TSLA
Tesla, Inc.Close $415.88EOD onlyThis page reflects TSLA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 10, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Follow any fresh premium into $340–$350 strikes (calls) — would indicate short-term call stacking/pin attempt; Track additional large put premium prints at $500/$430/$420 (tail hedging) that would keep net premium negative
Flow Summary
Net premium: -$84.4M bearish
P/C volume ratio: 0.76 — modest put skew (calls still active but puts dominate premium)
P/C OI ratio: 0.69 — OI shows moderate call lean vs today's volume which favored puts in premium terms
Notable Prints
Read-through: High notional and very high vol/OI at the $345 call (ITM) is consistent with short-term players targeting a pin in the $345–$350 range for the 4/13 expiry; this supports near-term upside friction around $350 despite overall bearish premium.
Read-through: Large concurrent activity in both the $345 call and put suggests structured trades near this strike (expirational positioning) rather than a clean directional only: dealers are being forced to rebalance gamma around $345–$350.
Read-through: The $350 call is a key near-term pin candidate (matches near-term GEX +$1.8M). Heavy volume relative to OI and meaningful notional increases dealer gamma sensitivity around the $350 level.
Read-through: Huge vol/OI spike but trivial notional (last $0.01) — likely retail/spec flows gambling on extreme move or algorithmic gamma scalping; not a material institutional directional bet.
Read-through: Extremely high IV and vol/OI but negligible premium traded; keep on watch as a marker of tail fear but not an immediate price driver.
Institutional Positioning
Call additions: Short-dated call accumulation concentrated in the 335–350 strikes (notably 345C and 350C for 4/13 expiry) — dealers gaining short-gamma exposure near $345–$350 where near-term GEX is positive.
Put additions: Net premium indicates heavy put premium at far strikes ($500, $430, $420, $660, $635 lines show large put notional). This reads like broad tail hedging / protective put buying at higher strikes and longer expiries that pushes net premium negative (-$84.4M).
GEX/DEX consistency: Partial consistency: Total GEX is negative (-$25.7M) which aligns with larger put premium, but near-term GEX concentrations (+$1.8M at $350, +$1.1M at $355) align with the concentrated short-dated call activity — creating mixed dealer exposure (short gamma locally, long gamma elsewhere). DEX is large (+117.6M shares) indicating significant directional share-equivalent exposure elsewhere.
OI clusters: Large structural call OI wall sits at $400–$500 (significant call OI clusters), near-term OI clusters are concentrated at $350 (3,160 OI), $360 (3,855 OI), $380 (4,515 OI). Put OI concentration notable at $280 (4,168 OI), $340 (3,756 OI), $320 (3,281 OI). These clusters create friction: $350 acts as a near-term magnet while $400–$500 function as longer-term upside walls.
Hedging evidence: Yes — evidence of large-scale hedging: heavy put premium at high strikes (e.g., $500 net -$69.7M), plus concentrated near-term protective activity (350/345 put volume). Collar activity is not obvious in the prints, but the two‑sided activity at $345 suggests structured expiry hedges or spreads.
Max pain context: Max pain is $355 for 4/10 and $350 for 4/13; with spot below MP and large short-dated call volume at $345–$350, market makers will be actively hedging into these pins — expect pin pressure between $345–$355 for the next expiries.
Signal vs Noise
Key Conclusions
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