One of the drawbacks of computed text is that you can't put a hotspot around it. But, if you're using a form design element (either a regular form, or a $$Template), then there is a way to get the text of a hotspot to be dynamic.

What you want to do is create a computed for display text field. The value of the field is the same as what your computed text used to be. So now this field will display a text value, and it will be the same as your computed text.

You can now put a hotspot around a compute for display field. Viola! You have a hotspot where the "clickable" text is computed.

You can't put fields on a page

If you're using a page design element, you know that you can't put fields on a page. However, there really isn't a whole lot of difference between a page and a form, so a form could be used. If you're using your page for navigation in a frameset, there's nothing stopping you from using a form in the exact same place. What you'll want to do on your form is to create a hidden, computed, text field called SaveOptions with a value of "0" (a text zero). This will prevent any documents using this form from being created. Now your form can be treated just like your page was before.