TSLA 400 Call Option Accounts for Over 97,000 Contracts—Is Market Sentiment Leaning Bearish Ahead of Expiry?
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Over 97,000 Contracts Traded in the TSLA 400 Call: Overwhelming Sell-Side Flow
By mid-morning, the Tesla (TSLA) March 13, 2026, $400 Call option has become the center of attention in the options market, with a hefty 97,992 contracts traded. This zero-days-to-expiry contract now commands 11.3% of all TSLA options volume—a striking figure given the typical daily churn in the name.
As of 10:59 AM, TSLA shares are changing hands at $394.57, or $5.43 below the call's strike price. The contract itself has been volatile: it opened at $3.20, touched a high of $3.50, sank to a low of $0.55, and last changed hands at just $0.63. The average traded price so far (VWAP) stands at $1.59, well down from yesterday’s $2.20 close.
Trade Details in Focus: Prices, Volumes, and Seller Dominance
| Contract | Volume | VWAP | Open Price | High | Low | Last Price | Pct. of Total Volume | Open Interest (Prev. Day) |
|---|---|---|---|---|---|---|---|---|
| Mar-13-26 400 Call | 97,992 | $1.59 | $3.20 | $3.50 | $0.55 | $0.63 | 11.3% | 11,808 (+4,747) |
Sellers Lead the Charge: 70.5% of Contracts Sold, 56% Driven by Retail Traders
Delving into the order flow, the majority of volume in this contract—70.5%—has come from sellers rather than buyers, with just 29.5% on the buy side. This is a critical statistic, hinting at a broadly bearish—or at least neutral—outlook for TSLA making a decisive move above $400 by today’s close.
Drilling deeper, 56% of trades come from small/retail accounts and 44% from large/pro accounts, suggesting this isn’t simply institutional posturing. The rush to sell these calls points to expectations that TSLA will likely remain below the $400 barrier as expiry approaches—or that traders are simply 'selling the dream' of a last-hour breakout.
Implied Volatility, Open Interest, and Price Moves: Signs of Waning Optimism?
Yesterday’s open interest for this strike grew by 4,747 contracts, bringing it to 11,808—a sign of significant new positioning ahead of today’s volatility. However, with the contract’s price now at $0.63 and TSLA trading sideways (-0.11% on the day), late buyers of these calls face a steep climb to profitability. The wide range in option pricing ($0.55 to $3.50) further illustrates the whipsaw nature of intraday sentiment.
Because open interest only updates overnight, we won’t see how today’s frantic trading filters through to new open or closed positions until tomorrow. For now, all eyes are on whether last-minute bulls—or bargain-seeking sellers—will end up holding the short end of the stick.
Key Takeaway: Will TSLA Hold Below $400 as Expiry Looms?
The massive activity in the TSLA 400 Call, dominated by sellers and marked by a 70.5% sell-side bias, suggests limited market faith in a last-gasp rally above $400 today. For traders, the lesson may be twofold: watch closely how the final hour volatility plays out, and pay attention to tomorrow’s open interest update for a clearer picture of positioning shifts. If TSLA sprints above $400 into the close, it will catch much of the market off guard.
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