Tesla, Inc. closed at $362.86, up 5.14%. The session’s standout activity featured a $3.24 million long put and a $3.03 million double call sale, both pointing to a defensive, premium-collection posture rather than bullish conviction. These large trades collectively signal a deeply bearish institutional tone, with bearish flow dwarfing bullish flow by $6.24 million.

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Options Indicators

TSLA’s implied volatility is 44.70%, and with an IV percentile of just 5.58%, current option volatility sits at the low end of its historical range, indicating that TSLA options are cheaply priced rather than elevated. At the same time, the IV/HV ratio of 1.34 shows implied volatility is still running above historical volatility, suggesting the market is assigning a modest premium to future uncertainty even though overall pricing remains relatively inexpensive in historical terms. The Call/Put volume ratio is 1.71.

Large Trades

A PUT buy worth $3.24 million was the largest displayed trade, with 1,200 contracts bought on the March 19, 2027 $320.0 put. With TSLA referenced at $362.86, this strike was out-of-the-money at the time of the trade, making it a clear bearish position that looks geared toward downside protection or a longer-dated directional bet on weakness. The use of long-dated puts at a sizeable premium outlay suggests the trader was willing to pay meaningful premium for convex downside exposure rather than simply fade near-term volatility.

A same-direction double CALL sale collected a net credit of $3.03 million, making it the second major displayed trade and a neutral-to-bearish premium-collection structure. The position involved selling the September 25, 2026 $400.0 call and the September 25, 2026 $405.0 call, both out-of-the-money against the $362.86 reference price, and the trade should be read as a call-overwriting style volatility and upside-capping expression rather than an outright bullish stance. Because this combination brought in a net credit of $3.03 million, the strategic intent appears to be premium collection while betting TSLA remains below those upper strikes or at least does not rally aggressively enough to threaten the short-call exposure.

Overall, the bulk-order flow leaned clearly bearish, with total bullish large-trade amount at $2.21 million versus $8.45 million bearish, for a bearish net difference of $6.24 million. The tone of the flow was shaped by a dominant long-put purchase and reinforced by sizeable call-premium selling, indicating that larger traders were either positioning for downside, hedging equity exposure, or expressing skepticism about TSLA’s upside over the medium to long term. In short, the figures point to a distinctly bearish institutional sentiment rather than a balanced or bullish setup.

Strategy Reference

For a low assignment probability seller, the September 25, 2026 $405.0 call offers an out-of-the-money strike with premium-collection appeal, while a bear put spread using the $320.0 and $300.0 puts could cap margin without sacrificing a directional short bias.