TSLA 430 Call Trades 39,347 Contracts—Bullish Tilt as Implied Volatility Drops 3.3%
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Highest-Volume TSLA Option: Dec-05-25 430 Call Leads With 39,347 Contracts (7.9% of Volume)
In a session marked by moderate weakness for Tesla (TSLA), with shares trading at $426.58 (down 0.83%), options activity focused squarely on the Dec-05-25 430 Call. By 10:59 AM, a striking 39,347 contracts changed hands, representing nearly 8% of TSLA’s total options turnover for the day.
| Option Contract | Volume | % Total Volume | Trade Price VWAP | IV VWAP | Change in IV | Open Interest (Nov 28) |
|---|---|---|---|---|---|---|
| Dec-05-25 430 Call | 39,347 | 7.9% | $9.21 | 39.5% | -3.3% | 11,940 (+3,980) |
Bullish Order Flow Emerges Despite Intraday Stock Weakness
While Tesla shares slipped modestly, the order flow in the 430 Call tells a different story. An estimated 56.9% of contracts traded were on the buy side, outpacing sellers (43.1%). Retail activity was especially dominant, with small traders making up 79% of the flow, compared to just 21% from large institutions or professionals. While we cannot say with certainty whether these trades are new openings or closures until tomorrow's open interest update, the buying bias—combined with the previous open interest jump of 3,980 contracts—points to fresh demand for upside exposure.
Implied Volatility Declines as Options Get Cheaper—A Contrarian Bullish Signal?
The price action in implied volatility (IV) for this contract stands out: IV fell from a previous day close of 40.8% to a VWAP (volume-weighted average price) IV of 39.5%, reaching as low as 38.3%. The drop in IV, despite high volume and buying interest, may indicate that options market makers are willing to sell volatility—or that buyers see the current premiums as relatively cheap compared to historical standards.
With trade prices spanning from $7.65 to $11.56 (and a VWAP at $9.21), today’s buyers are generally getting in below the prior close of $10.10. The current ask, at $7.90, also sits near session lows, suggesting that demand did not lead to panic bidding—perhaps because implied volatility has drifted lower even amid robust activity.
Open Interest Spikes—Potential Fresh Upside Bets Ahead of Catalysts
The latest open interest (as of this morning) rose to 11,940 contracts—a jump of 3,980 from the day prior, signaling new positions added on recent volume. Given that today's record volume may further increase open interest when tomorrow's numbers are published, the trend suggests ongoing accumulation in the 430 Call.
What’s Next? Cheaper Upside Exposure with a Bullish Skew—But Risks Remain
For investors, the main takeaways are:
- Massive call buying suggests optimism—or hedging—despite a down day for TSLA shares.
- Falling IV may signal relative value for premium buyers or less urgency for protection sellers.
- The jump in open interest and sustained order flow skew point to continued accumulation ahead of possible TSLA catalysts in coming months.
Will these buyers prove prescient, or could the weight of recent supply cap gains in TSLA for now? Traders might want to monitor tomorrow’s open interest change, and keep an eye on whether TSLA volatility continues to slide despite robust upside bets.
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