TSLA Stock: Bulls Load Up on Deep Out-of-the-Money Calls as Tesla Trades Near $400

By TrendSpider Editor

Unusual options activity is flashing on Tesla, Inc. today as two large call contracts drew significant attention, together generating $4,736,325 in total premium. Tesla shares are trading at $399.22, up 0.14% on the session, sitting in the upper half of their 52-week range of $214.25 to $498.82. The

TSLA Stock: Bulls Load Up on Deep Out-of-the-Money Calls as Tesla Trades Near $400

Unusual options activity is flashing on Tesla, Inc. today as two large call contracts drew significant attention, together generating $4,736,325 in total premium. Tesla shares are trading at $399.22, up 0.14% on the session, sitting in the upper half of their 52-week range of $214.25 to $498.82. The activity points to a segment of the market positioning for a meaningful move higher over the next several months, with both contracts targeting strike prices well above the current market price.

Key Drivers of the TSLA Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, a $510 strike expiring May 15, 2026 with a size of 5,093 contracts and an open interest percentage of 405%, and a $600 strike expiring July 17, 2026 with a size of 5,382 contracts and an open interest percentage of 29%. Combined, these two contracts account for $4,736,325 in total premium.
• Bull Case: The $510 call carries an open interest ratio of 405%, meaning the volume traded today dwarfs the existing open interest by more than four times. That level of conviction suggests fresh institutional or large-trader positioning rather than a routine hedge. The $600 strike, meanwhile, targets a price roughly 50% above the current level of $399.22, implying some market participants see a path back toward the 52-week high of $498.82 and beyond before mid-summer.
• Bear Case: Both contracts are deep out of the money. The $510 strike requires Tesla to rally more than 27% from current levels before the May 15, 2026 expiration, just over two months away. The $600 strike demands a roughly 50% gain by July 17, 2026. If Tesla fails to reclaim meaningful upside momentum, both positions expire worthless, representing a full loss of the $4,736,325 in premium deployed.

Tesla has spent much of the past several months in a wide trading band, bouncing sharply off the 52-week low of $214.25 set earlier in the cycle before pulling back from the 52-week high of $498.82. At $399.22, the stock sits at a technically interesting level, roughly 20% below its peak but nearly double its trough. The options positioning observed today suggests that at least some large traders believe the next significant move is to the upside, though the compressed timeframe on the May contract in particular makes execution dependent on a swift catalyst. Broader sentiment around Tesla continues to be shaped by delivery figures, margin trajectory, and Elon Musk's ongoing commitments outside the company, all of which have contributed to elevated volatility over the past year.

TSLA Unusual Options Activity

Two unusual call contracts were flagged in today's session:

• Contract 1: Type: Call | Strike: $510 | Expiry: May 15, 2026 | Volume: 5,093 | Open Interest: 405%
• Contract 2: Type: Call | Strike: $600 | Expiry: July 17, 2026 | Volume: 5,382 | Open Interest: 29%

The total premium across both contracts is $4,736,325. The $510 call is the more aggressive near-term position, with its 405% open interest ratio indicating that today's volume was more than four times the existing open interest, a hallmark of a high-conviction, freshly initiated trade. The $600 call, while carrying a lower open interest ratio of 29%, targets a strike that would represent a 52-week high breakout and then some.

TSLA Seasonality

March and the transition into the second quarter have historically been an active period for Tesla, as the company approaches the end of its first-quarter delivery reporting window. Delivery numbers released in early April have frequently acted as a near-term catalyst that drives sharp moves in either direction, making the May 15, 2026 expiration on the $510 call particularly notable given that timeline.

TSLA Relative Performance

Tesla's 0.14% gain today is modest on an absolute basis, reflecting a relatively quiet session for the stock. With a current price of $399.22 against a 52-week range of $214.25 to $498.82, Tesla is trading approximately 20% below its annual high while sitting about 86% above its annual low. That wide range underscores the volatility premium baked into Tesla options and helps explain why large-premium call activity at elevated strikes continues to attract attention even when the stock itself is not making a dramatic intraday move.