TSLA 382.5 Call Leads Options Market with 52,471 Contracts—Is This a Bullish or Bearish Signal?
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As of 10:59 AM, Tesla's Mar-23-26 382.5 call option has exploded in activity, recording 52,471 contracts traded—5.5% of all TSLA options today. With TSLA shares up $15.32 (+4.16%) to $383.28, the underlying stock now sits just $0.78 above the option’s strike price as this ultra-short-dated contract races toward expiration.
Stock Rally Puts Mar-23-26 382.5 Call In-The-Money by $0.78
TSLA’s price has swung between $372.73 and $384.14 in early trading, benefiting strongly from today’s bullish market tone. The surge lifted the Mar-23-26 382.5 call from an opening price of $0.63 to an intraday high of $3.15, before last trades crossed at $2.50. That’s a nearly 300% round-trip increase from the open for traders who captured the move.
Option Trading Table: Highlights from the Session
| Option Contract | Volume | Open Interest (Prior) | VWAP ($) | Open Price ($) | High ($) | Low ($) | Last Price ($) | % of TSLA Options |
|---|---|---|---|---|---|---|---|---|
| Mar-23-26 382.5 Call | 52,471 | 4,447 | 2.06 | 0.63 | 3.15 | 0.63 | 2.50 | 5.5% |
Flow Skewed to Sellers: 61.6% Sold vs. 38.4% Bought
Digging into order flow, 61.6% of trades on this contract were sales, while only 38.4% were initiated on the buy side. Interestingly, 75% of this volume came from smaller, likely retail traders, with the remaining 25% attributed to larger or professional participants. While open and closing position breakdowns for today’s session aren’t available until tomorrow’s open interest update, yesterday’s data saw a notable increase of 572 contracts, hinting that prior activity had been building up stakes.
Technical Setup: Bulls Have an Edge, but Implied Volatility Risk is Elevated
With TSLA currently just above the 382.5 strike, buyers of this call are in-the-money—but only barely, and any afternoon dip in the underlying could quickly erase those gains. Option buyers paid up from the open, with an average price (VWAP) of $2.06—implying a need for further upside and sustained price strength for maximum profit by the day’s end.
- Break-Even for Call Buyers: $382.5 + VWAP of $2.06 = $384.56 (TSLA needs to close above this for buyers to profit on average)
- Last Trade Price vs. Stock: Last trade at $2.50 implies a break-even at $385.00
Given TSLA’s current trading range, call buyers are looking for a late-day push to lock in profits, while sellers may be betting on a stall or minor pullback into the close.
Main Takeaway: Heavy Retail Participation, But Sellers Hold the Upper Hand
Today’s surge in the TSLA 382.5 call contract is attention-grabbing for its sheer size, rapid price moves, and heavy retail interest. Still, with 61.6% of the volume flowing to the sell side and the break-even above the current stock price, skepticism remains about a further upside explosion before the day ends.
For traders, keep an eye on how TSLA closes: a strong finish above the $384–385 level could squeeze sellers, while any reversal could punish late call buyers betting on a rally into expiration.
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