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TSLA 410 Call Volume Surges to 32,935—Option Activity Signals Active Bullish Betting
A head-turning 32,935 contracts traded on the TSLA May-08-26 410 Call option this morning, making it the most actively traded contract as of 10:00 AM and capturing a hefty 8.1% of overall TSLA option volume. With Tesla shares up $13.94, or 3.5% to $412.67, traders seem to be positioning for continued upside momentum over the next few weeks.
Strong Price Action: Stock and Option Prices Jump Alongside Volatility Shifts
The Tesla 410 Call saw its price soar from an opening trade at $4.15 to a last trade of $8.35, more than doubling within the first hour. This mirrors the underlying stock's notable surge. The volume-weighted average price (VWAP) for the contract sits at $6.26, with trades ranging from a session low of $4.00 to a high of $8.43. Open interest as of this morning had already increased by 673 contracts to 22,226—an indication that traders have been building exposure ahead of today's frenetic activity.
| Contract | Volume | Percent of Total Volume | VWAP | Open Interest | Opening Price | High Trade Price | Low Trade Price | Last Trade Price |
|---|---|---|---|---|---|---|---|---|
| May-08-26 410 Call | 32,935 | 8.1% | $6.26 | 22,226 | $4.15 | $8.43 | $4.00 | $8.35 |
Volatility Signals: Implied Vol Drops Slightly Despite High Activity
Despite the heavy trading and big moves in both the underlying stock and option, implied volatility (IV) for the 410 Call has softened compared to the previous session. The contract’s last IV printed at 41.1—down 1.3% from yesterday’s close of 40.8—hinting that the rush of buying hasn't been accompanied by a spike in volatility premiums. Today’s IV has ranged from a low of 33.6 to a high of 43.3, averaging out to 40.3 so far.
| IV Metric | Value |
|---|---|
| Previous Day's Close IV | 40.8 |
| VWIV (Volume-Weighted IV) | 40.3 |
| Open IV | 36.3 |
| Low IV | 33.6 |
| High IV | 43.3 |
| Last IV | 41.1 |
Order Flow Evenly Balanced—But Retail Traders Dominate
Order flow is almost perfectly balanced, with 50.4% of contracts bought and 49.6% sold. Notably, 78% of today’s volume has come from retail-sized orders compared to just 22% from institutional-sized trades, signaling that the surge is being driven primarily by smaller traders rather than big funds or programs. It is not clear from available data whether this activity is adding new positions or closing existing ones, as open interest updates lag by a day.
| Order Type | Percent of Contracts |
|---|---|
| Bought | 50.4% |
| Sold | 49.6% |
| Large Trade/Pro | 22% |
| Small/Retail | 78% |
Key Takeaway: Elevated Options Volume Mirrors Bullish Momentum—But Can It Hold?
Today’s outsized action in the TSLA 410 Call is a clear sign of bullish appetite—but with most of the flow coming from retail traders, the conviction may be less durable than if institutions were piling in. The drop in implied volatility despite heavy trading suggests that—at least for now—options traders aren’t demanding a high premium for near-term uncertainty.
If Tesla’s momentum continues, these call buyers could be well-positioned. But if volatility remains subdued, gains may be capped unless the stock extends its rally dramatically. For now, this trade is a barometer of near-term optimism—one that both bulls and bears will be watching closely into tomorrow's open interest update.
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