Tesla closed at $378.90, up 0.96%.

A $2.30 million put sale and a $1.77 million bull put spread anchored the session’s large options flow, both reflecting bullish premium collection. With implied volatility at only the 11.55th percentile, investors found options attractively cheap for selling downside protection rather than buying upside exposure.

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Options Indicators

Tesla’s implied volatility is 45.36%, while its IV percentile stands at 11.55%, indicating that current option volatility is on the low side relative to its own recent history and that options are cheaply priced rather than elevated. With the IV/HV ratio at 1.02, implied volatility is also very close to realized volatility, suggesting current option premiums are broadly aligned with actual stock movement instead of showing a large volatility premium.

The Call/Put volume ratio is 1.53.

Large Trades

A put sale worth $2.30 million stood out as one of the day’s biggest large trades, with investors selling the TSLA 372.5 put expiring September 23, 2026. With TSLA referenced at 378.9, this strike sat slightly out of the money at execution, making the trade a moderately bullish premium-selling stance. The seller is effectively expressing confidence that shares can remain above 372.5 into expiration, allowing the option to decay in value, while also signaling some willingness to take assignment near that level if needed.

A bullish put spread with a net credit of $1.77 million was another major trade, built by selling the 375.0 put and buying the 320.0 put, both expiring October 16, 2026. This is a classic bull put spread, structured as a net-credit strategy aimed at premium collection while defining downside risk with the long lower-strike put. Because both strikes were below the 378.9 reference price, the position reflects a bullish-to-neutral view that TSLA should hold above 375.0, with the 320.0 long put serving as protection against a larger downside move.

Overall, the large-trade flow leaned bullish in TSLA. The most meaningful positioning was concentrated in downside put premium selling and a sizable bull put spread, both of which indicate traders were more focused on harvesting premium and expressing confidence in price support than on chasing upside through aggressive call buying. Although there was some bearish call selling in the broader block flow, the dominant character of the largest displayed trades suggests a constructive outlook, with institutional participants appearing comfortable betting that TSLA stays firm or at least avoids a material breakdown.

Strategy Reference

For a low assignment probability, a put seller could look at a strike further out of the money near the 320.0 support level; for defined risk and lower margin, the 375.0/320.0 bull put spread shown above offers a capped-loss alternative to a naked short put.