TSLA
Tesla, Inc.Close $417.26EOD onlyThis page reflects TSLA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
You are viewing an older report from April 2, 2026. A newer flow report is available for May 20, 2026.
View latest reportFlow Verdict
Watch next session: $367.50P vs $367.50C OI battle for 4/6 expiry; Spot reaction to $355-$360 call-heavy premium zone
Flow Summary
Net premium: -$432.1M bearish
P/C volume ratio: 0.71 — call-dominant volume
P/C OI ratio: 0.72 — moderate call-leaning positioning
Notable Prints
Read-through: Extremely high IV (112.5%) and massive notional value make a directional buy unlikely. This is almost certainly a short call leg of a complex spread (e.g., ratio spread, diagonal) or a closing transaction. It's noise for directional bias but indicates high-volatility trading in long-dated OTM options.
Read-through: High volume vs. OI and near-the-money strike ($367.50) suggests new bearish positioning. Given the overall negative premium flow and spot below this strike, this is likely bought puts for downside exposure or protection ahead of the 4/6 expiry. It's a key near-term level to watch.
Read-through: High volume at the near-exact spot price suggests active trading. The moderate IV and high Vol/OI ratio point to new long calls, likely as a tactical bullish bet or a hedge against a short stock position. This aligns with the call-dominant volume ratio and represents the opposing force to the dominant bearish premium flow.
Read-through: Paired with the high-volume put at the same strike, this creates a high-OI strangle or straddle for 4/6 expiry. The lower IV suggests some of this flow could be short calls (premium collection), which would be a bearish/neutral overlay on top of any long put activity. This strike is a clear focal point.
Read-through: Another high-volume, near-term call with low IV. Given its proximity to max pain levels ($372.50 for 3/30), this is likely short call flow from institutions expecting resistance or as part of defined-risk spreads (e.g., call credit spreads).
Institutional Positioning
Call additions: Tactical near-term calls at $355-$367.50 (4/6-4/8), but premium flow is negative, suggesting these are smaller or spread-related.
Put additions: Persistent large premium in OTM puts ($380, $370, $700) and new near-term puts at $367.50. The $-432M net premium confirms institutions are still the net buyers of puts.
GEX/DEX consistency: Yes — now aligned. Negative GEX (-$49.7M) is pro-cyclical and supports the bearish flow thesis, meaning dealer hedging could amplify a downward move.
OI clusters: Near-term: $367.50P/C (high OI), $360C. Long-term: Extreme OTM calls ($960, $940) are legacy noise. The $400C (28.7K OI) is a notable longer-dated resistance level.
Hedging evidence: Overwhelming. Net premium remains massively negative, driven by OTM put buying. The shift to negative GEX removes the pinning buffer, increasing the risk of a trending move lower.
Max pain context: Spot ($360.59) is 6.3% below the nearest max pain ($385 for 3/23). This gap supports the bearish flow, but rising max pain over future expirations ($400 by 2027) suggests longer-term expectations are not catastrophically bearish.
Signal vs Noise
Key Conclusions
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.