Tesla closed at USD 357.01, up 0.26 percent.

Large options trades in Tesla revealed a distinctly bearish institutional tone. A $4.84 million long-dated put buy dominated the flow, while a sizable call sale added to the cautious posture. The positioning suggests traders see limited upside over the medium term and are hedging against a deeper pullback in the stock.

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Options Indicators

TSLA’s implied volatility is 45.78%, and with an IV percentile of 10.71%, current option volatility sits at the low end of its historical range, indicating options are relatively cheaply priced rather than expensive. The IV/HV ratio of 1.09 suggests implied volatility is only modestly above realized volatility, so the premium embedded in options is not particularly stretched. The Call/Put volume ratio is 1.43.

Large Trades

A PUT buy worth $4.84 million was the largest displayed trade, with 2,100 contracts of the January 21, 2028 $250.00 put purchased. With TSLA referenced at $357.01, this strike sits out of the money, making it a clear bearish downside position that targets a meaningful decline over a long-dated horizon. The buyer paid premium for extended protection or for a directional bet that TSLA could weaken substantially over time, and the size underscores conviction in a longer-term cautious to negative outlook.

A CALL sale worth $889,200 was the other displayed large trade, involving 2,021 contracts of the September 4, 2026 $360.00 call sold. Against the $357.01 reference stock price, the strike is slightly out of the money, so this trade reflects a bearish or at least upside-capping stance. Strategically, selling this call suggests the trader was willing to collect premium while expressing the view that TSLA is unlikely to break materially above $360.00 by expiration, or that upside expectations should remain limited over that timeframe.

Overall, the large-trade flow in TSLA is clearly bearish. The dominant activity is concentrated in put buying and call selling, which points to traders paying for downside exposure while also fading near-term upside. Taken together, the bulk-order profile suggests institutional positioning is skewed toward weakness in TSLA rather than recovery, with sentiment reflecting caution, hedging demand, and a preference for bearish exposure over bullish participation.

Strategy Reference

Traders seeking a low assignment probability could sell the September 4, 2026 expiration with a strike above $400.00, such as the $420.00 call, which remains well out of the money and benefits from the depressed IV percentile. For those preferring not to post excessive margin, a bear put spread such as buying the January 2028 $250.00 put and selling the $200.00 put would define risk while still capturing the downside tilt.