Unusual Options Activity: Big Ratio Spread on GPS

We spotted a big Wednesday trade in options on Gap Inc. (GPS). At 10:39 this morning, 5,000 contracts of each of the March 23, 27 and 30 call changed hands. Volume outstripped open interest on the 23 and 30 strikes, which makes it seem likely that the trades were to-open at all three strikes. Pricing on the 23 calls was high in the spread, while the 27s and 30 were at the bid. This seems to be a essentially a big ratio spread that will profit as GPS rises.