Tesla, Inc. closed at USD 356.58, down 0.67%.

The options market saw a standout $2.01 million long-dated call purchase at the $990 strike expiring in 2027, signaling a high-conviction long-term bullish bet. A separate $292 thousand call sale at the $377.5 strike for 2026 reflected a more capped-upside view. With the Call/Put volume ratio at 1.37 and low IV percentile, flow was mixed but net moderately bullish.

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Options Indicators

TSLA’s implied volatility is 46.03%, while its IV percentile is just 13.55%, which places current option pricing in the low end of its historical range. In other words, although the absolute IV level is not especially low in isolation, relative to TSLA’s own past volatility backdrop, options are currently cheaply priced and implied volatility is on the softer side. The IV/HV ratio of 0.90 also suggests implied volatility is running slightly below realized volatility, reinforcing the view that option premiums are not stretched at the moment.

The Call/Put volume ratio is 1.37.

Large Trades

A CALL buy worth $2.01 million was the standout large trade of the day, with 8,544 contracts bought at the 990.0 strike expiring on 2027-06-17. With TSLA referenced at 356.58, this is a clearly out-of-the-money long call position, making it a high-conviction bullish directional bet on substantial upside over a long-dated horizon. The far-above-spot strike suggests the buyer is positioning for a major upside repricing rather than near-term incremental gains, and the premium outlay indicates willingness to pay meaningful time value for asymmetric upside exposure.

A CALL sale worth $292 thousand was another notable large trade, involving 2,922 contracts sold at the 377.5 strike expiring on 2026-09-18. With the strike still above the current stock price of 356.58, this is an out-of-the-money call sale and therefore a bearish-to-capped-upside expression. Strategically, it points to premium collection or a view that TSLA is unlikely to rally decisively through that level by expiration, and it also reflects a more restrained outlook compared with the aggressive upside stance seen in the largest long call purchase.

Overall, the large-trade flow leans bullish, but with a mixed tone. The dominant feature is the sizeable long-dated upside call purchase, which signals that at least one large participant is positioning for a meaningful long-term rally in TSLA. At the same time, the broader block flow includes several call sales and a put purchase, showing that not all institutional activity is aligned with aggressive upside. The net picture is still moderately bullish, supported by the fact that the biggest transaction was an outright upside bet, while the bearish trades appear more consistent with premium harvesting or skepticism toward near-to-medium-term upside follow-through.

Strategy Reference

For a low assignment probability, sellers could consider the $450 or $500 strike in the 2027-06-17 expiration, which sit far above spot and offer meaningful premium with reduced early-exercise risk given TSLA’s currently soft IV environment.