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Most Active Contract: Sep-05-25 340 Call Sees 58,523 Trades, 8.8% of Total TSLA Options Volume
If you’re tracking Tesla options today, one trade stands out: the Sep-05-25 340 Call. With 58,523 contracts changing hands—about 8.8% of the entire day’s TSLA option activity as of 11:36 AM—it’s clear this contract caught the market’s focus. Tesla’s underlying shares hovered at $334.54, up just 0.45 points (0.13%). Yet, options traders showed far more interest in bets at the $340 level for September 2025 than anywhere else on the board.
Volume Surge Matched With Falling Prices and Volatility
Today’s action was more about turnover than enthusiasm. The average traded price (VWAP) for the contract sat at $1.97, notably below yesterday’s close of $2.43. The first trades kicked off at $2.82 and quickly ranged from a high of $3.45 to a low of $1.25 before the latest tick landed at $1.69. Here’s how the core stats compare:
| Metric | Value |
|---|---|
| Volume | 58,523 |
| VWAP Price | $1.97 |
| Opening Price | $2.82 |
| High / Low Trade Price | $3.45 / $1.25 |
| Last Price | $1.69 |
Sharp Drop in Implied Volatility Points to Diminishing Expectations
Perhaps more telling than the price was the sharp fall in implied volatility (IV). The contract opened with a 36.6 IV, slid as low as 33.7, and by the latest trade, IV dropped to 34.1—well under the previous day’s close of 39.0. That’s a notable -8.8% shift, signaling that the market sees less potential for outsized TSLA moves in the coming months.
| Implied Volatility (IV) Stat | Value |
|---|---|
| Previous Day's Close IV | 39.0 |
| Open IV | 36.6 |
| Low / High IV | 33.7 / 39.0 |
| Last IV | 34.1 |
| Change from Previous Close | -8.8% |
Order Flow Signals: Institutional Traders Are Net Sellers, Retail Still Participating
Order flow data brings added perspective. 70.2% of contracts were sold versus 29.8% bought, suggesting heavy net selling pressure. Institutional or professional activity comprised 41% of the flow, with retail making up the remaining 59%. However, with such a dominant selling skew and the majority of activity on the sell side, the big players seem to be reducing risk rather than pressing for upside.
| Order Flow Detail | Percent |
|---|---|
| Overall Bought | 29.8% |
| Overall Sold | 70.2% |
| Institutional (Large Trade/Pro) | 41% |
| Retail (Small Trade) | 59% |
Open Interest Reflects Prior Session’s Modest Uptick—But Today’s Impact Won’t Be Known Until Tomorrow
Open interest (a measure of active contracts) was up just 135 contracts to 19,023 as of this morning, suggesting traders added to positions on a net basis yesterday. But since open interest only updates once daily after the market closes, we won’t know whether today’s high-volume activity reflects opening or closing positions until tomorrow’s numbers arrive.
Takeaway: Active but Defensive—Volatility Drop and Net Selling Signal Less Bullish Stance on TSLA
In summary: Tesla’s Sep-05-25 340 Call drew intense focus, but not for bullish reasons. Heavy volume was matched with declining prices and sharply lower volatility. Institutions led the selling, and while retail participation remained high, the skew in order flow points to defensive posturing rather than aggressive bets. Investors may want to watch for how open interest changes overnight and see if today’s selling was about closing positions—or opening a cautious new chapter. For now, TSLA’s options market signals less conviction in big near-term upside moves, at least at the $340 strike.
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