Has Cablevision finally hit a bottom?

One bull is sticking with Cablevision Systems as the stock fights its way back from multi-year lows.

optionMONSTER's Heat Seeker monitoring system detected the purchase of 10,000 August 15 calls for $0.15 and the sale of an equal number of July 15 calls for $0.05. Volume was below open interest in the July options but not the August contracts, indicating that an existing position was closed and rolled forward.

The trade cost $0.10 and gives the investor an additional month to profit from a rebound in the share price. If he or she hadn't adjusted the trade sooner, time decay could have made it impossible to get any money back for the July contracts. (See our Education section)

CVC is up 3.78 percent to $12.64 in early afternoon trading. Earnings reports were mediocre in late February and early May as the cable company grappled with capital-spending and pricing issues.

The shares are now down to roughly the same level where they hit resistance in mid-2009. That could be leading some chart watchers to believe that the stock is at support and ready to rebound.

Overall option volume is 7 times greater than average so far in the session, according to the Heat Seeker. Calls outnumbered puts by more than 300 to 1.

More From optionMONSTER

• CenturyLink gets vote of confidence
  
• Complex play bets on Tiffany rebound
  
• Index, ETF option volumes near midday