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One investor is keeping hope alive in Eldorado Gold.

optionMONSTER's Heat Seeker tracking system detected the purchase of about 1,000 June 15 calls for $0.45 and the sale of an equal number of May 15 calls for $0.20. Volume was below open interest in June but not in May, which suggests an existing trade was rolled from one month to the next.

The trade cost about $0.25. The May calls will lose value at an accelerating pace as expiration approaches, so by adjusting the position now the investor saved himself or herself losses that would result from time decay. (See our Education section for more on how options can be used to manage risk.)

EGO rose 0.91 percent to $14.34 on Friday. The stock fell hard in late 2011 after hitting an all-time high of $22.12 in September but has spent the last four months building support around $13. Some investors may expect EGO to rally soon despite the recent weakness in the broader gold-mining industry.

Calls outnumbered puts by a bullish 12-to-1 ratio on Friday, according to the Heat Seeker.

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