Tesla Motors closed at USD 376.37, up 5.42%.

The options tape featured a bullish synthetic long worth $7.10 million and a bearish call spread with a $1.09 million credit, showing mixed but constructive institutional positioning. The largest trade expressed conviction for higher long-term prices, while the second trade capped upside through September 2026.

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Options Indicators

TSLA’s implied volatility stands at 47.30%, and with an IV percentile of 21.03%, current option volatility is sitting on the lower side of its recent range, indicating that TSLA options are relatively cheaply priced rather than expensive. The IV/HV ratio of 1.13 suggests implied volatility is only modestly above historical realized volatility, so the premium embedded in options is not especially stretched at current levels. The Call/Put volume ratio is 1.64.

Large Trades

A synthetic call position worth $7.10 million was the standout featured trade, created by buying the 420.0 call and selling the 360.0 put for the 2026-10-16 expiration. Both legs were out of the money versus the reference stock price of 376.37, and the structure carried a bullish tone. Because this is a buy-call plus sell-put combination, it represents a synthetic long stock view with upside participation and downside assignment risk, showing conviction that TSLA can trend higher over time. The trade also brought in a net credit of $527,000.00, which reinforces that the investor established a leveraged bullish stance while being paid upfront.

A bear call spread with a net credit of $1.09 million was the other highlighted block, built by selling the 375.0 call and buying the 390.0 call for the 2026-09-04 expiration. The short 375.0 call was in the money while the long 390.0 call was out of the money, making this a defined-risk bearish call spread positioned for TSLA to stay below the upper strike or at least fail to rally materially in the near term. As a credit spread, the strategy points to premium collection with a bearish or capped-upside outlook, suggesting the trader expects resistance and limited near-term upside rather than an aggressive breakdown.

Overall, the large-trade flow leans moderately bullish. The clearest reason is that the biggest directional expression among the displayed trades was a sizeable long-dated synthetic call, while the full bulk-order summary also finishes with a bullish edge. Even so, the tone is not one-sided: there is meaningful call overwriting and bearish call-spread activity in the broader tape, which implies that while institutions still see upside potential in TSLA, many are expressing that view selectively and with an expectation that gains may be uneven or capped in the short run.

Strategy Reference

For a low assignment probability on the short side, a seller might consider the 340.0 June 2025 put or the 450.0 June 2025 call, which sit well outside one standard deviation of expected move; alternatively, a 390/370 bull put spread for June 2025 collects premium with defined risk and less margin than a naked short put.