As goes Boeing, so goes the industrials.

Shares of the aircraft manufacturer have sunk more than 13% in the last few weeks, as the company faces continued fallout over its 737-Max planes. The industrials sector has managed to shake off the Boeing fallout, rising more than 1% since the Ethiopian Airlines crash involving a 737 Max in mid-March, but that is about to change, according to one trader.

Boeing makes up just under 9% of the industrials ETF (XLI) that tracks the space, and after American Airlines trimmed first-quarter guidance due to the 737-Max grounding, Dan Nathan of RiskReversal.com suspects the damage could begin to spread to the sector.

"Today was kind of interesting," said "Options Action" trader Dan Nathan on CNBC's "Fast Money" on Tuesday. "There were a lot of [volatility buyers] in the XLI, playing for movement between now and May 3 expiration."

Specifically, Nathan noted these traders were buying the May 3 weekly 76-strike straddle for $2.40.

"That's buying the call premium and the put premium. When you put that together, you're basically buying the implied movement between now and May 3" said Nathan. "That trader is making the bet that the XLI will be, at least, above $78.40 or below $73.40 by May 3 expiration. They're playing for movement of about 3% in either direction."