Option Movers | Tesla’s $5.07M Bearish Spread Caps $500 Upside; SKHY’s $5.06M Synthetic Call Drives Bullish Flow
Market Overview
Wall Street dipped on Friday (September 5), as a robust jobs report raised the probability that the U.S. Federal Reserve will increase its key interest rate at this month's monetary policy meeting. All three major U.S. indexes closed lower amid a broad selloff ahead of the three-day holiday weekend.
Regarding the options market, a total volume of 66,062,327 contracts was traded, of which 59% were call options.
Top 10 Option Volumes
Top 10: $NVDA(NVDA)$, $TSLA(TSLA)$, $AAPL(AAPL)$, $MU(MU)$, $INTC(INTC)$, $SPCX(SPCX)$, $AMZN(AMZN)$, $MSTR(MSTR)$, $SKHY(SKHY)$, $GME(GME)$
Source: Tiger Trade APP
$Tesla Motors(TSLA)$ Motors closed at $354.08, down 5.92%.
The large options tape displayed overwhelmingly bearish positioning: a $5.07 million calendar-style bear call spread was the standout, pairing 5,000 long March 2027 $500 calls against 5,000 short November 2026 $500 calls to cap upside below $500, while a $2.11 million in-the-money September 2026 $360 put purchase signaled outright downside protection. Both trades reflect institutional concern for further weakness or limited rebound potential.
A bearish call spread with a net debit of $5.07 million was the largest displayed trade, pairing the purchase of 5,000 March 19, 2027 $500 calls with the sale of 5,000 November 20, 2026 $500 calls, both out of the money versus the $354.08 reference stock price. Because this combination contains both a buy call and a sell call, it should be viewed as a spread strategy rather than a synthetic position, and its size is measured by the stated net debit of $5.07 million. Structurally, this is a calendar-style bear call spread that reflects a bearish to cautiously defensive stance: the trader paid premium to own longer-dated upside optionality while financing part of that cost by selling nearer-dated upside, suggesting an expectation that TSLA will remain capped well below $500 over the shorter horizon and that upside may be limited or delayed rather than immediate.
Source: Tiger Trade APP
A put purchase worth $2.11 million was the other displayed large trade, consisting of 1,917 September 9, 2026 $360 puts bought while the stock reference price was $354.08, making the strike in the money. This single-leg put buy is straightforwardly bearish: the trader paid premium for downside exposure and/or portfolio protection at a strike above the current stock price, indicating concern about further weakness in TSLA over the coming year. Overall, the large-trade flow points clearly bearish, as the standout activity is dominated by downside protection and upside-capping structures, while the broader block tape is also characterized by repeated call selling and premium-collection trades that lean neutral-to-bearish. Taken together, the figures suggest institutional participants are positioning for limited upside and a higher probability of downside or subdued trading rather than a strong bullish rebound.
Source: Tiger Trade APP
Unusual Options Activity
$SK hynix(SKHY)$ closed at USD 177.0, up 8.14%.
The options tape reflected a broadly constructive tone, led by a $5.06 million synthetic call structure that signaled long-dated bullish accumulation. At the same time, a $2.62 million out-of-the-money call sale introduced a note of caution, suggesting some participants see limited upside beyond a certain strike. The resulting mix of long delta and overwriting pressure points to an overall bullish lean in large block activity, even as expectations for a runaway rally remain tempered.
A synthetic call position worth $5.06 million was the largest featured trade, created through buying the 225.0 call and selling the 150.0 put for the 2026-12-18 expiration. Both legs were out of the money versus the $177.0 reference stock price, and the structure was executed with a net credit of $950,000. This is a clearly bullish construction that expresses upside participation through the long call while using the short put to help finance the position, signaling willingness to accumulate bullish exposure over a longer-dated horizon.
Source: Tiger Trade APP
A bearish single-leg call sale worth $2.62 million was the other highlighted block, with 2,000 contracts sold at the 200.0 strike for the 2026-11-20 expiration. That call was out of the money relative to the $177.0 stock reference, and the trade points to a view that upside may remain capped below that strike or that implied premium at that level was attractive to collect. Overall, the large-trade flow leans bullish, as the dominant position was a sizable long-delta synthetic call and the aggregate block activity still favors upside exposure despite the notable call overwriting pressure.
Source: Tiger Trade APP
>>>Start OPTIONS trading & earn up to SGD 200 in rewards!
$(TSLA)$ $(SKHY)$ $Direxion Daily TSLA Bull 2X Shares(TSLL)$ $Leverage Shares 2x Long TSLA Daily ETF(TSLG)$ $Tradr 2X Short TSLA Daily ETF(TSLQ)$ $T-Rex 2x Long Tesla Daily Target ETF(TSLT)$ $GraniteShares 2x Short TSLA Daily ETF(TSDD)$ $T-Rex 2x Inverse Tesla Daily Target ETF(TSLZ)$ $GraniteShares 2x Long TSLA Daily ETF(TSLR)$ $Direxion Daily TSLA Bear 1X Shares(TSLS)$ $GraniteShares 1.25x Long TSLA Daily ETF(TSL)$ $YieldMax TSLA Option Income Strategy ETF(TSLY)$ $Roundhill TSLA WeeklyPay ETF(TSLW)$ $GraniteShares YieldBOOST TSLA ETF(TSYY)$ $REX TSLA Growth & Income ETF(TSII)$ $ProShares Ultra TSLA ETF(TSLI)$ $YieldMax Short TSLA Option Income Strategy ETF(CRSH)$ $Leverage Shares 100% TSLA and 100% SPCX Daily ETF(ELOL)$ $Kurv Yield Premium Strategy Tesla TSLA ETF(TSLP)$ $GraniteShares Autocallable TSLA ETF(TLA)$ $YieldMax TSLA Performance & Distribution Target 25 ETF(TEST)$ $Simplify Volt TSLA Revolution ETF(TESL)$ $Corgi TSLA 2x Daily ETF(TESC)$ $Leverage Shares 2x Capped Accelerated TSLA Monthly ETF(TSLO)$ $CSOP Tesla Daily (-2x) Inverse Product(07366)$ $CSOP Tesla Daily (2x) Leveraged Product(07766)$ $CSOP Tesla Daily (-2x) Inverse Product(09366)$ $CSOP Tesla Daily (2x) Leveraged Product(09766)$ $GraniteShares 2x Short SK Hynix Daily ETF(SKDD)$ $GraniteShares 2x Long SK Hynix Daily ETF(SKUU)$ $Leverage Shares 2X Long SK Hynix Daily ETF(SKHX)$ $Direxion Daily SK Hynix Bull 2X ETF(SKHL)$ $Leverage Shares 1X Short SK Hynix Daily ETF(SKHZ)$ $T-REX 2X Long SK Hynix Daily Target ETF(HYNX)$ $ProShares Ultra SK hynix(SKHU)$ $Corgi SK hynix 2x Daily ETF(SK)$ $Tradr 2X Short SK hynix Daily ETF(SKHN)$ $Tradr 2X Long SK hynix Daily ETF(SKHA)$ $CSOP SK Hynix Daily Max (2x) Leveraged Product(07709)$Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
