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TSLA

Tesla, Inc.Close $348.95EOD only

Max Pain

$350.00

Next expiry Apr 13, 2026

Expected Move

±$7.50

2.1% from close

Price Gap

+1.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.69

Slightly call-heavy

Consensus

6.0/10

Neutral tilt

Published snapshot: Apr 10, 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

Apr 10, 2026 close

TSLA Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.7% from MP

IV Environment

IV Regime

High

IV vs VIX

Avg IV 56.2% vs (VIX N/A) — IV is elevated for TSLA; near-term 3d ATM 29.9% rising to 14d ATM 51.5%

Favorable?

Yes

Term structure: Very steep term structure: near-term 3–10d IVs 29.9%–39.7%, then a jump at 14d (51.5%) and elevated levels through 35–98d (≈44–48%) — favorable for calendar/diagonal and front-month defined-risk wings

⚠️Total GEX = -$25.7M (Trending) — dealers are short gamma; directional moves can accelerate against credit sellers

💰Avg IV 56.2% (elevated) and 14d ATM 51.5% — rich vol supports selling premium, especially defined‑risk spreads and calendars

📌Near-term pin magnets at $350/$355 with strong OI and positive local GEX — local pin risk can help short strikes hold

Pin Risk Assessment

Spot vs MP: Below (Spot $348.95 vs Max Pain $350-$355) — spot is ~1%–2% below nearest MPs

GEX regime: Trending (GEX -$25.7M) — negative GEX magnitude large enough to accelerate moves; dealers short gamma

Gamma flip: ~$300.00 — Gamma flip ~ $300 — below this dealers flip to long gamma; current spot well above flip so we remain in negative-gamma environment where moves can trend

OI concentrations: Call walls: large OI at $400-$500; Near-term call OI clusters at $350 (3,160), $360 (3,855), $380 (4,515). Put concentration: $300 put OI 19,083; near-spot puts at $340 (3,756), $320 (3,281).

Verdict: Mixed/Threatening — local pin magnets at $350/$355 provide short-term support for credit sellers, but overall negative GEX (trending) increases risk of directional acceleration; prefer defined-risk, skewed structures rather than uncovered naked shorts.

Premium Opportunities

put spread

Sell 330/320 put spread — 2026-05-15 (≈35 DTE)

High IV term premium out in 35d (ATM ~46.1%) and put OI clusters/near-term support below spot (330 and 320 are within put floor area). Defined-risk bull put spread captures elevated put premium while limiting tail risk given negative GEX.

Credit: $1.00-$1.40

Max loss: $8.60

BE: $328.60

Mgmt: Take 60–70% of max profit (close) at price target; roll down and widen if underlying moves to within 2–3% of short strike or roll to next month if credit remains attractive; cut loss (buy back) if TSLA closes below $320 or if position reaches 80% of max loss.

iron condor

Sell 330/320 put spread + sell 360/370 call spread — 2026-05-15 (≈35 DTE)

Constructs a skewed condor that leans bullish (puts closer) while collecting rich call premium on the elevated IV surface. Uses defined risk to protect against TSLA trending moves; T+1–2 week EM shows $336–361 band so 360 short is just above 1-week EM upper guardrail.

Credit: $1.90-$2.60

Max loss: $7.40

BE: 320.10 / 362.60

Mgmt: Close at 50% of max profit; tighten/close the side that is tested when underlying trades within 1–1.5% of short strike; if either short strike is breached by close, consider rolling that side 10–15 points away or close entire condor if both short strikes are tested. Cut losses at 60–70% of max loss.

call spread

Sell 360/365 call spread — 2026-04-24 or 2026-05-01 (14–21 DTE) — use weekly only if IV remains elevated

Short-dated defined-risk call spread above local pin magnets ($350/$355) to capture premium while limiting assignment risk. Near-term 7–14d calls show low mid premiums for OTM strikes but IV jump at 14d makes the trade more attractive with controlled risk.

Credit: $0.55-$1.10

Max loss: $4.45

BE: $360.55

Mgmt: Close at 65% of max profit; if TSLA pushes above $355 and approaches $360, either roll up + widen (if skew supports) or close when tested. Cut losses at 50% of max loss if spread goes ITM by >50% move in value.

covered call

Sell 1× 355 call against 100 shares — 2026-04-13 or 2026-04-20 (1–2 week) for income, or 2026-05-15 for higher premium

For stock holders wanting yield: short 355 call sits at/near max pain and local OI magnet. Use short duration when you want quick theta; longer-dated gives richer premium but increases event exposure.

Credit: $1.45-$6.00

Max loss: Unlimited (stock exposure)

BE: Stock cost basis minus premium received

Mgmt: Roll up/away if assigned risk is unacceptable and stock is called (roll to next month higher strike); close if TSLA > short strike by >1–2% pre-expiration or if earnings (do not hold through earnings).

Risk Alerts

!Earnings 2026-04-21 / 2026-04-22 (within ~12 days): avoid selling naked premium through the event; prefer defined-risk structures or close before announcement.

!Negative total GEX (-$25.7M) — trending gamma regime increases chance of fast directional moves; use defined-risk spreads and conservative sizing.

!Local gamma flip ~ $300 — a crash below $300 would change dealer behavior and risk profile dramatically (open downside tail risk).

!Large concentrated premium flow and OI at high strikes ($400–$500) and large put OI at $300 (19,083) — institutional positioning can create gaps; watch unusual flow (net negative premium) at $500 and heavy call buying at $340/$335 indicating directional bets.

!Near-term EM / guardrails: 2d band $341.45–$356.45 and 1w $336.73–$361.18 — trades that short outside these bounds have elevated early assignment and tail risk.

Read the Theta analysis for TSLA for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.