One investor apparently thinks that OpenTable is bottoming out.

optionMONSTER's tracking systems detected the sale of about 3,200 March 45 puts for $1.38 and the purchase of an equal number of March 42.50 puts for $0.78. Volume was more than quadruple open interest in each strike.

The trade resulted in a credit of $0.60, which the investor will keep if the online restaurant-reservation service remains above $45 through expiration. He or she will be forced to buy shares below that price. The 42.50 puts provide protection against the risk of a major collapse to more dramatic lows.

Known as a put credit spread , the transaction is an example of a market-neutral strategy the makes money from the passage of time rather than a directional move. (See our Education section)

OPEN is up 0.19 percent to $46.79 in afternoon trading. It's been drifting higher since late November but is still down by more than 50 percent from its highs last spring.

Overall option volume is 5 times greater than average in the name so far today.