Tesla closed at USD 322.08, rising 3.49%.

The session’s large options trades tilted decisively bearish, with heavy long-dated put buying overshadowing isolated put-selling activity. A $0.26 million out-of-the-money put purchase in the September 2026 $250.00 strike anchored the defensive tone, while a $0.11 million put sale at the $295.00 strike for August 2026 provided a counterpoint of income-oriented bullish positioning.

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Options Indicators

TSLA’s implied volatility stands at 49.34%, while its IV percentile is 25.50%, which places current volatility conditions on the lower side of their historical range and suggests that options are relatively cheaply priced rather than expensive. With the IV/HV ratio at 0.79, implied volatility is also running below historical volatility, reinforcing the view that the options market is not demanding an aggressive premium for near-term movement at this time. The Call/Put volume ratio is 1.60.

Large Trades

A PUT buy worth $0.26 million was opened in the September 18, 2026 $250.00 strike, totaling 1,223 contracts at a turnover of 2.11. With TSLA referenced at $322.08, this put sits out of the money, making it a bearish downside-positioning trade that likely reflects either a longer-dated hedge against a meaningful drawdown or a speculative view that the stock could weaken substantially over time. Because it is a long put position, the buyer paid premium upfront for convex downside exposure, signaling a deliberate willingness to spend capital for protection or bearish leverage.

A PUT sale worth $0.11 million was executed in the August 7, 2026 $295.00 strike, totaling 2,156 contracts at a turnover of 0.51. Given the current stock reference of $322.08, this put is also out of the money, so the trade expresses a moderately bullish stance: the seller is effectively wagering that TSLA will remain above $295.00 through expiration, allowing the premium to decay in their favor. Strategically, this is consistent with income generation or a willingness to accumulate shares at a lower effective entry level, while still reflecting confidence that downside risk will remain contained above the strike.

Overall, the large-trade flow leans bearish on TSLA. Although there is some supportive put-selling activity that suggests selective willingness to earn premium on pullbacks, the broader large-trade mix is dominated by downside-oriented positioning, with bearish premium outweighing bullish flow and multiple trades concentrated in long puts and call sales. That combination points to a market tone that is cautious to negative, with participants appearing more focused on hedging or positioning for weakness than on expressing outright upside conviction.

Strategy Reference

For a low assignment probability, a seller could consider the 30-delta out-of-the-money put around the $290.00 strike for August 7, 2026, or alternatively deploy a bear put spread using the $300.00/$250.00 strikes in September 2026 to define risk while aligning with the dominant downside flow.