By David Russell, reporter at OptionMonster

NEW YORK -- The bulls are coming back to BMC Software ( BMC).

Traders were buying in the April 40 calls on Monday, as Pete Najarian reported on Monday, and Wednesday they turned their attention to the May 45s. A single large block of 10,000 contracts priced for 23 cents, followed by subsequent prints for 25 cents and 30 cents, according to OptionMonster's real-time tracking systems. Volume was more than 100 times open interest in the strike at the beginning of the session, indicating that this was fresh buying.

Calls lock in the price investors must pay for the stock, which gives them major leverage on a percentage basis in the event of a rally. But should the shares fail to move, those options will expire worthless.

BMC rose 0.65% to $38.75 Wednesday. The corporate software maker has been trying to work its way higher since early January but remains trapped below its 200-day moving average. Management raised earnings guidance on Feb. 1, drawing buyers to the stock.

Overall option volume in the name was 19 times greater than average in the session. Calls outnumbered puts by 44 to 1.

Neither Russell nor Najarian has a position in BMC.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.