TSLA 370 Call Option Sees Over 32,000 Contracts Traded—Are Traders Eyeing a Breakout Above $370?
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32,938 Contracts Traded in a Single Strike—Volume Signals Unusual Interest in the 370 Call
As of 10:48 AM, the May-30-25 370 call was by far the most active TSLA option, with a striking 32,938 contracts traded. That’s 6.2% of the entire TSLA options market for the day so far, putting this contract in the spotlight for traders watching Tesla's every move. With TSLA’s stock price at $362.79—up $5.89, or 1.65%—this activity suggests traders are speculating on a push through the $370 level in the near future.
Implied Volatility Falls 8.6%—Is the Options Market Pricing In Less Uncertainty?
The 370 call's implied volatility (IV) tells its own story. IV dropped sharply from a previous close of 55.7% down to 49.4% at last check, a fall of 8.6%. Even the day's VWAP-implied volatility averaged just 50.9%, down from the morning high of 54.8%. This cooling off in IV could mean the market sees less chance of a dramatic price swing, despite the hefty call buying at this strike.
| Contract | Volume | VWAP Price | IV (VWAP) | Prev IV | Change (IV) | OI (Prev) | OI Change |
|---|---|---|---|---|---|---|---|
| May-30-25 370 Call | 32,938 | $4.16 | 50.9% | 55.7% | -8.6% | 13,453 | +3,118 |
Retail Traders Drive the Action, But Institutional Players Are Watching
According to the data, 73% of the trades in the 370 call came from small, likely retail traders, while professionals made up 27%. Just over half of the total option volume (53.2%) was bought versus 46.8% sold, a near-even split but tilted toward buyers—typically a sign that many expect further upside in the underlying stock. However, the spike in open interest (+3,118 contracts from the previous day) shows this wasn’t just in-and-out trading—many positions are being carried forward.
Pricing Dynamics Highlight Mixed Market Sentiment
The price action on this contract has been volatile: the 370 call opened at $4.85, surged to a high of $6.00, but was recently trading near $2.88, only slightly above yesterday's close of $2.58. This range, along with falling IV, could signal some short-term uncertainty or profit-taking as traders reposition around this critical level.
What Does This Mean for Tesla Traders?
The surge in volume and rising open interest at the 370 call, coupled with lower implied volatility, paints a nuanced picture. On one hand, bullish sentiment appears strong among retail traders hoping for a breakout. On the other, the falling volatility suggests that the broader market isn't pricing in explosive near-term moves—possibly due to lower perceived risk or as a response to recent rallies.
For those following Tesla, the $370 level is quickly shaping up to be a battleground. Will today’s heavy options trading be a springboard to higher prices, or are traders simply repositioning ahead of the next catalyst? If TSLA keeps grinding higher, watch for renewed momentum at or above the 370 strike—a breakout here could draw even more eyes to this red-hot option.
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