TSLA Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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)

Read the Flow analysis for TSLA for 2026-04-07. 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.