TSLA’s 410 Put Sees Over 10,000 Contracts Traded—Volatility Drops as Sellers Dominate
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10,155 Contracts on the Sep-19-25 $410 Put—5.1% of TSLA’s Total Option Volume
In early trading, Tesla’s September 19, 2025, $410 Put option emerged as the single most active contract, with 10,155 contracts changing hands by just 09:59 AM. This represented an eye-catching 5.1% of all TSLA options traded so far today. Notably, the contract traded across a price range from $5.80 to $8.95, closing out the latest transaction at $7.29—significantly above the previous day's close of $5.05. The stock itself was down 2.17%, with shares at $412.49, intensifying focus on bearish hedging or profit-taking strategies in the options pit.
Implied Volatility Falls 7.6% Despite Heavy Put Trading
One standout metric in today’s option action is the swift 7.6% decline in implied volatility (IV) for the 410 Put contract. The average IV for trades so far (VWIV) registered at 49.2, compared to the prior close of 53.2. The contract traded with IV spanning from a low of 47.7 up to a high of 52.3. This drop in volatility could signal that traders are less fearful of a near-term major TSLA move, even as the share price falls. Typically, heavy put buying lifts IV, but the data suggests that today’s volume may have been driven more by sellers looking to collect premium rather than buyers hedging downside risk.
| Contract | Volume | % of Total Option Volume | VWAP | IV Change | Percent Bought | Percent Sold |
|---|---|---|---|---|---|---|
| Sep-19-25 410 Put | 10,155 | 5.1% | $7.60 | -7.6% | 42.8% | 57.2% |
Majority of Trades Sold—Retail Takes the Lead
Digging into order flow, 57.2% of contracts traded were marked as sold to open or close, while only 42.8% were bought. This bias toward selling, along with the decline in IV, hints at traders positioning for a slowdown in volatility rather than an imminent TSLA breakdown. Furthermore, 67% of volume came from small trades, pointing to increased activity among retail participants compared to large institutional or professional trades, which made up 33% of today’s action. The current open interest stands at 13,593 contracts—up 871 from the previous day’s cleared activity, though it remains unclear whether today’s fresh trades will add or reduce net exposure until settlement updates tomorrow.
Volatility Sellers May See Opportunity as TSLA Dips
The mix of declining IV and dominant put selling offers insight into current sentiment. With the stock down over 2%, those selling puts may believe downside is limited—or they could be seeking to capitalize on heightened option premiums as the market absorbs recent moves. The fact that more than two-thirds of trades were executed by smaller players could mean retail investors are taking advantage of perceived value in premium selling as volatility subsides.
What to Watch Next—Will Volatility Keep Dropping?
While the full impact on open interest won’t be known until tomorrow’s settlement data, the scale and tone of today’s 410 Put action stand out: over 10,000 contracts, a 7.6% IV decline, and sellers in the driver’s seat. As TSLA continues to attract attention, especially with recent share weakness, option traders may want to monitor how this contract’s open interest shifts—and whether volatility sellers keep pressing their bets in the coming days.
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