Tesla closed at $377.94, down 0.57% from the prior session.

Large options trades painted a mostly bullish picture despite the modest stock dip. The tape was led by a $5.69 million long call purchase, while a smaller $1.74 million put buy added long-dated downside coverage. With implied volatility near the low end of its one-year range, traders appear to be using relatively inexpensive premiums to position for a sustained move in Tesla’s shares.

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Options Indicators

Tesla’s implied volatility is 44.96%, and with an IV percentile of 10.36% plus an IV/HV ratio of 1.02, current option pricing looks relatively inexpensive versus its own recent history. In other words, volatility is sitting on the low side rather than in an elevated regime, while implied volatility is roughly in line with historical realized movement. The Call/Put volume ratio is 1.35.

Large Trades

A CALL purchase worth $5.69 million was the standout large trade, with buyers taking 2,000 contracts of the January 15, 2027 $400.00 call. With TSLA referenced at $377.94, this strike is out of the money, making it a clearly bullish upside bet that needs further share appreciation to gain intrinsic value. The long-dated tenor suggests the buyer is positioning for a sustained rally rather than a short-term move, using premium outlay to secure leveraged upside exposure into 2027. A PUT purchase worth $1.74 million was the other major block, consisting of 1,500 contracts of the June 17, 2027 $270.00 put. This strike is also out of the money versus the current stock reference, signaling a bearish position or downside hedge aimed at protecting against a larger drawdown over a long horizon.

Overall, the large-trade flow leans bullish. The dominant feature was the much larger long call accumulation, while the smaller bearish put buy appears more like a counterbalance or hedge than the primary message from the tape. In the broader block activity, additional sold puts also reinforced a constructive tone, pointing to traders willing to collect premium while expressing confidence that TSLA can hold above lower strike levels. Taken together, the figures indicate a market stance that remains positive on Tesla’s medium- to long-term direction, while still acknowledging some demand for downside protection.

Strategy Reference

With IV percentile at only 10.36%, traders looking for income may prefer selling the January 15, 2027 $270.00 put to collect elevated long-dated premium with a lower assignment probability, or use a call spread to reduce margin and upfront cost.