Tesla ended the session at $380.12, advancing 0.32%.

Large options activity leaned decisively bullish, headlined by a $9.17 million net-debit call spread spanning the 367.5, 380.0, and 390.0 strikes expiring in September 2026. The trade combined long in-the-money and slightly out-of-the-money calls, reflecting aggressive upside conviction rather than premium collection.

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Options Indicators

Tesla’s implied volatility is 45.54%, and with an IV percentile of 13.15%, current option volatility sits on the low side of its recent range, indicating that Tesla options are cheaply priced rather than expensive. The IV/HV ratio of 1.03 also suggests implied volatility is close to realized volatility, so current premiums are not showing a major disconnect versus recent actual price movement.

The Call/Put volume ratio is 1.68, reinforcing the bullish tilt in overall option flow.

Large Trades

A call-heavy three-leg combination with a net debit of $9.17 million was the dominant large trade of the day, built with long 367.5 calls and 380.0 calls expiring on 2026-09-25, plus long 390.0 calls on the same expiration. This is a call spread-style directional structure composed entirely of bought calls, so it represents a net-debit bullish strategy rather than premium collection. With the 367.5 and 380.0 strikes in the money versus the $380.12 reference stock price, and the 390.0 strike slightly out of the money, the positioning looks like an aggressive upside bet that combines intrinsic value exposure with additional convexity if Tesla continues higher into late September 2026. The use of multiple strikes suggests the buyer wanted layered bullish exposure across nearby and moderately higher levels while limiting the trade description to the stated net debit of $9.17 million.

A put purchase worth $31,700 targeted the 315.0 strike expiring on 2026-09-28, and with Tesla referenced at $380.12, this put was clearly out of the money at execution. As a single-leg long put, it expresses a bearish view or downside hedge, but its size was very small relative to the dominant call flow. Overall, the large-trade picture is clearly bullish: the order flow was overwhelmingly led by sizable net-debit call buying, showing traders were willing to pay meaningful premium for upside participation rather than sell volatility for income. That pattern points to constructive sentiment and an expectation that Tesla has room to extend gains, while the modest put activity appears more like limited protection than a high-conviction bearish stance.

Strategy Reference

For traders seeking a lower assignment probability on the short side, selling the 315.0 put expiring 2026-09-28 aligns with the very low-premium, far out-of-the-money hedge seen in the large trades, while a bullish vertical using the 380.0/390.0 call strikes can reduce net debit and margin versus the outright $9.17 million spread structure.