Tesla closed at 352.84 USD, down 1.29%.

Large options trades revealed a pronounced bearish tilt, headlined by a $6.20 million synthetic put and a $1.25 million out-of-the-money call sale, both positioned against sustained upside in Tesla.

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Options Indicators

Tesla’s implied volatility is 45.40%, and with an IV percentile of 13.55%, current option volatility sits on the low side of its historical range, indicating that options are relatively cheaply priced. The IV/HV ratio of 1.09 suggests implied volatility is only modestly above realized volatility, which supports the view that current premiums are not stretched and that the market’s forward volatility pricing remains fairly contained.

The Call/Put volume ratio is 1.54.

Large Trades

A bearish synthetic put position with a net debit of $6.20 million was the standout large trade, pairing the purchase of 5,000 Jan. 21, 2028 $300 puts with the sale of 5,000 Jan. 21, 2028 $600 calls. Both legs were out of the money versus the $352.84 spot reference, and this structure expresses a pronounced downside view with long-dated exposure. Strategically, the buyer is positioning for meaningful weakness in Tesla over time while partially financing the put purchase by writing far-out-of-the-money calls, creating a synthetic short profile that benefits if the stock trends materially lower.

A single-leg short call worth $1.25 million was the other displayed large trade, involving the sale of 1,400 Jun. 17, 2027 $600 calls. This call was out of the money at the time of execution, and the trade reflects a bearish-to-neutral stance that leans on Tesla staying below that strike through expiration. In strategic terms, this looks like premium collection and/or a capped bearish view, with the seller expressing low conviction that the stock will rally to $600 by mid-2027.

Overall, the large-trade flow points clearly bearish. The dominant order was a sizable long-dated synthetic put, and the secondary highlighted flow was also an out-of-the-money call sale, while the broader block activity was overwhelmingly skewed toward downside positioning with only minimal bullish participation. Taken together, the options market’s large traders appear to be favoring protection, downside speculation, or upside fade strategies rather than positioning for sustained near- or long-term upside in Tesla.

Strategy Reference

For a low assignment probability on a bearish call sale, consider the Jun. 17 2027 $600 call or higher, similar to the displayed institutional flow; traders seeking defined risk without large margin requirements may alternatively use a bear put spread such as buying the Jan. 21 2028 $300 put and selling a lower strike put.