NEW YORK (TheStreet) -- Over the past 52 weeks, Verizon Communications (VZ - Get Report) has traded between $38 and $52. Over the past few weeks, Verizon has traded between $43 and $46+ as the stock, as well as almost all stocks, have been quite volatile. Blame that fact on conspiring short-sellers and angst-laden buyers who stayed in cash or sold at the bottom and won't come back until it's "safe to buy again."

At the $46 level, Verizon has a dividend yield of almost 5% and trades at a forward PE of 11 times, or 4 times consensus next year's earnings estimate of $4 per share. For this current quarter ending September 30, consensus sees Verizon growing at a 16% year-over-year rate. Those projected earnings are $1.08 vs. last year's 89 cents.

Given the volatility of the current market environment, if you are going to trade options, it will most times pay to use both a limit order, as well as trying to buy when your neighbor is selling. Thus, the following trade is based on that premise, along with using a price for VZ that is near $45.

The trading tactic I prefer now for VZ is the bullishly biased vertical call spread.

Trades: Buy to open VZ Apr 45 calls and sell to open VZ Apr 50 calls for $1.50 debit.

The suggested target to close for a gain is a bid of $2.00 and the suggested stop is a bid of $1.00. As always, this is a guideline and you should always stick to your trading plan and what's best for your risk/reward tolerance.

VZ Chart
VZ data by YCharts

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.