TSLA Flow Report

Analysis based on market close April 6, 2026

Directional Theta Gang Flow Earnings Consensus

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.6% from MP

Watch next session: $350C OI buildup; Put flow at $330-$340; IV term structure for reverse calendar opportunities

Flow Summary

Net premium: -$331.4M bearish

P/C volume ratio: 0.84 — moderate put-dominant

P/C OI ratio: 0.68 — call-leaning positioning

Heavy put premium dominance drives net premium deeply negative, indicating institutional hedging or bearish bets. Despite call-leaning OI, today's flow shows clear defensive positioning, with elevated near-term IV suggesting event-driven volatility.

Notable Prints

TSLA 4/8 $350 Call

Vol: 34,158

OI: 198

Vol/OI: 172.5x

IV: 49.3%

Notional: ~$2.24M

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: Large volume relative to OI suggests new bullish positioning near spot, but isolated against broader bearish flow and elevated near-term IV.

TSLA 4/8 $355 Put

Vol: 28,442

OI: 1,142

Vol/OI: 24.9x

IV: 49.1%

Notional: ~$1.73M

Intent: Protective put buying or bearish speculation

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: ITM put with high volume indicates hedging or directional bearish bet just below spot, contributing to near-term IV spike.

TSLA 4/8 $347.50 Put

Vol: 22,504

OI: 381

Vol/OI: 59.1x

IV: 49.7%

Notional: ~$648K

Intent: Fresh protective put buying

Dual read: Bought (bearish) or sold/covered (neutral)

Read-through: High vol/OI ratio shows new OTM put positioning, supporting defensive narrative and near-term volatility premium.

TSLA 4/8 $355 Call

Vol: 21,157

OI: 368

Vol/OI: 57.5x

IV: 48.0%

Notional: ~$840K

Intent: Fresh directional call buying

Dual read: Bought (bullish) or sold/overwritten (neutral)

Read-through: OTM call with high volume suggests bullish speculation, but smaller notional than put flow and part of elevated near-term IV environment.

TSLA 4/10 $340 Call

Vol: 16,680

OI: 535

Vol/OI: 31.2x

IV: 51.5%

Notional: ~$2.60M

Intent: ITM call buying for delta exposure

Dual read: Bought (bullish) or sold/covered (neutral)

Read-through: Large ITM call volume indicates institutional long positioning, but isolated in bearish flow context and reflects higher IV in near-term expirations.

Institutional Positioning

Call additions: $340-$357.50 calls near-term, but overwhelmed by put flow and elevated IV

Put additions: Heavy $330-$360 puts, especially $350P ($80M premium) and $360P ($92M premium), driving near-term IV spike

GEX/DEX consistency: Yes — negative GEX (-$63.1M) aligns with bearish flow and selling pressure on rallies

OI clusters: $400-$500 call wall (28K+ OI), $230 put floor (22.6K OI)

Hedging evidence: Strong evidence: net premium -$331.4M driven by put buying at $350-$380 strikes, inflating short-dated IV

Max pain context: MP at $370-$368 near-term, spot $352.82 below, creating pin risk upward

Signal vs Noise

~$630C 4/10 volume likely lottery tickets or spread legs, not directional

~High OI at $400-$500 calls are long-dated positions, not near-term flow

~$230 put OI is structural floor, not active hedging

~Elevated near-term IV (48.5% for 2d vs 40.8% for 7d) suggests event-driven noise; consider reverse calendar spreads to arbitrage

Key Conclusions

🐻Net premium -$331.4M shows heavy institutional put buying, driving bearish flow

📉Negative GEX (-$63.1M) creates selling pressure on rallies

🎯Spot below max pain ($370) creates pin risk upward

⚡IV term structure shows 7.7 vol point differential (48.5% 2d vs 40.8% 7d), favoring reverse calendar spreads

Read the Flow analysis for TSLA for 2026-04-06. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.