Tesla closed at USD 365.44, up 0.52%.

The session’s most prominent flow was a $0.91 million net-debit bull call spread in September 2026 options, targeting a bounded advance between $370.0 and $382.5. Alongside a smaller $76.00 thousand out-of-the-money call sale at $400.0, the displayed large trades leaned constructive, favoring defined-risk upside exposure over aggressive speculation while keeping premium outlays modest.

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Options Indicators

TSLA’s implied volatility is 41.89%, while its IV percentile is just 1.99%, which indicates that current volatility is sitting near the low end of its historical range and options are cheaply priced rather than rich. With the IV/HV ratio at 0.83, implied volatility is also running below historical volatility, reinforcing the view that the market is not demanding a premium for near-term option exposure and that option pricing is currently on the inexpensive side. The Call/Put volume ratio is 1.46.

Large Trades

A bull call spread with a net debit of $0.91 million was the largest displayed trade, established by buying the September 18, 2026 $370.0 call and selling the September 18, 2026 $382.5 call, 2,600 contracts each. With TSLA referenced at $365.44, both call strikes were out of the money, making this a defined-risk upside position that expresses a moderately bullish view rather than an open-ended chase higher. The trader paid a net debit to gain upside exposure above $370.0 while capping profit beyond $382.5, which points to a directional bet on a controlled advance into expiration rather than outright speculation on an extreme breakout.

A call sale worth $76.00 thousand was the other displayed large trade, involving the sale of 1,092 contracts of the September 18, 2026 $400.0 call. With the stock still below that strike, this was an out-of-the-money call sale, a bearish-to-neutral expression that leans toward premium collection or a view that TSLA is unlikely to rally through $400.0 by expiration. Compared with the larger bullish call spread, this trade suggests resistance expectations at a higher level rather than a strongly aggressive bearish stance.

Overall, the large-trade flow points to a bullish bias in TSLA. The dominant premium was deployed in upside structures, especially a sizable debit call spread that targets further gains while keeping risk defined, and the broader bulk-order figures also lean decisively positive. Although there were some bearish hedges and call overwriting activity, those trades looked smaller and more defensive in character, so the net message from large traders is that sentiment remains constructive, with expectations for additional upside but likely within a measured range rather than a runaway surge.

Strategy Reference

For a defined-risk bullish view with lower capital outlay than the displayed spread, consider selling a put spread below the low-IV zone, while an income-oriented seller could target out-of-the-money calls near the $400.0 strike to capture premium with reduced assignment probability.