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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 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 7.0; -0.5 mixed short-dated bilateral flow; -0.0 market context

Watch next session: Activity and premium flow into the $360 strikes (pin at $360 and GEX +$9.5M); Whether same-day option selling/buying (Apr-10 prints) unwind or are followed by additional directional trades

Flow Summary

Net premium: -$530.3M bearish (large net premium OUT of calls relative to puts at some far strikes; heavy put premium at far strikes dominates aggregate)

P/C volume ratio: 0.93 — near balanced, slight call tilt on volume

P/C OI ratio: 0.66 — call-biased open interest (more call OI than put OI)

Flow is mixed in structure but leans bearish at the aggregate premium level: massive net premium outflow (-$530.3M) indicates large put-side premium purchases (or net buyers of protection) concentrated in a subset of strikes while short-dated ATM call prints show heavy activity that looks like gamma/expiration hedging. Dealers are net short gamma (Total GEX = -$42.0M) which raises fragility to intraday moves; key pin magnets sit above spot at $355/$360, so short-dated flows could compress price upward intraday even as overall premium metrics point to downside insurance demand.

Notable Prints

TSLA 2026-04-10 $345.00 CALL

Vol: 105,808

OI: 3,594

Vol/OI: 29.4x

IV: 52.4%

Notional: ~$43.37M

Intent: Short-dated directional call buying and/or opening of large call-heavy spreads into expiration (delta exposure + dealer hedging)

Dual read: Aggressive buyer (bullish) or block seller overwriting large stock exposure (neutral/covered call)

Read-through: Strong same-day call flow centered ATM — forces dealer hedges that can create upside pin action intraday but does not negate the large net premium sell/put-driven backdrop.

TSLA 2026-04-10 $340.00 CALL

Vol: 79,395

OI: 3,394

Vol/OI: 23.4x

IV: 53.5%

Notional: ~$57.94M

Intent: Heavy short-dated call buying (directional bullish or gamma scalping by HFTs/prop desks)

Dual read: Aggressive long calls (bullish) or part of short-dated call package versus a put leg (vol/straddle trade)

Read-through: Concentrated buy flow at $340-$345 indicates participants pushing for upside into same-day expiries; combined with dealer short gamma this can accentuate intraday bounces toward the $355 pin.

TSLA 2026-04-10 $337.50 PUT

Vol: 86,506

OI: 4,015

Vol/OI: 21.6x

IV: 53.2%

Notional: ~$8.82M

Intent: Short-dated protective put buying or part of a large straddle/strangle execution

Dual read: Bought protection (bearish/hedge) or sold put leg in a complex multi-leg (neutral)

Read-through: Large put volume at slightly OTM strikes signals sizable downside hedging interest into the same-day expiry — offsets some of the call-side directional read and explains net premium negativity.

TSLA 2026-04-10 $347.50 PUT

Vol: 76,230

OI: 2,587

Vol/OI: 29.5x

IV: 50.9%

Notional: ~$36.22M

Intent: Aggressive short-dated put buying (protective or directional bearish)

Dual read: Bought puts (hedge/bearish) or sold as a hedge against other positions (less likely given net premium)

Read-through: High OTM-put turnover close to spot suggests active short-term hedging demand — contributes to the large negative net premium and to dealer positioning shifts.

TSLA 2026-04-10 $342.50 CALL

Vol: 59,716

OI: 1,709

Vol/OI: 34.9x

IV: 52.7%

Notional: ~$33.70M

Intent: Short-dated call buying (directional) concentrated around ATM

Dual read: Bullish buyers or sellers large enough to be covered by stock/overwriting flows

Read-through: Another large ATM/near-ATM call print reinforcing short-dated upside gamma pressure; paired with heavy put buys, this reads like both directional bets and short-term volatility trades.

Institutional Positioning

Call additions: Short-dated calls concentrated $340-$350 (heavy Apr-10 prints at $340, $342.50, $345) and large longer-dated call OI clusters out at $370-$500 (structural call OI wall $370-$500).

Put additions: Significant same-day put buying around $337.50 and $347.50 (Apr-10) and sustained put OI at $230 (longer-term put floor). Top premium flows show outsized put premium at high strikes (e.g., $500 put flow) indicating concentrated protection demand.

GEX/DEX consistency: Partially consistent — Total GEX = -$42.0M (dealers short gamma) which aligns with heavy short-dated bilateral flow; DEX +123.8M shares implies large delta-bearing positions in stock that may be hedged via options.

OI clusters: $370 strike (30,766 call OI) and $360 (22,808 call OI) are the largest near-term call clusters; put OI cluster notable at $230 (22,646 put OI). These call OI concentrations create potential resistance/pin behavior in the $360–$370 zone while the $230 put cluster is a structural long-dated put floor (outside near-term range).

Hedging evidence: Clear same-day protective/insurance buying (large Apr-10 puts) and ATM call buys that look like delta/gamma plays. Evidence of organized collars is limited in the provided prints, but the coexistence of heavy short-dated calls and puts points to both directional bets and hedges being placed simultaneously.

Max pain context: Max pain pins in the near-term are above spot ($355 on 4/10; $360 on 4/13 & 4/15). Given large short-dated call flow and dealer short gamma, price may gravitate intraday toward the $355–$360 pins even while aggregate premium metrics show downside insurance demand.

Signal vs Noise

~Concentration of extremely large volumes in the Apr-10 chain (same-day) — much of this is expiration-related activity and gamma/hedge flows rather than clean directional conviction over multi-day horizon.

~High-volume prints at multiple ATM strikes in same expiry (e.g., $340/$342.5/$345/$347.5) are consistent with straddle/strangle or block expiration trades — do not interpret each isolated print as a separate directional sweep.

~Large structural call OI blocks at $370–$500 are long-dated positioning and likely represent long-term hedges/written structures rather than immediate directional bets.

~Market-maker/dealer hedging: negative Total GEX (-$42.0M) implies forced hedging and gamma scalping; short-term flows may reflect MMs rebalancing rather than new institutional directional exposure.

Key Conclusions

⚖️Overall flow is mixed: heavy same‑day bilateral activity (large calls and puts) but aggregate net premium is strongly negative (-$530.3M), indicating material put/protection demand.

🐻Net premium skew and big same-day put prints (Apr-10 $337.50/$347.50) point to downside hedging and a bearish tilt at the premium level despite visible call buying.

📌Near-term pin/resistance cluster at $355–$360 (MP and GEX +$9.5M at $360) — expect price magnet behavior intraday if dealer gamma selling persists.

🚨Dealers are net short gamma (GEX = -$42.0M). Large short-dated bilateral trades increase intraday volatility risk — small prints can move price as dealers hedge.

🔁Much of today’s flow is expiration-related (Apr-10). Confirm any directional thesis by watching follow-on activity into Apr-13/Apr-15 expiries and changes in net premium.

How to Use These Reports

This flow reflects the market close on April 9, 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.