Tesla Inc. closed at USD 358.97, down 1.77%.
Options flow in TSLA was dominated by a single USD 21.55 million long-dated put purchase, with the 290 strike expiring in June 2027 bought aggressively while well out of the money. A much smaller USD 1.10 million call buy at the 360 strike expiring September 2026 provided only a modest bullish counterweight. Overall, the institutional tape leaned clearly bearish, with downside protection far outweighing upside speculation.
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Options Indicators
TSLA’s implied volatility stands at 44.25%, and with an IV percentile of just 6.37%, current option volatility sits near the low end of its recent range, indicating that TSLA options are cheaply priced rather than expensive. The IV/HV ratio of 0.88 also suggests implied volatility is running below realized volatility, reinforcing the view that option premiums are relatively subdued at the moment.
The Call/Put volume ratio is 1.32.
Large Trades
A PUT buy worth $21.55 million dominated the tape, with 10,000 contracts of the 290.0 strike put expiring on 2027-06-17 purchased while the option was out of the money versus the $358.97 reference stock price. This is a clear bearish expression through long-dated downside protection or a directional hedge, signaling that a large trader was willing to pay significant premium for protection against a substantial decline in TSLA over an extended horizon.
A CALL buy worth $1.10 million was the other standout trade, with 2,155 contracts of the 360.0 strike call expiring on 2026-09-16 bought while slightly out of the money relative to the current stock reference. This is a straightforward bullish directional bet that seeks upside participation if TSLA pushes above the strike over the coming year, but its scale was far smaller than the dominant put purchase, making it more of a secondary counterbalance than the main institutional message.
Overall, the large-trade flow leans clearly bearish. Although there was some bullish call buying, the order flow was overwhelmingly defined by aggressive downside put accumulation, especially the very large long-dated 290 put purchase, which points to institutional caution and a preference for protecting against or positioning for material weakness in TSLA rather than chasing upside.
Strategy Reference
For traders expecting rangebound action or a rebound from the $358.97 close, selling the 290 put expiring 2027-06-17 offers a low assignment probability given its deep OTM status relative to current price and the subdued IV environment, while the 360 call buy can serve as a defined-risk bullish overlay for those wanting to participate if TSLA moves above the strike without carrying heavy margin exposure.
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