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Unusual Surge: Aug-29-25 $355 Call Drives Over 11% of TSLA Options Volume
Tesla’s options chain lit up this morning, with the Aug-29-25 $355 call posting a standout volume of 51,608 contracts—making up 11.4% of all TSLA options trades as of 10:30 AM. That’s a dramatic spike for a single strike and expiry, especially considering that the underlying TSLA share price is barely budging—up just 0.04% at $351.82.
Retail Traders Led the Charge—Pro Activity Lags
Looking deeper, retail and smaller investors made up the bulk of today’s action: 72% of these trades were from non-professionals, while institutional and large professional trades accounted for just 28%. In terms of trade direction, the split tilted slightly towards selling: 43.3% of contracts bought versus 56.7% sold.
| Option Contract | Volume | % Total Option Volume | % Retail | % Pro | % Bought | % Sold |
|---|---|---|---|---|---|---|
| Aug-29-25 355 Call | 51,608 | 11.4% | 72% | 28% | 43.3% | 56.7% |
Implied Volatility Drops 4.5%—Technical Indicators Slightly Bearish
While volume was red hot, implied volatility (IV) was notably cool: the contract’s volume-weighted IV (VWIV) landed at 36.9, down 4.5% from yesterday’s close of 38.7. This shift is significant, given IV often rises on days with such large trading spikes, suggesting less urgency about future price swings—or even profit taking after an earlier run-up.
| Metric | Today | Previous Day | % Change |
|---|---|---|---|
| VWAP Trade Price | 4.73 | 4.58 | +3.28% |
| Implied Volatility (IV) | 36.9 | 38.7 | -4.5% |
| High IV | 42.4 | — | — |
| Low IV | 34.6 | — | — |
Given today’s elevated call volume, some might have expected a spike in IV—but instead, it’s trending downward, which can indicate traders see less risk (or upside) in the near term, or that supply (sellers) is overwhelming demand for upside bets. The contract traded in a wide price range, from $3.44 to $6.10, with the last trade at $4.25 and the volume-weighted average at $4.73.
Open Interest Jumped Yesterday—More Position Building?
Yesterday’s settled open interest rose by 7,018 contracts to a total of 23,039. While today’s big trading spree won’t show up in open interest until tomorrow, this recent increase may suggest new bullish or speculative positions building up ahead of the year’s end.
What Does It Mean? Large Volume and Lower IV May Signal Cautious Optimism
A call option surge typically hints at bullish sentiment, but today’s skew towards sellers and falling implied volatility add nuance. Retail traders, not the pros, led the charge, and with volatility dropping, this could reflect profit-taking or muted near-term expectations rather than outright bullishness. For traders, the interplay between high retail activity, contracting IV, and a still-elevated open interest is worth watching. Tomorrow’s open interest update could reveal if today’s frenzy added more new bets—or if it was largely old positions changing hands.
For now, TSLA’s $355 calls are the pulse of today’s options market—but the story behind the trades is anything but straightforward.
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