TSLA
Tesla, Inc.Close $364.20EOD onlyMax Pain
$350.00
Next expiry Apr 15, 2026
Expected Move
±$6.54
1.8% from close
Price Gap
-14.20
Distance to max pain
IV Rank
59
Middle-high premium
P/C OI
0.69
Slightly call-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 14, 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 14, 2026 close
TSLA Theta Report
Analysis based on market close April 14, 2026
Historical consensus-supported lens with full content, report chain context, and metric rail.
Theta Verdict
Attractiveness8 / 10
Sizing: Moderate
Primary: Defined-risk put spreads (cash-secured put spreads) ~30–45 DTE
Invalidation: Close below $349.53 (1-week EM lower bound) — sustained close below $349 would flip the short-put thesis
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.1% from MP; +0.5 VIX 18.4
IV Environment
IV Regime
High
IV vs VIX
Avg IV 59.0% vs VIX 18.36 — TSLA vol is materially elevated vs market
Favorable?
Yes
Term structure: Front-week IV light (1d ATM 30.5%), near-term hump into 10–45d (10d ATM 52.4%, 31d ATM 45.9%) — good curve for selling 30–45 DTE
💰Avg IV 59.0% is rich vs VIX 18.36 — collectibles premium for sellers
📆Term structure shows elevated IV in the 10–45d band (52.4% @10d; ~45–46% @31–45d) — favors selling into that window
Pin Risk Assessment
Spot vs MP: Spot $364.20 is above max pain levels ($350 on 4/15, $355 on 4/17; MP trend rising)
GEX regime: Pinning (GEX +$137.8M; concentrated near-term GEX magnets at $365, $360, $367.50, $370)
Gamma flip: ~$300.00 — Gamma flip ~ $300 — below that dealers go short gamma and moves can accelerate; well below current spot so not an immediate threat
OI concentrations: Large call OI walls at $400-$500 and put floor at $200-$300; near-term strong premium flow and GEX at $360-$370 (e.g. +$23.6M at $365.00)
Verdict: Favorable — positive GEX and multiple near-term GEX magnets (360/365/367.5/370) create a pinning environment that supports short-dated credit positions, especially short-put or put-spread sellers
Premium Opportunities
#1
put spread
Sell 360 / Buy 330 put spread 2026-05-15 (31 DTE)
Defined-risk 30 DTE put spread collects rich May vol (31d ATM ~45.9%). GEX pinning around 360–365 supports downside resistance and max pain (~$350–$365). Limits assignment and large downside while capturing elevated theta.
Credit: $8.00-$10.00
Max loss: $22.00
BE: $352.00
Mgmt: Take profits at 50–65% of max credit; roll down and out (e.g., by 1–2 strikes and +30d) if short strike threatened; cut losses if underlying closes below $349.53 (1-week EM lower bound) or if spread reaches 50% of max loss
#2
iron condor
Sell 355P / Buy 345P and Sell 375C / Buy 385C 2026-05-15 (31 DTE)
Creates a 30–40d neutral range trade that uses the pinning GEX near 360–370 and collects rich calls (call-side premium elevated). Widths keep defined risk while providing reasonable premium in a high IV regime.
Credit: $2.00-$3.50
Max loss: $7.00
BE: Put-side BE: ~352.00; Call-side BE: ~378.00
Mgmt: Close at 50% of max credit; if either short strike is tested (close within 1% intraday), consider tightening by buying back the threatened wing or rolling the entire side +15–30d; cut losses if either side reaches 60% of max loss
#3
covered call
Buy stock and Sell 380 call 2026-05-15 (31 DTE)
For investors wanting income with bullish flow backdrop. Call OI walls >> spot reduce early-exercise risk short-term; 380 is beyond 1-week EM upper bound but within 31d expected move, so still collects attractive theta in a high-IV market.
Credit: $6.50-$9.00
Max loss: Unlimited (stock position) minus premium collected
BE: $357.70
Mgmt: Close or roll the call early if TSLA rallies above 375 intraday or on approach to earnings (2026-04-22); take profits on option at 50% of premium if stock remains flat; if stock drops below 1-week EM lower bound ($349.53) consider buyback and re-sell further OTM
#4
credit call spread
Sell 375 / Buy 385 call spread 2026-05-15 (31 DTE)
Defined-risk call-side sell using rich call IV and pricing; picks up premium while staying above the GEX pin band (major magnets at 360–370). Works in current bullish flow where larger upside walls sit much higher (400–500).
Credit: $2.50-$4.00
Max loss: $7.50
BE: $377.50
Mgmt: Take profits at 50–65% of credit; roll up-and-out if breached and bullish flow persists; cut losses if TSLA closes above 385 on daily basis
#5
short-dated put spread (aggressive)
Sell 365 / Buy 360 put spread 2026-04-24 (10 DTE) — weekly defined-risk
Use only in high-IV, pinning weeks (front-week IVs are lower but heavy unusual flow and GEX magnets exist at 365). Weekly defined-risk spreads capture front-week theta while limiting assignment risk.
Credit: $2.00-$3.50
Max loss: $2.50
BE: $362.00
Mgmt: Because it's weekly: take profits early (65–80% of max credit by mid-week); do not hold through earnings (earnings 2026-04-22); cut losses at 50% of max loss or if price aggressively moves through 365
Risk Alerts
!Earnings 2026-04-22 (within ~1 week): do NOT sell naked through this event; prefer defined-risk or close before announcement.
!Pinning/GEX concentration at $360–$370 can create sticky price action — short strikes inside that band can be tough to escape if dealers pin.
!Gamma flip ~ $300 — a sudden, large downside gap toward that region would accelerate moves; though distant, it's a tail risk for deep downside exposure.
!Unusual front-week put flow (many large 4/15 puts at 360/362.5/365/355) — heavy short-dated trading could cause intraday pinning or squeezes; be cautious with naked short-week exposure.
!VIX is low for broad market (18.36) but TSLA IV is elevated (Avg IV 59.0%) — high stock-specific IV can collapse quickly if catalysts resolve, so prefer defined-risk or have clear roll rules.
Read the Theta analysis for TSLA for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.