On CNBC's "Options Action," Tony Zhang said Carnival Corp (NYSE:CCL) traded fairly actively on Wednesday as 137,000 contracts were traded.

During the session, Zhang noticed a purchase of 1,200 contracts of the July $30 calls for $1.32. The trade breaks even at $31.32 or around 7% above the closing price on Wednesday. The strategy risks only 4.5% if the stock trades lower at the July expiration.

The company is going to report earnings in a couple of weeks and there is a risk that we are going to see another revenue or earnings miss to the downside, said Zhang.