NEW YORK (TheStreet) -- With BlackBerry (BBRY) set to release earnings Friday, TheStreet's Debra Borchardt talked to Scott Redler, chief strategic officer at T3, about how to trade the phone maker.

Analysts have sales estimates all over the map, according to Borchardt, and BlackBerry will either have shorts panicking if it can beat those estimates or cheering if it misses them.

Redler pointed out that he hasn't seen too many BlackBerry phones being toted by consumers, and that the short float is particularly high, at 32%.

Conversely, with the stock trading in the mid-$14 range, there is substantial support and accumulation in mid-$13 to $14 range, he said.

Redler added that if BlackBerry impresses investors, the stock will likely move quickly to the upside. Over $15 and shorts will be nervous. Over $16 and they may be forced to cover, which would really drive the stock higher, he said.

However, the stock was trading in the single digits not all that long ago, meaning that disappointing figures coupled with high short interest could drive the stock down rather quickly.

According to Redler, the best way to play the stock to the upside before earnings would be with a call spread, where traders buy a lower strike call option and sell a higher strike call option to reduce risk, while still participating in an upward move.

He concluded that using options will limit the trader's risk to the premium paid. Whether you trade it before earnings or not, one thing is for certain: BlackBerry will be active on Friday.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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