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TSLA

Tesla, Inc.Close $433.59EOD only

Max Pain

$425.00

Next expiry May 27, 2026

Expected Move

±$8.20

1.9% from close

Price Gap

-8.59

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.74

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 26, 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 26, 2026 close

TSLA Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.7% from MP

Watch next session: Follow put premium at $360/$355 (will show continued protective buying if flows persist); Watch spot reaction to $354.05 (2d EM upper) and any large trade prints in 4/10 expirations (esp. $347.50P and $350C)

Flow Summary

Net premium: -$376.9M bearish (large net put premium paid)

P/C volume ratio: 0.69 — call-dominant by volume today but not by premium

P/C OI ratio: 0.66 — call-lean in OI (longer-dated call concentration), but short-dated premium is put-heavy

Large notional of put premium concentrated in near-term strikes (notably $360, $355, $350 and mid-$340s) while intraday volume shows many calls. This indicates institutions are buying downside protection (paying premium) against the short-term horizon while other market participants trade calls. Dealers are net negative GEX (-$71.4M), so puts bought will amplify downside gamma pain if spot drops toward the $330s.

Notable Prints

TSLA 2026-04-10 $347.50 Put

Vol: 23,808

OI: 1,549

Vol/OI: 15.4x

IV: 51.5%

Notional: ~$18.5M

Intent: Directional protective put buying / short-dated downside hedge

Dual read: Bought puts (bearish/protection) OR market maker sell-to-open (less likely given premium skew and net premium)

Read-through: Very large, concentrated near-term put flow one day before 4/10 expirations — institutional risk-off or tail-hedge. Reinforces overall net premium negative and increases probability of short-term downside pressure/volatility.

TSLA 2026-04-10 $340.00 Call

Vol: 29,167

OI: 2,479

Vol/OI: 11.8x

IV: 55.0%

Notional: ~$21.4M

Intent: Short-dated directional call activity (intraday trading or delta buys)

Dual read: Aggressive call buying (bullish) OR call selling/overwriting by dealers (neutral to bearish if delta-hedged)

Read-through: High call volume at an ITM strike next-expiry suggests heavy gamma exposure near current spot; paired with large put prints, this looks like two-sided hedging and market-maker inventory churn rather than pure conviction to the upside.

TSLA 2026-04-10 $350.00 Call

Vol: 59,245

OI: 5,614

Vol/OI: 10.6x

IV: 52.9%

Notional: ~$15.9M

Intent: Short-dated call buying/speculation or dealers adjusting gamma hedges

Dual read: Aggressive speculative call demand OR part of two-sided liquidity where dealers sell calls and hedge with stock (can compress upside)

Read-through: Large activity concentrated at near-term $350 shows heavy gamma and pin risk into near expirations; however, premium-side net remains put-dominant overall.

TSLA 2026-04-20 $350.00 Call

Vol: 5,035

OI: 343

Vol/OI: 14.7x

IV: 43.7%

Notional: ~$3.98M

Intent: Fresh directional longer-dated call purchase or roll from near-term positions

Dual read: Buy for upside exposure OR part of a spread (e.g., roll up/out from 4/10 expiries)

Read-through: Smaller absolute notional than the near-term prints but notable vol/oi — could indicate operators rolling short-term positions further out, or selective addition of call exposure against put protection.

TSLA 2026-04-13 $280.00 Put

Vol: 2,579

OI: 113

Vol/OI: 22.8x

IV: 83.2%

Notional: ~$0.57M

Intent: Long-dated/OTM speculative tail protection or cheap way to express skew

Dual read: Tail-hedge purchase OR small structured leg (part of a larger spread)

Read-through: High vol/oi but small absolute notional relative to near-term put prints; signals some players buying deep OTM downside protection but not a dominant position.

Institutional Positioning

Call additions: Long-dated call concentration at high strikes ($630-$650 OI clusters) and scattered near-term call volume at $340-$375 — suggests institutions hold long convex upside exposure at distant expiries while intra-day call flow is more trading than structural.

Put additions: Significant short-dated put premium concentrated around $360, $355, $350 and the $345-$348 band (large net premium at $360: Net -$57,307,834; $355: Net -$40,559,774; $350: Net -$31,762,028; $345: Net -$20,317,848). This reads as protective buying or directional put accumulation centered just above spot.

GEX/DEX consistency: Yes — negative Total GEX (-$71.4M) with DEX +122.6M shares aligns with put-heavy premium and dealer short-gamma exposure, making moves to the downside likely to be amplified.

OI clusters: Major call OI walls at $400-$500 range (structural resistance); largest concentrated OI clusters: $650 (102,604 OI), $630 (68,784 OI), $485 (27,112 OI), $360 call cluster (18,294 OI) and $230 put floor (22,620 OI). The $400-$500 call bands create a distant resistance/ceiling; the $230 put floor is far below spot and unlikely relevant to near-term pinning.

Hedging evidence: Clear evidence of large-scale hedging/protection: heavy short-dated put buys (mid-$340s to mid-$360s) and dealers with negative gamma. Minimal evidence of structured collars in the near term — flows look like outright put premium purchases rather than paired call sells.

Max pain context: Max pain pins at $360 (4/8 and 4/13) and $357.50 (4/10) sit above spot. MP trending higher over expirations (MP trend: rising $360 → $400) creates a bias for dealers to defend prints in the $355–$365 band, increasing short-term pin risk toward $360 even as puts are being bought.

Signal vs Noise

~Large long-dated call OI at $630-$650 likely structural/insurance or sold-call positions (not immediate directional flow).

~Some heavy short-dated call volume (e.g., 4/10 $340/$350 calls) appears paired with large short-dated put buying — likely two-sided hedging and dealer gamma adjustments rather than outright bullish conviction.

~OTM $280 4/13 puts (high vol/oi) are small notional relative to near-term put flows — more tail-hedge/speculative than core directional positioning.

~Expirations clustered around 4/10: expect expiration rolls and closing activity that can look like large directional prints but may simply be short-term roll/close behavior.

Key Conclusions

🐻Net premium is heavily negative (-$376.9M) with concentrated put premium at $360/$355/$350 — institutional protection is being bought, signaling a near-term bearish bias.

⚠️Dealers are net short gamma (Total GEX -$71.4M) — any downside move could be amplified as dealers hedge, raising volatility risk.

📌Max pain and GEX pin concentration cluster at $360 / $357.50 — those levels are the most likely short-term magnets into near expirations.

🔎Short-dated large put prints (4/10 $347.50P) are the highest-significance flows — watch for follow-through or rollouts to 4/20 which would confirm sustained downside hedge demand.

🧭Support to watch: $332.45 (2d EM lower), $329.12 (1w EM lower), $321.62 (2w EM lower) — all within the ±10% band and likely to attract dealer buying if tested.

🧱Resistance to watch: $354.05 (2d EM upper), $357.38 (1w EM upper / MP at 4/10), $360.00 (MP at 4/8 & 4/13) — heavy put premium sits just below these levels, making them contested.

How to Use These Reports

This flow reflects the market close on April 8, 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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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.