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TSLA

Tesla, Inc.Close $387.51EOD only

Max Pain

$382.50

Next expiry Apr 24, 2026

Expected Move

±$20.55

5.3% from close

Price Gap

-5.01

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.77

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Apr 22, 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 22, 2026 close

TSLA Theta Report

Analysis based on market close April 23, 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 VIX 19

IV Environment

IV Regime

High

IV vs VIX

High underlying IV (~60.6) above VIX; extreme front-end skew on 1–4d expiries

Favorable?

Yes

Term structure: Steep near-term put skew (1–8d elevated put IVs); mid-dates rich relative to front in spots; longer-dated IV elevated but mixed

⚠️Avoid 1d tails — front-week gamma hedging costs heavy

📌Front-week hedging/gamma cost can consume ~30–50% of collected premium; favor 4–8d expiries around events

🗓️Watch near-term events (earnings/macro) — IV pops make selling into them riskier

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-67.3M)

Gamma flip: ~$300.00 — Approx — based on put OI concentration of 19,469 (19.7% below spot)

OI concentrations: Max-pain pins clustered at $385–$390; put OI ~19.7% below spot; call wall $400–$500

Verdict: Elevated pin risk into expiries with concentrated OI at $385–$390; dealer gamma flip expected only if rally clears ~$400 (invalidates short-premium thesis); downside gamma exhaustion below $350 could amplify tail moves

Premium Opportunities

Iron condor

Sell 2026-07-17 $350.00/$340.00 put wing and $380.00/$390.00 call wing

Short 350/340 put and 380/390 call wings to collect elevated IV while capping tail exposure

Credit: $6.93-$8.47

Max loss: $1.53

BE: 341.53 / 388.47

Mgmt: Trim or roll wings wider/closer if price nears a wing; hedge front‑week skew spikes; exit before earnings if IV runup

Put credit spread

Sell 2026-06-18 $350.00/$340.00 put spread

Sell 350/340 put spread to collect premium with defined max loss and clear invalidation at ~348

Credit: $2.77-$3.38

Max loss: $6.62

BE: $346.62

Mgmt: Close or roll if price breaches 348; reduce size into negative GEX/vol spikes

Covered call

Buy shares + sell 2026-07-17 $420.00 call

Buy TSLA and sell Jul17 420 call to earn yield and limit naked short risk

Credit: $13.79-$16.86

Max loss: Stock downside to $0 less call premium

BE: $356.86

Mgmt: Buy back calls if shares spike toward 420 or IV collapses; consider rolling for more premium

Risk Alerts

!Front-end 1d/4d skew can spike losses vs expected theta

!Negative GEX (-$67.3M) can amplify directional moves

!Front-week hedging may consume ~30–50% of collected premium vs calm weeks

!Event/earnings IV pops can quickly invert favorable premium-selling math

How to Use These Reports

This theta reflects the market close on April 23, 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.