Ultra Petroleum Corp (UPL, news, chart, volatility) is seeing 10 times its normal options volume today, with shares off 20cents near $37.00 and a notably bullish sentiment to the flow. Early this afteroon when shares were near 36.35 the June 25 put – 45 call strangle was crossed on the ISE 10500x, with the seller collecting $5.20 to open this new position. 12 minutes later a CBOE buyer paid 7.20 for 7000 June 35 calls, also opening. Size suggests the same trader likely legging into the long 35-45 call spread with a slight ratio, and selling the 25 puts for a small net credit to the package.