TSLA Calendar Spread — 2026-11-13

TSLA (Tesla, Inc. - Common Stock): $5634K of buyer-initiated unusual call flow (100% call-dominant), IV rank 10 (low). Our gamma model reads TSLA in a POSITIVE-gamma regime (net GEX 8.2M, flip 369.48) — dealers are long gamma and suppress realized vol, so price tends to pin/mean-revert between the $375 put wall (support) and $380 call wall (resistance). Structured as a Calendar Spread (sell $375C / buy $375C) expiring 2026-11-13 (21 DTE) — positive-gamma pin at wall → sell near-dated theta (calendar). Net debit $263 (max risk). Breakevens $375.00.

Underlying: TSLA @ ~$372.61 | 2026-11-13 (21 DTE) | Net debit (entry): ~$263 per spread. Use limit orders at the mid or slightly better.

ENTRY: Buy the calendar at $375: SELL the near-dated 2026-11-13 option, BUY the same-strike far-dated option, one order at a LIMIT of the mid or better — net DEBIT ~$263. Best when spot is pinned at $375 in a positive-gamma regime and near-term IV is LOW relative to the back month (you want front-month theta plus room for a vega/IV expansion). Gamma: dealer gamma is POSITIVE (vol-suppressing) — spot tends to pin/mean-revert, so a briefly-tested strike often reverts; don't over-adjust on the first touch; put wall (support) at $375; call wall (resistance) at $380. IV rank 10 is low — premium is thin, so keep size small and lean on a defined-risk structure. | TAKE PROFIT: This is a DEBIT trade — take profit as the NEAR leg decays and/or IV EXPANDS, typically ~20–35% on the $263 debit. EXIT BEFORE the near (short) leg's 2026-11-13 expiration — never let the short leg expire or go in-the-money; roll the short out or close the whole calendar around 19 DTE on the front leg. | IF TESTED: A calendar wants spot to STAY near $375; it loses if TSLA runs away from the strike (both legs go deep ITM/OTM and the spread collapses). If price drifts off $375 by more than about the width you paid, ROLL the whole calendar's strike toward price (a diagonal roll) to re-center, or cut it — don't defend a directional runaway with a neutral structure. Treat a close below the $375 put wall as the hard trigger to act (the pin support has failed); Treat a close above the $380 call wall as the hard trigger to act (the resistance magnet has broken). Max loss is the $263 debit paid. | MAXIMIZE: If TSLA pins $375 and near-term IV stays low while the back month firms, let the front leg decay for the biggest gain, then roll the short leg out to a new near-dated expiration to collect another cycle of theta (turning it into a longer campaign) — but always close before the current short leg expires.