By Jud Pyle, CFA, chief investment strategist for the Options News Network

Shares of

Netflix

(NFLX) - Get Report

were rallying Thursday, up more than 2% despite a down day on Wall Street.

The company announced earnings after the close on Monday and saw the shares pop over 15% on Tuesday. There is no company-specific news today, but David MacDougall did write

an article on TheStreet.com

. With today's rally and despite the lack of new news, at least one investor was betting on a further run by purchasing some calls that are way out of the money.

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The NFLX March 50 calls have traded over 10,500 times so far today vs. open interest of zero, according to the Sidewinder report at ONN.tv. The calls are currently trading for around 30 cents with the stock trading for $37, up 85 cents. These calls closed last night at 5 cents.

The implied volatility for these calls is 55. That is not unusual for a buyer given that the stock has a historic volatility of 84 for the last 63 days. What is unusual about this though is the break-even. The investor needs the stock to be above $50.30 at expiration in order for this trade to make money. Shares of NFLX have never been that high, ever.

This activity in NFLX does not mean that investors should run right out and buy shares of the stock. But it is worth noting that this is the type of activity that we sometimes see when there are takeover rumors. There are no such rumors in NFLX, but at least one investor thinks the stock has some room to run to new highs.

Jud Pyle is the chief investment strategist for Options News Network and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.

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."