By Jud Pyle, CFA, chief investment strategist for the Options News NetworkOmniVision Technologies ( OVTI) did not announce any news today, but at least one investor boosted call volume in the semiconductor name, betting on near-term upside. OVTI shares closed up 21 cents to $16.14. The company has not announced its next earnings release, but the market expects the report at some time around May 27. OVTI breached the $17-mark in September, but has since sold off roughly 5%. Options action during today's session suggests at least one investor anticipates a new high throughout the next month. The April 17.5 calls have crossed the tape more than 7,000 times so far today vs. current open interest of just 103 contracts, indicating investors traded these options to open. It appears that investors bought these calls for the ask price of around 40 cents per contract. Bullish call buyers will make money if OVTI shares close higher than $17.90 at April options expiration. These calls have an implied volatility of 43%, compared to a 30-day historical volatility of 47%. We know that the options action occurred on the buy side because the options have gained 12 cents on the day with a 31-delta, which is roughly 10 cents higher than the delta would suggest. The fact that the options are out-of-the-money and yet have appreciated by more than the increase in the share price is a classic illustration of increasing implied volatility. While the options action we saw today does not seem to have a catalyst, it's interesting that at least one investor expects significant upside in the stock prior to the company's next earnings release and is looking to get in on a possible quick rally throughout the next month. Jud Pyle is the chief investment strategist for Options News Network (www.ONN.tv) 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.