Tesla sees a massive $37.4 million call options order! What is the capital betting on?

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美股投资网2026/10/28 05:41

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On Tuesday, October 27, the Tesla options market saw several large transactions each worth tens of millions of dollars.

According to U.S. equity market big data options activity monitoring, there were four obvious bullish Call trades that day,with total premiums reaching as high as $37.4 million.

The most notable were two large orders in the first five minutes after market open.

At 9:31 and 9:36 Eastern Time, Tesla Calls expiring April 16, 2027, with a $390 strike price, traded 2,150 and 2,152 contracts respectively, with total premiums amounting to $23.49 million.

Both trades were executed near the ask price, indicating strong active buying interest.

More importantly, the screenshot shows this contract only had 222 open interest prior, but the two trades totaled 4,302 contracts, vastly exceeding the original open positions. Whether these are new positions will need to be confirmed by the next day’s open interest data.

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Why did the funds choose $390?

At the time, Tesla’s share price was about $395–400, making this a nearly at-the-money long-term Call. The buyers might be more optimistic about upside space over the coming months, rather than simply betting on a short-term surge.

However, calculated based on premium paid, the breakeven price at expiration would be around $444–446.

The other two bullish trades are also worth attention:

$8.55 million: Tesla Calls expiring December 2027 with a $480 strike price, 1,528 contracts traded.
$5.36 million: Tesla Calls expiring March 2027 with a $460 strike price, 2,250 contracts traded.

This shows that large bullish trades aren’t only concentrated around $390, but also extend to higher strikes of $460 and $480.

In addition, two Put contracts expiring December 2028 with a $700 strike price, identified as sold to open (bullish), saw total premiums of about $5.62 million.

Note, this is not a bet on the stock rising to $700. Since these are deep in-the-money Puts, based on traded prices, the breakeven at expiration is closer to $398. It may also involve alternative stock-holding or combination strategies.

However, not all the large orders today were bullish.

There was also a $4.47 million sale of the $400 Call during the session, along with several bearish Put buying trades, suggesting there is still hedging demand and directional divergence in the market.

U.S. Stocks Investment Network judges thatlarge and medium-term bullish Tesla trades are notably active, especially the two consecutive $10 million-level buy orders for the $390 Call, which are worth close monitoring.

But total premium does not equal net capital inflow, nor can one single trade confirm that institutions are opening new long positions.

Next, watch for two key signals:

First, whether open interest for the $390 Call increases significantly the next day, confirming if new positions are being built.

Second, whether Tesla can hold above $400 and further break through the short-term resistance zone around $408–410.

If the stock price breaks resistance and long-term Calls continue to see active buying and new positions, then the credibility of this rebound will further increase.

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U.S. Stocks Investment Network is a fintech company specializing in U.S. equities, founded in 2008 in Silicon Valley,established by former New York Stock Exchange analyst Ken, joined by several Morgan Stanley analysts and Google Meta engineers who use AI and big data — combined with over ten years of hands-on U.S. stock experience and industry quant models — to build a stock market database processing millions of stock data points daily: tracking large options trades, real-time main capital flows, institutional position changes, and sudden Trump news

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Tesla sees a massive $37.4 million call options order! What is the capital betting on?

Why did the funds choose $390?

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