TSLA Options Chain Analysis

Delayed CBOE data, snapshot 2026-08-17. Spot $339.45.

Put/Call (OI)

0.74

2.5M P / 3.3M C

Put/Call (Volume)

0.77

947k P / 1.2M C today

30d ATM IV

39%

annualized implied move

Call wall

$400

153k contracts

Put wall

$300

133k contracts

Tail hedging

0.6×

deep-OTM puts vs calls

What the positioning says

●Call wall at $400 (153k contracts), 18% above spot — the upside strike the crowd is already parked on; often acts as near-term resistance.
●Put wall at $300 (133k contracts), 12% below spot — the hedge floor; often acts as support.

Open interest by strike

All expiries combined. Amber lines mark the call and put walls; the dashed line is spot.

IV term structure

At-the-money implied volatility per expiry.

Volatility smile

IV by strike — expiry 2026-09-18. A steep left side = expensive downside protection.

30-day implied volatility history

Daily ATM IV (~30 DTE bucket) collected since March 2026. Rising IV into an event = the market bracing; collapsing IV after = the crush.

Open interest by expiry

Expiry	Call OI	Put OI	P/C	Volume today
2026-08-19	38k	21k	0.56	290k
2026-08-21	435k	286k	0.66	256k
2026-08-24	13k	7k	0.56	25k
2026-08-26	5k	2k	0.49	7k
2026-08-28	73k	75k	1.03	49k
2026-08-31	0	0	—	4k
2026-09-04	30k	22k	0.74	16k
2026-09-11	22k	10k	0.46	7k
2026-09-18	366k	294k	0.80	43k
2026-09-25	8k	8k	0.92	6k
2026-10-02	2k	923	0.61	3k
2026-10-16	123k	155k	1.26	15k
2026-11-20	133k	149k	1.12	17k
2026-12-18	364k	318k	0.87	11k
2027-01-15	638k	297k	0.47	11k
2027-02-19	17k	18k	1.05	3k
2027-03-19	67k	94k	1.42	3k
2027-06-17	301k	166k	0.55	5k
2027-09-17	18k	19k	1.03	853
2027-12-17	211k	183k	0.87	1k
2028-01-21	141k	89k	0.63	1k
2028-06-16	69k	38k	0.55	737
2028-12-15	160k	149k	0.93	3k

Source: CBOE delayed quotes, refreshed daily after US market close. Open interest is exchange-reported and lags one session. Research, not investment advice.