On CNBC's "Options Action," Mike Khouw said that ConocoPhillips (NYSE:COP) traded 1.8 times its average daily put volume on Monday.

The big trade that caught his eye was the purchase of 1,000 contracts of the June 11, $58.50/$58 put spread for 11 cents. The trade breaks even at $58.39 or 2.37% below the closing price on Monday and it can make a maximal profit of 39 cents. Khouw said this is a bet on a small pullback in ConocoPhillips.