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It might not be the year of the bull in China, but investors are still looking for a rally in Taiwanese stocks.

optionMONSTER's Heat Seeker tracking system detected the purchase of 10,000 June 13 calls in the iShares MSCI Taiwan Index Fund for $0.11. An equal number of June 11 puts were sold at the same time for $0.05. Volume exceeded open interest at both strikes.

The trade cost $0.06 and is similar to owning shares in the fund. If the EWT rallies, the long calls will appreciate, while the short puts will lose money to the downside. Unlike owning equity, the position will track the stock less closely as time passes, and expire worthless if it remains between $11 and $13 on expiration.

The EWT is up 0.81 percent to $12.44 in afternoon trading but has lost 9 percent of its value in the last two months. Given its heavy dependence on exports and the global economy, the fund has performed twice as badly as the S&P 500 in the same period.

Today's trade is an inexpensive and low-risk way for the investor to participate in the event of a sudden rally. He or she may perceive that there is little danger of loss because the EWT hasn't traded below $11 in almost two years. (See our Education section)

Overall option volume in the fund is 15 times greater than average so far today, according to the Heat Seeker.

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