Tesla Motors closed at USD 358.08, up 0.42%.

TSLA options trading featured two standout large trades: a $10.55 million sale of 360.0 calls expiring 2026-10-02, and a $3.90 million net credit bull put spread using the 360.0/260.0 puts expiring 2027-01-15. The call sale acts as an upside cap, while the put spread reflects confidence in downside resilience.

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Options Indicators

TSLA’s implied volatility is 46.80%, and with an IV percentile of 19.12%, current option volatility sits on the low side of its recent range, indicating that options are relatively cheaply priced rather than expensive. The IV/HV ratio of 0.92 also suggests implied volatility is slightly below historical realized volatility, reinforcing the view that premium levels are not stretched and that option pricing remains comparatively modest at the moment.

The Call/Put volume ratio is 1.30.

Large Trades

A bull put spread collecting a $3.90 million net credit was one of the day’s most notable positioning trades, pairing the sale of the 360.0 put with the purchase of the 260.0 put for the 2027-01-15 expiration. With TSLA referenced at 358.08, the short 360.0 put was in the money while the long 260.0 put was out of the money, creating a bullish put spread that expresses a constructive view with defined downside risk. The structure’s net credit indicates premium collection as the primary objective, while also signaling confidence that TSLA can hold up well enough over time to make the short strike manageable or ultimately profitable.

A single-leg call sale worth $10.55 million was the largest displayed trade, involving the sale of 360.0 calls expiring on 2026-10-02. With the stock at 358.08, the strike sat slightly out of the money at the time of execution, making this a moderately bearish or capped-upside position that benefits if TSLA fails to rally materially above 360 by expiration. Strategically, this kind of large uncovered or overwrite-style call sale typically reflects either premium harvesting or a view that upside will be limited, and its size makes it an important counterweight to the more constructive spread activity elsewhere in the tape.

Overall, the large-trade flow leans modestly bullish, but with a clearly mixed tone rather than outright aggressive upside conviction. The bullish bias is supported by the net positive sentiment in the bulk orders and by the presence of a sizable bull put spread that monetizes a view of underlying resilience, yet that optimism is tempered by the day’s single biggest displayed trade being a large out-of-the-money call sale that points to skepticism about near-to-medium-term upside extension. Taken together, the flow suggests the market is leaning toward TSLA remaining supported and range-resilient, while still showing caution about a sharp breakout above current levels.

Strategy Reference

For sellers seeking low assignment probability, the 320.00 put for the nearest monthly expiration offers a strike well below current price and implied support, or a defined-risk bull put spread such as selling the 330.00 put and buying the 280.00 put can reduce margin requirements while maintaining a range-resilient bullish view.