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One investor is using a complex strategy to bet on Goldcorp, which is trying to hold levels last seen almost two years ago.

optionMONSTER's tracking programs detected the purchase of about 12,000 October 40 calls for $3.05 to $3.10. Similar numbers of contracts were sold in the October 36 puts for $2.30 and the October 48 calls for $0.85. Volume was more than 19 times open interest in all three strikes.

Because the trader owns the October 40 calls, he or she has the right to buy GG shares for $40 at any point through Oct. 19. Those contracts are highly leveraged to movements in the share price and can double, triple, or more if the stock gains just 20 percent to 30 percent.

The investor also sold other options to reduce the cost and enhance gains even further, but the move comes with consequences. Because the puts were sold, the trader is now obligated to buy stock for $36 if it falls that low. And the position will not benefit from any gains above $48.

The net result is that the trader collected a small credit and can earn a maximum profit of $8 per share if GG closes at $48 or higher on expiration. The investor also faces potential losses to the downside, so it's similar to owning stock. The main difference is that the entire position will expire worthless if the shares remain between $36 and $40.

GG rose 1.06 percent to $39.12 on Friday. It's down more than 20 percent in the last three months and is trying to hold the same area where it bounced in July 2010. Another miner, Eldorado Gold, also saw bullish trading in the session, and Pete recently cited similar activity in the GLD exchange-traded fund, which tracks bullion prices.

Overall option volume in GG was 6 times greater than average on Friday.

(A version of this post appeared Friday InsideOptions Pro .)

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