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March 22, 2013  Fri 3:47 AM CT

CTRX: SEE CHART GET CHAIN FIND STRATEGIES
One investor apparently thinks that Catamaran will sail higher.

optionMONSTER's Heat Seeker market scanner detected an unusual bullish three-way trade in the pharmacy-benefits company, already up more than 1,600 percent in the last 4-1/2 years.

The strategy involved buying the July 52.50 calls for $4.20, while the July 47.50 puts were sold for $2.50 and the July 60 calls were sold for $1.60. An even 2,510 contracts traded in each, pushing total options volume to more than 6 times open interest at all three strikes.

It cost just $0.10 to open the position, which will earn a profit of 7,400 percent if the stock closes at or above $60 on expiration. It also faces potential losses to the downside because of the short puts. (See our Education section for more on the benefits and risk of selling protection.)

CTRX fell 0.71 percent to $51.85 yesterday and has been trending steadily higher since the market bottomed in late 2008 amid consistently strong earnings reports.

Total option volume was 6 times greater than average in yesterday's session, according to the Heat Seeker.
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