TSLA 460 Call Option Accounts for 12.5% of Market Activity—Majority of Trades Lean Bearish as Retail Drives Action
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Key Option: Dec-05-25 460 Call Makes Up 12.5% of TSLA’s Morning Volume
By mid-morning, the TSLA Dec-05-25 460 Call became the single most traded option on the board, recording 26,739 contracts—representing a striking 12.5% of TSLA's total options volume. With Tesla shares changing hands between $452.97 and $458.50 (last at $457.24, up 0.60% on the day), this option stands out both for its heavy activity and proximity to the current price, being just $2.76 out-of-the-money.
Retail Activity Dominates; 65.3% of Option Trades Lean to the Sell Side
Diving deeper, today's order flow in the Dec-05-25 460 Call reveals that 65.3% of the trades appeared to be on the sell side, suggesting traders may be fading an end-of-day surge past the 460 strike. Only 34.7% of volume appeared as buys. Strikingly, 71% of this activity came from small traders, indicating that retail, not institutions, was driving the bulk of the action. Large professional traders represented just 29% of the flow, a notable dynamic on such a busy session.
Contract Pricing Spans from 1.35 to 3.00—Implied Volatility Remains High
Pricing action in the 460 Call has been brisk. The contract opened at 1.45 and ranged from a low of 1.35 to a high of 3.00, with the last trade printed at 2.00. The VWAP sits at 2.19, well above yesterday’s close of 2.03, highlighting elevated interest and likely robust implied volatility despite being just hours from expiry. For those trading at the higher end of the range, a push above $460 in the underlying would be needed to realize meaningful gains.
| Option Contract | Volume | Percent of Total Volume | Trade VWAP | Price Range | Last Trade | Percent Bought | Percent Sold | Retail Activity |
|---|---|---|---|---|---|---|---|---|
| Dec-05-25 460 Call | 26,739 | 12.5% | 2.19 | 1.35 - 3.00 | 2.00 | 34.7% | 65.3% | 71% |
Open Interest Points to Growing Enthusiasm—But Is It a Bet or a Hedge?
Open interest on this contract rose by 6,289 contracts to 33,733 as of the most recent settled data. This jump suggests substantial position building ahead of today's trading—though it's impossible to know whether today’s action added new open positions until the next update. With the bulk of trading happening close to expiry, it raises the question: Are traders betting against a late rally, or simply locking in profits or hedging exposures?
Stock Technicals Remain Range-Bound; Implied Moves Are Tight
While TSLA is up slightly on the day, its intraday range (low: $452.97, high: $458.50) signals relative stability so far, with bulls needing a swift rally to finish in the money. Sellers may be banking on this range holding—possibly collecting premium with time rapidly decaying into the closing bell.
Takeaway: Retail-Led Bearish Bets Dominate in Final Hours—But Outcome Still Hinges on Price Action
For traders, the Dec-05-25 460 Call highlights how options flows can serve as a window into near-term sentiment. The preponderance of selling from retail traders signals caution about a sharp upward move in TSLA before expiry. Still, with shares only a hair below the strike and volumes surging, there’s no telling what the last hours may hold. It’s a snapshot of how uncertainty—and opportunity—converge on major expiration days.
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