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TSLA

Tesla, Inc.Close $400.62EOD only
Max Pain
$372.50
Next expiry Apr 20, 2026
Expected Move
±$9.58
2.4% from close
Price Gap
-28.12
Distance to max pain
IV Rank
100
High premium
P/C OI
0.72
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Apr 17, 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 17, 2026 close
TSLA Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Defined-risk put spreads or cash-secured short puts with strict assignment/roll plan (avoid naked short puts size-heavy)
Invalidation: Sustained close below $358.7, rapid VIX spike >30, or sudden concentrated assignment where margin/borrows force liquidation; roll/close if short-put delta >0.45 or underlying gaps >3% on high volume.
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Average IV (~61%) well above VIX (18.9) — option vols rich vs index vol.
Favorable?
No

Term structure: Steep short-dated put skew (4–11d puts rich vs ATM); term structure flattens beyond ~1m.

📌Max-pain concentration at $385 with nearby pins $375–$385 increases assignment risk into expiry.
⚠️Steep short-dated put skew raises early assignment and margin risk — prefer defined-risk structures or cash-secured sizing.
🟢Dealer GEX positive (~+$146M) may mute downside but can flip on large flows.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+146.0M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 19,610 (23.6% below spot)

OI concentrations: High OI concentrated at $385/$375; notable put OI ~23.6% below spot.

Verdict: Pinning regime with elevated short-term assignment risk; monitor nearest expiries, delta clusters, and dealer flow for reprice/roll decisions.

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $405.00 call / buy 2026-06-18 $455.00 call
Exploits elevated short-term IV vs longer-dated vols for defined limited-risk bullish exposure with retained directional optionality.
Credit: $6.14-$7.51
Max loss: $0.01
BE: Path-dependent
Mgmt: Close/roll if TSLA>405 with heavy call flow or if sustained close <385; reduce exposure before earnings gaps; exit/hedge on VIX>30 or short-call delta >0.45.

Risk Alerts

!VIX spike >30 forcing vol repricing
!Close below $358.7 invalidates neutral/premium-selling stance
!Rapid dealer GEX unwind or concentrated call buying between $400–$450 causing directional gamma shifts
How to Use These Reports
This theta reflects the market close on April 20, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.