded on average over 5,000 contracts per day, and over 1.2 million contracts per year. He also built the stock group for all PEAK6 Investments, L.P. hedging, which currently trades on average over 5 million shares per day, and over 1 billion shares per year. Further, from 2004-06, he managed the trading and risk management for PEAK6 Investments L.P.'s lead market-maker operation on the former PCX exchange, which traded more than 10,000 contracts per day. Pyle is the "Mad About Options" resident expert. He is also a regular contributor to "Options Physics."