Tesla Options Traders Bet on a Comeback as TSLA Drops 3% and Bulls Eye $450

By TrendSpider Editor

Tesla, Inc. is seeing notable bullish options activity today even as shares slide 3.04% to $374.735, with two unusual call contracts drawing attention from traders positioning for a significant rebound. The dominant flow is a $1,612,136.80 premium call sweep targeting the $450 strike, a level that w

Tesla Options Traders Bet on a Comeback as TSLA Drops 3% and Bulls Eye $450

Tesla, Inc. is seeing notable bullish options activity today even as shares slide 3.04% to $374.735, with two unusual call contracts drawing attention from traders positioning for a significant rebound. The dominant flow is a $1,612,136.80 premium call sweep targeting the $450 strike, a level that would represent a meaningful recovery toward the 52-week high of $498.82. With the stock currently sitting well above its 52-week low of $297.38 but under pressure on the session, the options market suggests at least some institutional participants expect the selloff to be temporary.

Key Drivers of the TSLA Stock Move

• Main Catalyst: Two unusual call contracts were flagged today, generating a combined total premium of $1,733,618.80. The largest is a $450 strike call expiring February 19, 2027, with a size of 1,174 contracts and open interest utilization of just 18%, suggesting this is largely new positioning rather than a close of existing trades. A second, shorter-dated call at the $380 strike expiring tomorrow, October 23, 2026, saw 510 contracts trade with only 5% open interest utilization.
• Bull Case: The $1,612,136.80 premium committed to the February 2027 $450 call represents a high-conviction, longer-dated bet that TSLA can rally more than 20% from today's price of $374.735 over the next four months. The February expiry gives the position time to play out well past any near-term volatility, and the $450 target still sits below the 52-week high of $498.82, making it a technically plausible objective.
• Bear Case: Both contracts are out of the money, meaning they expire worthless if TSLA fails to recover. The near-term $380 strike call expiring October 23, 2026 needs the stock to close above $380 by tomorrow, a roughly 1.4% move from current levels against a backdrop where shares are already down 3.04% today. Low open interest utilization on both contracts also means there is limited existing market conviction behind these strikes.

Today's options flow arrives as Tesla navigates a complex operating environment. The stock's 3.04% decline on the session reflects broader pressure, and traders will be watching closely whether the near-term $380 call, expiring tomorrow, serves as a tell on short-term sentiment. The longer February 2027 positioning aligns with a timeframe that would capture upcoming earnings reports and any major product announcements. If the fundamental news cycle turns favorable before that expiration, the $450 target becomes a credible rally point given the stock reached $498.82 within the past 52 weeks.

TSLA Unusual Options Activity

• Contract 1: Call | Strike: $450 | Expiry: February 19, 2027 | Volume: 1,174 contracts | Open Interest Utilization: 18% | Status: Out of the money
• Contract 2: Call | Strike: $380 | Expiry: October 23, 2026 | Volume: 510 contracts | Open Interest Utilization: 5% | Status: Out of the money

Both flagged contracts are calls, with zero puts flagged in today's unusual activity scan. The absence of any bearish put flow alongside two bullish call sweeps reinforces a directionally one-sided signal from the options market on Thursday.

TSLA Seasonality

Late October has historically been an active period for Tesla, as it typically coincides with the company's third-quarter earnings release window, which can generate outsized price moves in either direction. Traders positioning through February 2027 expiry calls may be intentionally capturing multiple catalyst events within that window.

TSLA Relative Performance

Tesla's 3.04% decline today places it as an underperformer on the session. At $374.735, the stock sits in the lower half of its 52-week range of $297.38 to $498.82, roughly 24.9% below its annual high and about 26% above its annual low, leaving meaningful room for movement in either direction depending on how the fundamental and macro backdrop evolves.