• Skip to main content
  • Skip to primary sidebar

SpotGamma™

S&P 500 Stock Market Gamma Trading Levels Based on Options Open Interest

  • About
  • Pricing
  • Academy
  • Resources
    • Tool Demos
    • Case Studies
    • Blog
    • Support Center
    • Daily Report
    • Free Trading Tools
      • Opening Setup Free Report
      • Options Profit Calculator
      • SPX Gamma Exposure
      • Implied Earnings Moves
    • Report Card
  • Login

Oct 22 2020

TSLA Has Less Spark

TSLA announced earnings last night which beat expectations and the stock reacted… fairly normally. No insane pops or drops.

TSLA Stock Chart
TSLA Chart on TradingView

We think much of this tepid reaction is due to the relative lack of gamma compared to past earnings periods (see here). Below is a chart of the current gamma levels in TSLA, and you can see that the call gamma (blue) relative to put gamma (orange) is pretty even. This implies there is less dealer hedging needed for call options. Because we believe dealers are net short calls in TSLA this means they have less to buy as the stock goes up, which creates less upward pressure.

SpotGamma Equity Hub TSLA Options Chart
SpotGamma Equity Hub TSLA Options Chart

If you compare the gamma position above to the gamma from mid August (chart below) you can see that the call gamma is much more negative that put gamma. This infers that dealers are short a great deal more calls, and need to therefore have a lot more stock to buy as the stock goes higher.

They key point to this is that less options positions generally mean less options gamma. Less options gamma generally means less volatility.

Share This Article

  • Share
  • Twitter
  • LinkedIn
  • Reddit
  • Facebook

Written by SpotGamma · Categorized: Market Analysis, Stock · Tagged: TSLA

Don’t have an account with SpotGamma?

Choose the plan you want today to view unique support and resistance levels, access Founder’s Notes and expert commentary, daily trading ranges, and entrance into our private Discord.

 

 

 

Primary Sidebar

Related Resources

  • Tech Vol Collapsed, Put Skew Held Rich: Options Action Live on CNBC

    Tech Vol Collapsed, Put Skew Held Rich: Options Action Live on CNBC

    November 4, 2026
  • Gamma Guy: The 0DTE Flow That Usually Pins the Index Didn’t Arrive

    Gamma Guy: The 0DTE Flow That Usually Pins the Index Didn’t Arrive

    November 3, 2026
  • AMD Earnings Preview: Can AI Growth Overcome Rising Volatility and Expectations?

    AMD Earnings Preview: Can AI Growth Overcome Rising Volatility and Expectations?

    November 3, 2026
  • Relatively Few Traders Are Positioned For The Right Tail

    Relatively Few Traders Are Positioned For The Right Tail

    November 2, 2026
  • Palantir (PLTR) Earnings Preview: Can AI Growth Justify Another Explosive Move?

    Palantir (PLTR) Earnings Preview: Can AI Growth Justify Another Explosive Move?

    November 2, 2026
  • youtube
  • x
  • Privacy Policy
  • Disclaimer
  • Terms & Conditions
  • Support Center
  • Media
  • Contact Us

©2026 TenTen Capital LLC DBA SpotGamma

All SpotGamma materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one's financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

View Full Risk Disclosure