Netflix is far and away the best performer this year, rising more than 120 percent. And traders are betting on another big move ahead for the Internet media giant, off of the earnings that Netflix is set to report after Wednesday's bell.
In order to buy the two options contracts that would expose a trader to the fullness of the stock's moves through the end of the week, that trader would have to spend some $15.20, or 14 percent of the price of the stock.
"It's expected to be another volatile earnings [reaction] for Netflix, but put that in perspective — volatility is what we normally see from Netflix," commented Stacey Gilbert, head of derivative strategy at Susquehanna, in a Tuesday "Trading Nation" segment.
Indeed, this implied move is actually a tad smaller than the three jumps that Netflix has already seen off of earnings this year. Last quarter, the company rose 17 percent between the close of trading on Wednesday ahead of its earnings report and its close that Friday; the quarter before, it rose 20 percent in the two days after earnings.
If one is simply expecting the stock to rise, he can get a better deal, as he can buy upside exposure to the shares for about 7 percent of the stock price, by purchasing the weekly at-the-money call as of midday Wednesday.
Tuesday on CNBC's "Fast Money," Wedbush analyst Michael Pachter said that notwithstanding his very bearish price target, the stock will beat quarterly estimates "quite easily," perhaps driving it higher in the days ahead.
Read MoreStreet's most bearish Netflix analyst thinks stock will pop
