Tesla ended the latest session at USD 345.13, a decline of 1.71%.

Large options activity was dominated by bearish institutional flow. Total bearish premium reached $338.49 million, dwarfing the $29.80 million premium-collecting double put sale and completely overwhelming bullish premium, which stood at $0.00 million. The block tape included both a large net-credit short put combination and an even larger net-debit long put purchase, leaving a decisively bearish net imbalance despite one premium-harvesting structure.

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Options Indicators

TSLA’s implied volatility is 44.27%, and with an IV percentile of just 4.38%, current option volatility sits at the low end of its recent range, indicating options are cheaply priced rather than expensive. The IV/HV ratio of 1.32 also suggests implied volatility is running somewhat above realized volatility, so while the market is still assigning a premium to forward uncertainty, overall option pricing remains on the inexpensive side in historical terms.

The Call/Put volume ratio is 1.05.

Large Trades

A $29.80 million net-credit same-direction double PUT sale was one of the standout large trades, with the trader selling the 400.0 put and the 375.0 put, both expiring on 2026-08-21. With TSLA referenced at $345.13, both strikes were in the money at execution. As a combination option, this was a premium-collection strategy with a net credit of $29.80 million, reflecting a neutral-to-bearish stance that leans on harvesting option premium and positioning for a range-bound outcome rather than chasing further downside through long puts. The use of two in-the-money short put legs suggests the trader was comfortable taking on downside exposure in exchange for immediate premium intake, a structure typically associated with volatility-selling or yield-enhancement intent.

A $17.03 million net-debit same-direction double PUT purchase was the other displayed large trade, consisting of bought 400.0 puts and 395.0 puts, both expiring on 2026-08-21. With the stock at $345.13, both contracts were also in the money, and the buyer paid a net debit of $17.03 million to establish the position. This combination points to a directional downside bet and an expectation of large price movement, using long in-the-money puts to secure strong negative delta exposure. In practical terms, this trade expresses a more aggressive bearish view than a simple hedge, as the trader was willing to spend substantial premium upfront to participate in a potentially sharp decline.

Overall, the bulk-order flow was clearly bearish, with total bearish premium at $338.49 million versus bullish premium at $0.00 million, leaving a net bearish imbalance of $338.49 million. The directional judgment is therefore decisively bearish. Even though some of the largest displayed structures involved net-credit put selling, the broader block activity was dominated by sizable PUT-buying combinations and additional bearish option flow, indicating that institutional participants were still positioning for downside risk or elevated volatility around lower price scenarios rather than expressing confidence in sustained upside.

Strategy Reference

Given the cheap IV environment but decisively bearish block flow, a seller looking for low assignment probability could target a far out-of-the-money put spread, such as selling the 250/240 put vertical, while a trader seeking defined risk without large margin may prefer a bear put spread like buying the 360 put and selling the 320 put to express downside with limited capital outlay.