thetaOwl

TSLA

Tesla, Inc.Close $435.79EOD only
Max Pain
$435.00
Next expiry Jun 1, 2026
Expected Move
±$8.82
2.0% from close
Price Gap
-0.79
Distance to max pain
IV Rank
62
High premium
P/C OI
0.74
Slightly call-heavy
Consensus
8.5/10
Bullish tilt
Published snapshot: May 29, 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 29, 2026 close
TSLA Flow Report
Analysis based on market close April 14, 2026

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 14, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

BiasBullish
Confirmation: Sustained net premium >$200M dominated by calls (repeat of >$300M today) and continued call-heavy GEX concentrations at $360-$370 holding price above $360 into close.
Invalidation: Net premium flips materially negative or P/C volume ratio rises above 1.2; price breaks and closes < $350 with dealer GEX drain from negative rebalancing.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 18.36

Watch next session: Follow puts/calls flow into 2026-04-17 expiries at $360-$370 (sustained call buying would confirm pinning/bull bias); Large block prints at $400 strike (OI heavy) — any conversion to short calls or aggressive selling would signal resistance activation

Flow Summary

Net premium: +$303.0M bullish

P/C volume ratio: 0.67 — call-dominant (call volume > put volume)

P/C OI ratio: 0.69 — moderate call lean in positioning

Large, call-dominant premium flow centered at near-spot strikes ($350-$367.50) with dealer GEX strongly positive (+$137.8M) producing pinning behavior. Institutional activity is front-loaded into very near expiries (4/15–4/17) and into mid-high strikes ($350-$370) while long-dated call walls ($400-$500) create asymmetrical upside resistance.

Notable Prints

#1
TSLA 2026-04-15 $365.00 Put
Vol: 57,287
OI: 1,776
Vol/OI: 32.3x
IV: 30.5%
Notional: ~$20.7M
Intent: Aggressive short-dated hedging or pin-seeking liquidity trade into expiry (protective or synthetic structure leg).
Dual read: Could be bought puts (defensive hedges) or sold/put into spreads (dealer flow); both move dealer gamma same direction but implications differ for directional exposure.

Read-through: Large activity at ITM/near-spot put near the MP ($350-$365) reinforces heavy gamma presence near current spot; supports pinning and high dealer hedging sensitivity intraday.

#2
TSLA 2026-04-15 $365.00 Call
Vol: 126,447
OI: 7,620
Vol/OI: 16.6x
IV: 30.5%
Notional: ~$36.2M
Intent: Fresh directional call buying or buys to open for short-dated upside exposure into pin; also consistent with dealers taking on short call gamma to sell delta into rallies.
Dual read: Bought calls (bullish) or calls sold as part of call spread/overwrite (neutral-to-bull) — large volume and positive net premium lean bullish.

Read-through: High call premium concentrated at $365 supports bullish flow; combined with positive GEX this suggests dealers are long gamma and will hedge by buying stock into moves up, reinforcing upside.

#3
TSLA 2026-04-15 $360.00 Put
Vol: 85,812
OI: 776
Vol/OI: 110.6x
IV: 31.1%
Notional: ~$13.8M
Intent: Immediate, short-dated directional put buys—likely protective or short-squeeze liquidity capture into expiry.
Dual read: Aggressive bought protection (bearish hedge) or part of conversion/complex (neutral); volume/OI skewed heavily toward fresh activity.

Read-through: Massive short-dated put flow right below spot shows active hedging into expiry but net premium across chain remains dominated by calls — suggests buyers are paying up for both sides, increasing gamma-driven dealer hedging.

#4
TSLA 2026-04-15 $362.50 Call
Vol: 73,138
OI: 2,736
Vol/OI: 26.7x
IV: 31.5%
Notional: ~$30.8M
Intent: Short-dated call accumulation (directional) — likely bullish exposure or part of expiries squeeze.
Dual read: Buys to open (bullish) or sales to open (overwrite); high net call premium at nearby strikes favors bullish read.

Read-through: Reinforces the call-dominant premium seen in top premium flow lines at $360-$365; adds to dealer net short call exposure that creates positive GEX/stock-buying hedges.

#5
TSLA 2026-04-15 $357.50 Put
Vol: 51,267
OI: 1,151
Vol/OI: 44.6x
IV: 31.7%
Notional: ~$5.2M
Intent: Fresh short-dated downside hedges or liquidity-targeted sells of stock with protective put overlay.
Dual read: Could be protective bought puts or sellers initiating structured positions; concentrated short-dated flow again tied to expiry dynamics.

Read-through: Clusters of heavy short-dated put activity across 357.50–365 suggest active hedging into pin and elevated gamma exposure near spot — increases sensitivity to intraday moves.

Institutional Positioning

Call additions: $350-$370 concentrated short-dated calls (notable premium at $350, $360, $365, $367.50) and large long-dated call OI walls at $400-$500.

Put additions: Significant short-dated put flow at $357.50-$365 (4/15–4/17 expiries) and larger protective put OI clusters further OTM at $300 and $210 for long-dated downside insurance.

GEX/DEX consistency: Yes — Total GEX +$137.8M and DEX +124.6M shares align with bullish flow and pinning regime; near-term GEX concentration (+$23.6M at $365, +$14.7M at $360) explains price magnet at current spot.

OI clusters: Largest OI clusters: $400 call wall (30,078 / 23,526 / 21,208 entries) and $500 call cluster (25K+ OI entries); put OI concentrated at $210 (23,949), $300 (18,526) and nearby puts at $350-$365 but smaller OI than the big call walls.

Hedging evidence: Yes — heavy short-dated put buying around 4/15 and 4/17 indicates protective hedging; dealer positive gamma implies they will buy underlying into up moves and sell into down moves, amplifying intraday pin action.

Max pain context: Max pain near-term is $350 (4/15) and $355 (4/17) while MP trend is rising; current spot (~$364.20) sits above MP and heavy call premium at $350-$365 suggests dealers are being skewed into pinning toward near-term pins while long-dated calls create upside structural resistance.

Signal vs Noise

~Most large prints are same-day expiry (2026-04-15) — a lot of the activity is expiry-driven hedging and gamma trading rather than new long-term directional bets.
~High volume/low OI ratios (e.g., $360 put vol/OI 110.6x, $362.50 put 127.0x) point to fresh expiry trades or block executions, not established positioning.
~Call OI walls at $400-$500 are structural and long-dated; activity there is often part of covered call/issuance or institutional collar programs, not immediate directional flow.
~Some large put flows at deep strikes ($300, $210) are long-dated protection — portfolio insurance rather than near-term directional bearishness.

Key Conclusions

🐂Net premium strongly bullish: +$303.0M concentrated in $350-$365 strikes with P/C vol 0.67 and P/C OI 0.69 — dealers are long gamma around spot.
📌Pinning likely near-term: GEX concentrations at $365 (+$23.6M) and $360 (+$14.7M) together with MPs at $350/$355 create a tight magnet window $357.67-$370.74.
⚠️Expiry-driven noise: Very high vol/OI ratios on 4/15 strikes indicate most activity is short-dated hedging/expiry flow; interpret directional signals cautiously.
🧭Support levels to watch: $360.00 (near-term GEX + dealer hedging), $350.00 (max pain / put clusters), $365.00 (large GEX concentration).
🛡️Hedging visible: concentrated buys of 4/15 puts at $357.50-$365 combined with calls imply institutions are protecting upside exposure while maintaining bullish gross exposure.
🏁Resistance / walls: $370.00 (EM upper 2d), $400.00 (large call OI wall inside +10% bound) — upside may slow into these levels despite bullish flow.
How to Use These Reports
This flow reflects the market close on April 14, 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.