Tesla closed at $378.73, up 2.20%.

Large options flow showed clear bullish institutional conviction, led by a $5.46 million out-of-the-money put sale at the $370.00 strike and a $1.01 million out-of-the-money call purchase at the $400.00 strike. The put sale signals confidence that Tesla can hold above $370.00 into 2027, while the call buy adds convex upside exposure into 2026.

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Options Indicators

Tesla’s implied volatility is 45.31%, and with an IV percentile of 12.75%, current volatility sits on the low side of its recent range, indicating that options are cheaply priced rather than carrying a rich premium. The IV/HV ratio of 1.42 shows implied volatility remains above realized volatility, so the options market is still embedding more future movement than what the stock has recently delivered, but overall pricing conditions remain relatively inexpensive given the subdued percentile backdrop.

The Call/Put volume ratio is 2.28.

Large Trades

A PUT sale worth $5.46 million was the largest displayed trade, with 1,200 contracts of the June 17, 2027 $370.00 put sold while Tesla was referenced at $378.73. This put was out of the money, so the positioning leans bullish: the seller is effectively expressing confidence that Tesla can stay above $370.00 into expiration, while also seeking to collect premium and potentially accept downside exposure at a lower effective entry level. The long-dated tenor makes this more than a short-term volatility trade; it reads as a patient bullish income-style position with defined willingness to own risk below the strike.

An out-of-the-money call purchase worth $1.01 million was the second highlighted trade, consisting of 1,250 contracts of the October 23, 2026 $400.00 call. With the stock below the strike at $378.73, this is a straightforward bullish directional bet on upside over the next year, using calls to gain convex exposure if Tesla extends higher. Taken together, the large-trade flow is clearly bullish: the biggest money was committed through premium-selling downside support at $370.00, while the next-largest order added upside participation through long calls at $400.00. That combination suggests institutional traders are positioning for resilience above key downside levels and for further appreciation rather than bracing for a sustained bearish move.

Strategy Reference

For a lower assignment probability, a put seller could consider the $340.00 strike in a nearer-dated expiration, or use a bull put spread such as selling the $370.00 put and buying the $340.00 put to cap downside risk without posting excessive margin.