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April 20, 2012  Fri 9:05 AM CT

Deutsche Bank is up today, but one investor remains cautious.

optionMONSTER's Depth Charge tracking program detected the purchase of 3,250 May 45 puts for $2.10 and the sale of an equal number of May 40 put for $0.65. Volume was more than 4 times previous open interest in both strikes.

The trade cost $1.45 and will earn a maximum profit of 245 percent if the German lender closes at or below $40 on expiration. It's known as a put spread because it leverages a move between two prices. (See our Education section)

DB is up 2.47 percent to $45.37 in morning trading and is down 12 percent in the last month. It rallied along with other financials earlier in the year but has been struggling since mid-March. The stock is also vulnerable to potential blow-ups in Europe amid worries about Spain.

Overall option volume in DB is twice the average amount, with puts outnumbering calls by 43 to 1. Earnings come out on April 26.
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