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Citrix Systems has been grinding higher, and one investor remains bullish as earnings approach.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 1,440 January 85 calls for $6.92 and the sale of an equal number of January 105 calls for $1.72. Volume was more than twice open interest at both strikes.

The trade resulted in a cost of $5.20 and will earn a maximum profit of 285 percent if the maker of networking software closes at or above $105 early next year. CTXS hasn't seen that level since the peak of the dot-com bubble in March 2000.

Known as a bullish call spread , the strategy is popular because it lets investors leverage a move between two price points with limited risk. Investors also purchased more than 1,900 September 85 calls for $3 to $3.30 about an hour later, looking for a rally as well. (See our Education section)

CTXS is off 0.39 percent to $77.47 in afternoon trading but is still up 27 percent so far this year. The company is scheduled to report second-quarter earnings after the bell tomorrow.

Overall option volume is quadruple the daily average so far today, according to the Heat Seeker. Calls outnumber puts by a bullish 5-to-1 ratio.

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