Options traders are all over shares of Citigroup, with bullish bets surging as traders expect the stock's recent rally to continue.
Since the start of February, Citi shares have surged 14 percent. And options traders don't think the run will stop now.
Bullish bets on Tuesday made Citi the fourth most popular stock for options trading, as twice Citi's average daily call volume traded.
And in one markedly large bet, one trader bought March 48/55.50/57 risk reversals for no premium. In other words, the money the trader took in by selling the March 48-puts and the March 57-calls offset the amount paid for the 55.50-calls.
Maximum profits come with Citi at or above $57 on March expiration (on March 20). That would represent a 6 percent gain from Tuesday's closing price.