GAMMA & VOLATILITY$TSLATesla, Inc.Open ticker analysis →
Options positioning in Tesla is stacking up around the $360 strike into Oct 16, right on top of where the stock trades at $359.78. Net gamma reads negative, a setup where hedging can speed moves up instead of slowing them down.
What happened
Across 318 contracts in the Oct 16 expiration, the heaviest gamma sits at $360. Net gamma exposure across the chain comes to roughly $94.02M negative, with about $180.11M of premium traded.
This read uses the standard gamma-map convention, counting call open interest as positive gamma and put open interest as negative. Real dealer books can differ, so treat the sign as a guide to the setup rather than a certainty.
Why it matters
When net gamma is negative, hedging chases the move: market makers buy as the stock rises and sell as it falls. Breaks can travel further and faster than usual in that setup.
For scale, Tesla is a mega-cap company valued near $1.43T, so it takes serious money to move the stock, which is what makes signals like this one worth tracking.
With 1 days left, this is expiration-week territory, when pinning pressure around big strikes is usually at its strongest.
Zooming out, $TSLA has been in a mostly sideways stretch, down 1% over the past 20 sessions, and it trades below its 20-day average of $370.81, in the middle of that range between $342.53 and $388.56.
The numbers
| Stock price | $359.78 |
|---|---|
| Expiration | Oct 16 (1 days) |
| Peak gamma strike | $360 |
| Strike vs. stock | 0.1% above |
| Net gamma exposure | $94.02M (negative) |
| Premium traded | $180.11M |
| Contracts in chain | 318 |
| 39-session range | $342.53, $388.56 |
| 20-day average price | $370.81 |
| 20-session change | -1.0% |
Three ways this could play out
Bullish continuation
If $TSLA pushes through $388.56, the top of its recent range, it breaks away from the $360 cluster. With negative gamma, hedging can add fuel and extend the move.
Bearish rejection
If $TSLA drops under $342.53, the bottom of its recent range, the $360 cluster stops acting as support. Negative gamma means hedging sells into the drop and can speed it up.
Neutral stabilization
If $TSLA hovers near $360 into Oct 16, the cluster does its job and expiration-week pinning becomes the story.
What to watch next
- $360: the peak gamma strike and the most likely pin into expiration.
- Oct 16: expiration, when this positioning rolls off and the magnet effect ends.
- Whether net gamma flips sign as the stock moves. A flip from positive to negative often marks a volatility shift.
- $342.53 and $388.56: the edges of the recent trading range.
