TSLA

Watch next session: Price holds above 395–405 consolidation; VIX >20 or rising sharply; New large put prints or heavy put buying

Net premium: +$1.1B bullish

P/C volume ratio: 0.51

P/C OI ratio: 0.72

Call additions: Concentrated call buys and OI at 402.5–407.5 expiring 4/17; large rollups into short-dated calls indicating buy interest but not unambiguous directional conviction.

Put additions: Heavy short-dated put prints and OI 395–410 (notably 400,402.5,405,410) consistent with protective hedging or mixed bearish exposure alongside call activity.

GEX/DEX consistency: Positive GEX (+695.6M) and net DEX share activity align with buy-side flow that can create dealer short-gamma; this increases pinning potential but does not guarantee it.

OI clusters: Largest OI clusters: calls 402.5/407.5 (4/17) and puts clustered 400–410 (4/17–4/20).

Hedging evidence: Coexistence of call blocks and short-dated puts points to a blend of directional call buying and protective structures (collars/puts); dealer delta-hedging of either can produce similar market pressure.

Max pain context: Gamma pinning is a possible regime given positioning and dealer hedging incentives, but outcome is conditional on spot moves and trade flow near expiry.