TSLA 450 Call Options See 31,009 Contracts Traded—IV Drops 17% as Stock Rallies 3.84%
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November $450 Call Leads TSLA Option Activity with 31,009 Contracts—Is Sentiment Turning?
As of 11:00 AM, Tesla’s November 14, 2025, $450 call was by far the most actively traded TSLA option. A total of 31,009 contracts changed hands, accounting for 5.5% of all Tesla options volume for the session. At the same time, Tesla’s share price jumped $16.51 to $446.03—a gain of 3.84% that put it within striking distance of the $450 strike.
Implied Volatility Sinks 17.4% Even as Calls Rally—Market Expects Lower Future Swings
The most notable shift came from implied volatility (IV). The 450 call’s VWAP-implied volatility fell from 54.7 yesterday to just 45.1—a drop of 17.4%. The last recorded IV was 43.9, with a session low of 43.1. This decline stands out because the price of the 450 call actually climbed, closing its latest trade at $9.45—well above yesterday’s close of $5.80.
This dynamic—rising call prices paired with falling IV—suggests the market is becoming more confident about TSLA’s near-term trajectory, but expects less extreme moves ahead. A decline in IV typically signals expectations of lower volatility, even as options gain value due to stock movement.
| Metric | Value |
|---|---|
| Option Contract | Nov-14-25 450 Call |
| Volume | 31,009 |
| Percent of Total TSLA Options Volume | 5.5% |
| VWAP Trade Price | $7.60 |
| Implied Volatility (VWAP) | 45.1 |
| Previous Day's Close IV | 54.7 |
| Change from Previous IV | -17.4% |
| Previous Day's Closing Price | $5.80 |
| Opening Trade Price | $7.95 |
| High/Low Trade Price | $9.50 / $5.50 |
| Last Trade Price | $9.45 |
| Open Interest (as of 7:00 AM) | 12,538 (+3,891 vs. prior day) |
Order Flow Is Mixed, Retail Takes the Lead at 67%
Drilling into the flow, 53.9% of the contracts were sold to open or close positions, while 46.1% were bought. Small and retail trades dominated activity, making up 67% of all orders. Only 33% of the day’s trading appeared to be driven by institutional or large traders, showing that much of the momentum is coming from the broader retail crowd rather than the typical 'smart money.' While it’s not possible to determine with certainty whether traders are initiating new bets or closing old ones, the jump in open interest from the prior session hints at recently increased bullish activity.
| Order Flow Metric | Value |
|---|---|
| Percent Bought | 46.1% |
| Percent Sold | 53.9% |
| Percent Large Trade/Pro | 33% |
| Percent Small/Retail | 67% |
| Open Interest (as of Nov 7, 7:00 AM) | 12,538 (+3,891) |
What’s the Takeaway? Lower IV Signals Reduced Fear, While Retail Enthusiasm Stays Strong
The big story today: even as the TSLA 450 call attracted enormous volume, implied volatility tumbled, and the trading was dominated by smaller players. This could point to rising retail confidence—or perhaps optimism that the recent rally has more room to run but less risk of wild price swings.
It’s worth watching tomorrow’s open interest data to see if today’s flurry resulted in fresh positions. While nothing is certain, one thing is clear: today’s activity on the November 450 call stands out not just for its size, but for the context—a powerful stock move paired with sharply lower IV. Traders interested in TSLA’s next chapter may want to track how the options market responds in the days ahead.
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