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 15, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Follow-through call premium at the front expiry, specifically continued delta-weighted buying at the $390 strike; Whether price respects the 2d expected-move lower bound $378.70 1; a close below would weaken the bullish flow thesis
Flow Summary
Net premium: +$3.1B bullish (deterministic)
P/C volume ratio: 0.54
P/C OI ratio: 0.70
$380 and the $390
strike, there is a very large same-day $390 call print (Vol=275,994, OI=4,005, Last=$2.03) that materially raises front-end call notional (~$56.0M) and forces incremental dealer delta hedging. Put volume remains present but not dominant. The C390 print increases short-term pinning and raises conviction that dealers will buy underlying into intraday upside, amplifying the bullish microstructure even though longer-dated max pain remains lower.
Notable Prints
Read-through: Material: this single print (~$56.0M notional) substantially increases front-end hedging demand and strengthens the short-term bullish/pinning thesis.
Read-through: Supports upside gamma and dealer hedging; smaller notional than C390 but large in contracts.
Read-through: Adds two-way gamma churn but is small vs C390 notional.
Read-through: Raises local downside option interest but insufficient to counter large call hedging.
Read-through: Further concentrates front-end gamma near spot and amplifies dealer hedging.
Institutional Positioning
Call additions: Meaningful front-end call accumulation concentrated at $390 (huge same-day notional), plus heavy call premium at $365 and $390 strikes across the front expiries; larger-dated structural call OI remains at $400 and $500, indicating layered upside exposure.
Put additions: Protective interest exists at short-dated $370 and $380 puts and multi-month put OI concentrated at $300 and $350, but these are small in premium versus the large $390 call notional.
GEX/DEX consistency: Yes
OI clusters: Largest OI clusters: big call walls at $400 and $500 (24k–30k OI) and put concentration around $210 and $300. Near-term OI density and GEX concentration around $387.50–$400.00 create a short-term magnet in the $390–$400 band.
Hedging evidence: Some defensive hedging exists — notable multi‑month put OI at $300 and $350 and short-dated protective buys near $370–$380 — but these are smaller in premium terms versus the front-end call flow, implying hedges are not the dominant driver today.
Max pain context: Max pain for near expirations sits lower ($360→$355) but the rising MP trend across expirations (MP rising $360 → $390) plus front-end call demand suggests institutions are positioning to skew realized pin higher than the immediate MP, reinforcing dealer pinning around $390–$400.
Signal vs Noise
Key Conclusions
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