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TSLA

Tesla, Inc.Close $426.01EOD only

Max Pain

$415.00

Next expiry May 26, 2026

Expected Move

±$9.85

2.3% from close

Price Gap

-11.01

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.73

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

TSLA Flow Report

Analysis based on market close April 7, 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 April 7, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.7% from MP

Watch next session: Short-dated call volume and open interest at $342.50/$345 (4/08 & 4/10) — sustained flow would invalidate bearish thesis; Large put premium activity at $360-$370 expiries and any renewed buying at $500 strike (tracks net premium source)

Flow Summary

Net premium: -$87.0M bearish

P/C volume ratio: 0.94 — slightly put-lean by volume (near neutral)

P/C OI ratio: 0.68 — call-heavy positioning in OI vs today's volume

Today's flow is mixed but skewed bearish on a premium basis: large short-dated call prints (heavy intraday buying) sit alongside much larger net premium into puts (net -$87.0M). Dealers are net short gamma (Total GEX -$75.7M), so they will sell into rallies — reinforcing downside pressure toward near-term max pain at $360 while expensive put flow and far-call OI create asymmetric tail risk.

Notable Prints

TSLA 2026-04-08 $340.00 Call

Vol: 54,277

OI: 633

Vol/OI: 85.8x

IV: 60.9%

Notional: ~$46.7M

Intent: Aggressive short-dated directional call buys (bullish/gamma play into EOD), likely buy-to-open

Dual read: Could be buy-to-open directional or dealers/algos reestablishing short call inventory (selling into size).

Read-through: If these are bona fide buy-to-open, they represent short-term bullish conviction but are offset by larger put premium; dealers short gamma here will sell stock into any pop, limiting upside.

TSLA 2026-04-08 $342.50 Call

Vol: 51,407

OI: 242

Vol/OI: 212.4x

IV: 59.2%

Notional: ~$34.5M

Intent: Emergency short-dated call accumulation — heavy ITM flow 1% from spot indicates a time-sensitive directional bet or delta-hedged speculative trade ahead of close/expiry.

Dual read: Bought calls (bullish) or sellers covering short calls / rolling; large vol/oi makes directional buy the cleaner read.

Read-through: Concentrated short-dated buying increases intraday gamma demand but is dwarfed by net premium into puts; expect dealer selling to mute rallies.

TSLA 2026-04-08 $345.00 Call

Vol: 57,833

OI: 546

Vol/OI: 105.9x

IV: 57.8%

Notional: ~$29.2M

Intent: Short-dated ITM call accumulation (directional or delta-hedged speculative)

Dual read: Buy-to-open calls (bullish) or closing/rolling activity from short call sellers; proximity to spot favors bullish read.

Read-through: Adds to heavy same-day call flow narrative — could produce intraday pop but limited scope vs large put premium headwind.

TSLA 2026-04-08 $340.00 Put

Vol: 149,591

OI: 3,141

Vol/OI: 47.6x

IV: 62.1%

Notional: ~$28.1M

Intent: Large same-day put buying / roll or protective hedging into downside risk for expiration — likely directional protective (bearish) or large-scale gamma-hedged put purchases.

Dual read: Protective puts for stock positions or outright bearish speculation; size and net premium contribution point to substantive bearish intent.

Read-through: This print is a key driver of net premium negative reading and suggests professional hedging or bearish positioning into the same expiry that short-dated calls target.

Institutional Positioning

Call additions: Concentrated short-dated ITM calls around $340-$347.50 (4/08 & 4/10) — heavy intraday volume suggests institutions/algos adding short-dated call exposure or speculative buyers at these strikes.

Put additions: Material put premium concentrated at $340 (4/08 vol) and larger premium flows at higher strikes/distant expiries (notably net negative at $500 and $700 in top premium flow), indicating sizable put purchases/protection that drive net premium -$87.0M.

GEX/DEX consistency: Yes — Total GEX is negative (-$75.7M) which aligns with mixed flow: short-dated call buying increases dealer gamma exposure, causing dealers to sell stock into strength; DEX +121.9M shares indicates dealers/participants accumulating share-equivalent exposure on the bid side.

OI clusters: Large call OI wall between $400-$500 (multiple strikes with 19k-29k OI) creating structural resistance; put OI concentration at $230 (22,595 OI) and $300 (17,663 OI) sit well below spot and suggest a put floor in the low-300s to low-200s on tail risk.

Hedging evidence: Yes — heavy same-day put volume at $340 and sizeable put premium at distant/far strikes suggest protective hedging and tail insurance. Little evidence of classic collar activity concentrated around spot; more one-sided put buying is visible.

Max pain context: Near-term max pain pins are $360 (4/08) → $365 (4/13). Spot ($346.65) is below MP; dealer negative GEX and concentrated pin GEX at $360/$365 create a tug: dealers will hedge flow in ways that can pin into the $360-$365 band if short-dated option flows persist.

Signal vs Noise

~Large clusters of same-day (4/08) ITM call prints — likely expiration-driven positioning or gamma scalpers; these can look directional but often represent short-term speculative or dealer inventory trades.

~$500/$700 premium flows (big net put premium) are abnormal in notional but may be structured trades (verticals or complex hedges) or rebalancing of long-dated protection — treat as possible hedging rather than pure directional unless follow-through occurs.

~High vol/oi ratios on short-dated strikes indicate aggressive intraday activity; some prints likely represent market-maker inventory reshuffles or rolls into adjacent expiries rather than new long-term directional exposure.

Key Conclusions

🐻Net premium is meaningfully negative (-$87.0M) despite heavy short-dated ITM call prints — overall flow bias is bearish

⚠️Dealers are net short gamma (Total GEX -$75.7M) — they will sell into rallies, increasing chance of capped upside near $355-$365

📌Max pain / GEX pin zone sits at $360-$365 for the next week — watch whether spot is tugged toward this band into expiries

🔎Short-dated ITM call prints at $340-$347.50 are large (notional $30M–$47M each) — they can create intraday pops but are offset by larger protective put flows

🧭Key levels to watch: support $338.32 (2d EM), $330.70 (1w EM), $323.97 (2w EM); resistance $354.97 (2d EM upper), $360.00 (4/08 max pain & GEX +$4.7M), $365.00 (4/13 max pain & GEX +$3.1M)

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.