Tesla’s 5.6% rebound drew $155.6 million in call-heavy options flow

By Nathan Brooks

GTA Terminal recorded $155.6 million in Tesla, Inc. (BATS:TSLA) options premium on Nov. 9. Call money made up 73% of the total as shares rose about 5.6% Monday to near $378 a share, with call premiums at $113.9 million, put premiums at $41.7 million and a put/call volume ratio of 0.66.

The move left TSLA back below its 20-day and 200-day averages, GTA Terminal said. The dollar split favored calls, while the separate put/call volume ratio stayed below one.

Options concentration around the rebound

GTA Terminal’s strike breakdown listed:

• Nov. 9 calls: 25,033 contracts, open interest 2,608, about $20.5 million.
• Nov. 9 $377.5 calls: 38,596 contracts, open interest 1,074, $10.8 million.
• Nov. 9 $372.5 calls: 17,771 contracts, open interest 1,196, $11.0 million.
• Nov. 9 $367.5 calls: 7,819 contracts, open interest 1,045, $8.5 million.

The $377.5 strike was closest to the stock’s near-$378 trading level; the $372.5 and $367.5 strikes sat below it. Each listed strike traded more contracts than its open interest. GTA Terminal also counted 93 contracts above open interest overall.

The breakdown ties much of the activity to Nov. 9 expiries near the stock’s current area. That makes the flow a measure of Monday’s risk appetite more than a guarantee of multi-day support, according to the note.

The rebound has not cleared the 200-day average

After TSLA dropped to $338.15 on Nov. 5 and closed at $343.69, the stock opened at $360.25 and reached $379.35. At $378, TSLA stood above its 50-day simple moving average of $372.73 and 100-day average of $366.60.

The shares remained just below the 20-day average of $380.43 and 200-day average of $383.51. GTA Terminal therefore framed the session as a test of resistance. Its $379.35 intraday high also stopped short of both averages.

GTA Terminal’s daily RSI 14 reading was near 50, which the note classified as neutral. The 20-day range ran from $338.15 to $414.23, while the 52-week high was $498.83.

Off-exchange share stayed near half

GTA Terminal’s dark-pool series, measured as off-exchange share, showed:

• Nov. 2: 50.1%.
• Nov. 3: 45.2%.
• Nov. 4: 41.6%.
• Nov. 5: 41.8%.
• Nov. 6: 44.9%.

The sequence fell from 50.1% on Nov. 2 to 41.6% on Nov. 4, then edged back to 44.9% on Nov. 6. GTA Terminal reported 16,470,545 shares across the period. Off-exchange share stayed within a 41.6% to 50.1% band.

What changes if Tesla closes above its 200-day average?

GTA Terminal set three checkpoints:

• $383.51: 200-day simple moving average and resistance.
• $372.73: 50-day simple moving average and support.
• $338.15: Nov. 5 low, 20-day low and the rebound’s invalidation level.

The note wrote: “a daily close above 383.51 with call flow still building would confirm the rebound; slipping back under 372.73 would weaken it, and a break of 338.15 would invalidate it.” The price and the options flow therefore need to move together for the strongest confirmation.

For traders, the practical change is conditional. A close above $383.51 would confirm the rebound only if call flow kept building; without renewed options demand, the price break would not meet GTA Terminal’s full test. The $372.73 level is the first downside checkpoint, and $338.15 is the point at which the rebound fails.

GTA Terminal warned: “Much of today's call volume is same-day expiry, so it may not carry over.” That makes the next session’s close and fresh call activity more informative than Monday’s headline ratio alone.

GTA Terminal labeled the analysis “Not financial advice.” The next test is straightforward: a daily close above $383.51 backed by continued call flow, with $372.73 marking where the setup starts to weaken.