To The Moon

Tesla Rebounds 20%: Are Options Betting on More?

$Tesla Motors(TSLA)$   jumped more than 5% on Friday to around $364. The stock has now rebounded more than 20% from its late-July low near $297, as progress in Robotaxi and Cybercab brings growth expectations back into focus.

Meanwhile, TSLA options activity has picked up sharply, with Call volume concentrated around the $350–$370 strikes, suggesting traders are leaning into the rebound.

Call Volume Surges as Bulls Step In

TSLA options expiring within the next 30 days recorded roughly 3.78 million contracts in volume, including 2.4 million Calls versus 1.38 million Puts. The volume Put/Call ratio fell to 0.57.

Call activity was particularly heavy between $350 and $370, with the $360 and $370 strikes standing out.

Existing positioning is less aggressive. 30-day Call OI stands at roughly 1.17 million contracts versus 824,000 Puts, while TSLA's overall OI Put/Call ratio is around 0.74. Friday's trading activity was considerably more bullish than the existing positioning.

Robotaxi Returns as a Key Catalyst

Tesla's auto business remains the foundation of its earnings, but recent attention has shifted toward Robotaxi, Cybercab, FSD and Optimus.

As Tesla expands its Robotaxi operations and moves Cybercab closer to commercialization, investors are again pricing in the potential of its autonomous-driving business. At the same time, heavy spending on AI, autonomy and new products remains a risk to near-term profitability.

How quickly Robotaxi can move from deployment to a scalable commercial business could play a major role in how far this valuation rebound can go.

$360–$370 Becomes the Key Zone

Gamma exposure shows TSLA's Call Wall near $360, with the stock now trading just above that level and aggregate gamma remaining positive.

That makes $360–$370 the key near-term battleground. Continued Call buying could support another breakout, while elevated positive gamma could also keep the stock pinned around this area.

The Gamma Flip near $338 provides an important lower boundary for the current options setup.

The next signal to watch is open interest. If OI at the $360–$370 Call strikes rises meaningfully following the heavy volume, it would provide stronger evidence that traders are building fresh bullish positions.

After rebounding more than 20% from $297, TSLA has reached another key test. Robotaxi is providing a fundamental catalyst, options flow is leaning bullish, and the next question is whether the stock can break decisively above $360–$370.

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