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One trader is positioning for a gradual rebound in DirecTV, apparently thinking that the stock is at long-term support.

optionMONSTER's Heat Seeker tracking program detected the purchase of 5,000 December 52.50 calls for $0.55 and the sale of an equal number of December 42 puts for $1.98. Volume is more than 40 times open interest at both strikes.

The investor collected a credit of $1.43 and will make money on the calls if DTV pushes higher over the remainder of the year. The puts sold short will also dwindle in value if that happens.

While in some respects similar to owning equity, the strategy differs because it will track movements in the stock price less closely as time passes . The position will also expire worthless if the stock remains between $42 and $52.50. (See our Education section)

DTV, which has been stuck within that range since December, is up 0.1 percent to $44.93 in midday trading. Today's bullish trade pushed total option volume in the satellite-television company to almost 8 times greater than average.

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