TSLA Surges 4.3% as September 2025 $360 Calls Dominate: Over 120,000 Contracts Traded Amid Implied Volatility Drop
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September 2025 $360 Calls Command 9.1% of All TSLA Options Trades Today
Tesla (TSLA) is making headlines today, climbing 4.3% to $362.76 by 11:36 AM, while options traders zeroed in on a single contract: the Sep-12-25 $360 call. With 120,166 contracts traded, this strike alone accounted for 9.1% of TSLA’s total options volume—a remarkable show of focus that signals more than just routine trading.
Trade Details Highlight Heavy Activity at Key Strike
| Option | Volume | % of Total Volume | VWAP Price | Open Interest | Last Price |
|---|---|---|---|---|---|
| Sep-12-25 $360 Call | 120,166 | 9.1% | $2.98 | 34,043 | $5.56 |
Trade prices swung widely—from a low of $0.63 to a session high of $6.37—while the volume-weighted average price (VWAP) came in at $2.98. Compared to the previous day’s close of $1.13, today’s last trade at $5.56 underscores the surging demand and aggressive trading.
Implied Volatility Slides Nearly 12% Despite Heavy Activity
Perhaps the most surprising twist is the shift in implied volatility (IV). The VWAP implied volatility on this contract registered 34.4, well below yesterday’s close of 38.9—a drop of nearly 12%. While typical trading volume might push IV higher, today’s robust buying happened against a backdrop of cooling volatility, with the IV range for the session spanning from 31.3 to 37.9.
| Previous IV Close | VWAP IV | Change (%) | Session IV Low | Session IV High |
|---|---|---|---|---|
| 38.9 | 34.4 | -11.8% | 31.3 | 37.9 |
Order Flow and Trade Breakdown Point to More Retail Participation
Breaking down the day’s order flow: 38.3% of trades appeared to be buyers lifting offers, while 61.7% hit bids—an overall skew toward selling. Looking closer, about 60% of trades were flagged as small or retail, with large professional accounts comprising the remaining 40%. What’s missing is a clear view into whether these were opening or closing positions—data only visible once open interest is updated tomorrow. For now, the most recent open interest, updated this morning, stands at 34,043 contracts, up by 3,708 from the prior day.
Why Such Intense Focus on the $360 Call?
With Tesla surging, the choice of the $360 strike looks less like a far-off bet and more like a high-conviction play—or a large hedge. Yet the fact that implied volatility is dropping amid this heavy activity is noteworthy: either the market is less fearful of large swings ahead, or professional sellers are capping option prices to profit from demand.
Historically, large surges in single-strike option activity sometimes precede major price moves—or serve as the unwind of previous bets. Today’s retail-heavy volume, combined with falling IV, could suggest confidence that the rally can hold (and perhaps run further) without wild volatility.
Key Takeaways: High Volume, Lower IV, and What to Watch Next
A single option contract has captured nearly a tenth of all TSLA options flow today, even as implied volatility drops nearly 12%. Is this a bullish sign, or are pros using the enthusiasm to offload exposure at higher prices? We’ll get more clues when tomorrow’s open interest updates hit—but for now, today’s unusual focus is an unmistakable marker on the TSLA tape. Investors tracking Tesla’s momentum—and those curious about crowd sentiment—should keep this strike on their radar as a barometer of near-term optimism or risk aversion.
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