The TSLA option order flow above shows significant call buying activity concentrated on high strike levels, with some very large sweeps. The most notable trades are the November 21, 2025 $500 calls, which carried a combined trading volume of over 1,000 contracts on one trade. At the time of the trade, total daily volume reached 6,061 contracts for this contract alone. Against an open interest of 58,899 contracts, this yields a relatively modest V/OI ratio (~10%). The high volume and open interest levels signal healthy signs of liquidity.
These trades were backed by premiums ranging from $1.1M to $2.5M, highlighting strong institutional-sized bets. The October 17, 2025 $430 calls also stood out with premiums of over $2.2M. The contract printed a much higher V/OI ratio (nearly 17%) since open interest is only 7,005. Finally, the December 19, 2025 $350 calls saw a premium close to $2.9M. Volume reached 860 contracts against open interest of 13,915, showing more moderate but still notable accumulation. With expirations ranging from just a few weeks (October) to more than a month out (December 2025 and November 2025), these trades reflect vast positioning across multiple timeframes with heavy dollar commitments.
Volume and Open Interest Data
The TSLA $500C options expiring November 21, 2025 have seen a surge in trading activity. Volume came in consistently at levels of tens of thousands of contracts over the past sessions. On September 26th, volume peaked at 28,539 contracts, while open interest rose sharply by 8,304 contracts to 67,266. This signals significant new positioning rather than just intraday churn.
By September 29th, volume remained strong at nearly 19,600 contracts, though open interest fell by 8,367 contracts. This suggests a round of profit-taking or closing out of positions. Contract prices hovered in the low $20s, closing at $23.30 most recently. Meanwhile, implied volatility held steady in the low 60% range. Overall, this pattern reflects heavy speculative interest with both new accumulation and active position management.
Trade Side Distribution
The trade side distribution for TSLA $500C options expiring November 21, 2025 shows a fairly balanced but aggressive flow. The distribution shows a mix of both buyers and sellers actively participating. The largest share came through bid-side trades at $7.3M (34%). This signals some profit-taking.
However, there was also strong conviction from buyers, with $6.8M (32%) executed above the ask and another $4.6M (21%) at the ask. This points to aggressive call buying. Meanwhile, $2.9M (13%) traded below the bid, suggesting discounted sales or exits. Overall, the data reflects heavy institutional interest with both sides active. But, the notable size of above-ask trades highlights continued appetite for TSLA $500 calls despite the presence of sellers.
More Notable Options Trades Observed
Today’s TSLA option order flow also highlighted aggressive positioning in the January 16, 2026 $400 calls, with two large sweep orders totaling about $4M in premium. Both trades were executed at the ask, signaling strong conviction from buyers willing to pay up for exposure.
The combined trading volume reached 6,179 contracts versus an open interest of 25,407, giving a notable V/OI ratio of around 24%, which points to fresh speculative positioning rather than just churn. With contract prices in the $80–$81 range and TSLA trading around $443 at the time, these deep-in-the-money calls represent substantial, long-dated bets.
What’s Happening with TSLA
Tesla has experienced a dramatic stock surge in September 2025, reversing a difficult start to the year and achieving new highs. This recent momentum has been fueled by CEO Elon Musk’s highly publicized $1 billion stock purchase, his first such move since 2020. The purchase signaled confidence in Tesla’s direction and drew strong investor interest.
In the last month, TSLA shares have risen more than 30%. Analysts have raised their price targets and highlighted optimism over Tesla’s progress in AI, robotics, and self-driving technology. Upcoming product launches and an expansion of Robotaxi services beyond Austin have also caught investors’ attention. Despite these gains, Tesla still faces long-term challenges from softening EV demand and intensifying competition, particularly from Chinese rivals. However, new, more affordable models, advances in autonomous driving, and new energy storage offerings are expected to play crucial roles in Tesla’s growth moving forward.
About TSLA
Tesla, Inc. is an American multinational company headquartered in Austin, Texas, specializing in electric vehicles, battery energy storage solutions, and solar energy products. Founded in 2003, Tesla designs, manufactures, and sells battery electric vehicles ranging from sedans and SUVs to trucks. They also manufacture stationary battery systems for homes and businesses, and solar panels and solar roof tiles.
The company is recognized as a pioneer in the electric vehicle market. They are known for their focus on innovation, sustainability, and advanced technologies like autopilot and full self-driving features. In addition to automotive products, Tesla is expanding its energy division with large-scale battery storage systems known as Megapacks, aiming to accelerate the global transition to renewable energy.
Analyst Ratings
| Firm | Rating / Stars | Last Update |
|---|---|---|
| CFRA | ★★★ (3-star) – Hold | 08/17/2025 |
| Market Edge | Avoid | 07/30/2025 |
| Argus | Hold | 07/25/2025 |
| Morningstar | ★★ (2-star) – Bearish | 08/08/2025 |
| LSEG | Underperform / Hold | 08/21/2025 |
| Schwab Equity Ratings | F (Strongly Bearish) | 08/22/2025 |
Analyst ratings for TSLA reflect a mixed to cautious sentiment, with most firms leaning neutral or bearish. CFRA assigns a ★★★ (3-star) rating, essentially a Hold outlook. Market Edge is more negative, issuing an Avoid recommendation.
Argus takes a neutral stance with a Hold rating, while Morningstar leans bearish, giving TSLA just ★★ (2-stars). LSEG also signals caution with an Underperform/Hold outlook. The most bearish call comes from Schwab Equity Ratings, which assigns a failing F-rating. Overall, the distribution shows limited bullish conviction, with sentiment ranging from Hold to outright Avoid, suggesting analysts are skeptical about TSLA’s near-term upside potential.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
