Tesla Inc. closed at 330.88 USD, rising 0.70%.

Amid this modest uptick, TSLA’s options market saw a notable lean toward bullish sentiment in large trades. A long-dated call purchase at the 375.0 strike and a bullish put sale at the 295.0 strike dominated the flow, collectively pointing to a cautiously constructive institutional outlook, even as implied volatility collapsed to multi-year lows.

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Options Indicators

TSLA’s implied volatility is 44.17%, and with an IV percentile of just 1.59%, current option volatility sits at the very low end of its recent range, indicating that options are cheaply priced rather than expensive. The IV/HV ratio of 0.69 further suggests implied volatility is running below realized volatility, reinforcing the view that the market is not demanding a rich premium for TSLA options at the moment. The Call/Put volume ratio is 1.65.

Large Trades

A CALL purchase worth $0.96 million was the largest displayed trade, with 4,885 contracts bought at the 375.0 strike expiring on 2026-08-28. With TSLA referenced at 330.88, this call was out-of-the-money, making it a clearly bullish directional bet that targets upside over a relatively long-dated horizon. The buyer paid premium for convex upside exposure, suggesting expectations for a meaningful advance above the strike rather than a near-term hedge. A PUT sale worth $0.30 million was the other highlighted trade, with 4,178 contracts sold at the 295.0 strike expiring on 2026-08-21. Since the strike sat below the 330.88 reference price, this put was out-of-the-money, and the trade reads as a bullish premium-collection stance. Strategically, selling downside puts at this level implies the trader was comfortable taking in premium while expressing confidence that TSLA would remain above 295.0 into expiration, or at least that downside risk to that level was manageable. Overall, large-trade flow leaned bullish, with $1.31 million in bullish activity versus $1.11 million in bearish activity, leaving a net bullish difference of $0.20 million. The directional judgment is modestly bullish rather than aggressively so: the strongest positive signal came from the sizable long-dated out-of-the-money call purchase, while bullish put selling also reinforced a constructive view on downside support. At the same time, meaningful call selling elsewhere in the tape kept the sentiment from becoming decisively one-sided, so the broader takeaway is a cautiously positive institutional tone rather than an outright high-conviction upside chase.

Strategy Reference

For those seeking to mirror the bullish put-selling trade with a lower assignment probability, selling the 250.00 strike put for a similar expiration could be considered, given the very low IV percentile and the large trade’s implied support at the 295.00 level.