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TSLA

Tesla, Inc.Close $417.26EOD only

Max Pain

$410.00

Next expiry May 22, 2026

Expected Move

±$12.60

3.0% from close

Price Gap

-7.26

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.74

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects TSLA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 20, 2026 close

TSLA Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 massive net put premium; +1 spot below max pain; +1 high IV; -0.5 mixed volume ratio; -0.5 positive GEX pinning

Watch next session: $375-$385 put OI buildup for 4/1 expiry; Spot reaction to $370 level

Flow Summary

Net premium: -$859.5M bearish

P/C volume ratio: 0.99 — perfectly balanced volume

P/C OI ratio: 0.70 — call-leaning positioning

Massive, concentrated bearish premium flow dominated by deep OTM puts, overwhelming balanced near-term volume. The market is paying a huge premium for long-dated downside protection while spot trades below max pain in a high-volatility regime.

Notable Prints

TSLA 4/1 $377.50 Put

Vol: 117,521

OI: 776

Vol/OI: 151.4x

IV: 8.8%

Notional: ~$44.4M (117,521 * $377.50 * 100)

Intent: Fresh directional put buying or aggressive short hedge

Dual read: Bought to open (bearish) or sold to open (bullish/income)

Read-through: Extremely high volume vs. OI suggests new positioning. The 8.8% IV is low, indicating these were likely bought, not sold. This is a bearish bet just above spot.

TSLA 4/1 $380.00 Put

Vol: 131,752

OI: 1,356

Vol/OI: 97.2x

IV: 4.4%

Notional: ~$49.7M

Intent: Fresh directional put buying

Dual read: Bought to open (bearish) or sold to open (bullish/income)

Read-through: Even lower IV (4.4%) strongly suggests these puts were purchased, not sold for premium. Massive new bearish flow targeting a move below $380 by expiry.

TSLA 4/1 $375.00 Put

Vol: 116,261

OI: 1,430

Vol/OI: 81.3x

IV: 13.7%

Notional: ~$43.6M

Intent: Fresh directional put buying

Dual read: Bought to open (bearish) or sold to open (bullish/income)

Read-through: Another massive, new put position. The cluster of high-volume puts at $375, $377.50, and $380 creates a concentrated bearish wall for the 4/1 expiry, targeting a break below $375.

TSLA 4/1 $382.50 Call

Vol: 121,016

OI: 2,602

Vol/OI: 46.5x

IV: 4.0%

Notional: ~$46.3M

Intent: Call selling (covered or naked) or part of a spread

Dual read: Sold to open (neutral/bearish) or bought to open (bullish)

Read-through: Extremely low IV (4.0%) is the hallmark of a short call. This is likely premium collection against a position or a bearish bet that spot stays below $382.50. It offsets some of the massive put premium but is structurally bearish/neutral.

TSLA 4/1 $380.00 Call

Vol: 170,816

OI: 6,419

Vol/OI: 26.6x

IV: 7.6%

Notional: ~$64.9M

Intent: Mixed flow, likely including call selling and closing

Dual read: Sold to open (neutral) or bought to close (bull unwind)

Read-through: High volume but lower IV suggests significant short call activity here as well, reinforcing the $380 area as a resistance zone for the near term.

Institutional Positioning

Call additions: Minimal near-term. Long-dated OI is in $400+ calls, but flow is not supporting new buys.

Put additions: Massive new puts at $375-$385 for 4/1 expiry. Even larger bearish premium in OTM strikes ($500, $505, $525 puts).

GEX/DEX consistency: No — conflicting signals. Positive GEX (+$47.6M) suggests pinning/mean reversion, but massive negative net premium flow is aggressively bearish.

OI clusters: Near-term: $380 Call (6.4K OI), $375 Put (1.4K OI). Long-term: Extreme OTM calls ($680, $960) are likely legacy/speculative, not relevant for current flow.

Hedging evidence: Overwhelming. The -$859.5M net premium, driven by huge OTM put buys ($500-$700 strikes), is a clear institutional hedge against a major downside move.

Max pain context: Spot ($371.75) is below near-term max pain ($385 for 3/23, $380 for 3/25-27). This supports the bearish flow thesis, as pinning forces would pull price up toward pain, not down.

Signal vs Noise

~Extreme OTM call OI ($680, $960) is noise — legacy positions or lottery tickets, not indicative of current institutional flow.

~High volume in 4/1 options is largely expiry-related positioning and gamma hedging, not all directional.

~The perfectly balanced P/C Volume Ratio (0.99) masks the stark directional signal from the net premium, which is where the real money is moving.

Key Conclusions

⚠️Massive bearish premium flow (-$859.5M) conflicts with positive GEX pinning, creating a high-volatility standoff.

🎯Institutions are heavily buying near-term ($375-$385) and long-dated OTM puts, signaling strong downside protection or outright bearish bets.

📌Spot below max pain supports the bearish flow, but positive GEX suggests any breakdown may be contested by dealer hedging.

📅Watch 4/1 expiry: High OI buildup at $380C and $375P sets up a decisive battle for that range.

How to Use These Reports

This flow reflects the market close on March 31, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.