Tesla closed at USD 327.51, down 1.59%.

Options market activity revealed a pronounced bullish bias, dominated by large, longer-dated synthetic long positions. The most significant trades were structured to collect net credits, with total bullish flow reaching $11.82 million against a negligible $0.29 million in bearish flow, culminating in a net bullish flow of $11.54 million.

>>>Click to claim your commission-free cards before trading!

Options Indicators

TSLA’s implied volatility is 41.49%, and with an IV percentile of just 0.40%, current option pricing sits at the very low end of its historical range, indicating volatility is on the cheap side rather than elevated. The IV/HV ratio of 0.65 further suggests implied volatility is running below realized volatility, reinforcing the view that options are relatively inexpensive at current levels. The Call/Put volume ratio is 1.31.

Large Trades

A synthetic long position with a $1.04 million net credit was the largest displayed trade, pairing the purchase of 2,000 Mar. 19, 2027 $450 calls with the sale of 2,000 Mar. 19, 2027 $280 puts. With TSLA referenced at $327.51, both legs were out of the money at execution. This buy-call/sell-put structure replicates a long stock stance, and the fact that it was established for a net credit makes it an especially aggressive bullish expression: the trader is positioning for upside participation through the calls while taking on downside assignment risk through the short puts, suggesting a strong directional bet rather than a simple hedge or premium-harvest trade.

Another synthetic long was opened for a $0.31 million net credit, consisting of the purchase of 1,200 Dec. 18, 2026 $380 calls against the sale of 1,200 Dec. 18, 2026 $300 puts. At the $327.51 reference price, both options were also out of the money, again creating a bullish stock-like exposure through a combination structure. The net credit indicates the trader was paid to put on the position, reinforcing that this was a conviction-driven upside strategy aimed at participating in a longer-dated rise in TSLA while accepting downside risk via the short put leg.

Overall sentiment in TSLA large trades was decisively bullish, with $11.82 million in bullish flow versus just $0.29 million in bearish flow, leaving a net bullish difference of $11.54 million. The directional judgment is clearly positive: the flow was dominated by large synthetic long combinations, which are among the more assertive bullish structures because they combine upside call exposure with short-put risk. That concentration in longer-dated synthetic longs suggests traders were expressing meaningful conviction in TSLA’s upside trajectory rather than just making short-term speculative bets.

Strategy Reference

For a more conservative bullish approach with low assignment probability, a trader could consider selling the out-of-the-money put in the Dec. 18, 2026 expiry, such as the same $300 put used in the large trade above, but without the call purchase, to collect premium while IV is at extreme lows.