I really don't know how options would really work with TSLA trading at 600/share or even lower in the 500's for an extended period of time(more than 2-3 months). Sure for the next month and a half it's fear mongering. But when Q2's earnings come and pass, all eyes point to Q3.
And if Shanghai starts pumping out 80-90k/month starting in July combined with Berlin/Austin hitting the part of their ramp where they materially add to Tesla's deliveries and thus earnings, plus the upcoming split.........I just don't see how any fund would dare try and hold a significance number of puts lower than 600 or sell calls into that set up. The momentum and trades will all be completely lopsided to the upside and adding buying pressure....and nonstop pressure at that. For at least the next 8-10 quarters straight
So I'll kinda repeat what I've been saying for months, I really feel like this is the end of TSLA being the king of options trading activity. The gulf between bulls and bears will shrink as Tesla's earnings continue to grow in scale, it's P/E continuing to compress, as TSLA gains investment grade ratings from S&P/Moodys. The implied volatility will be sucked dry because the P/E compression has taken away all of the downside risk.
And that's when I think the way TSLA trades will be eerily similar to Apple's where the stock action was very consistent. Wouldn't vary that much during the quarter and would increase in value as stead % quarter after quarter.