Option traders moderately bearish in Tesla (TSLA), with shares down $8.59 near $310.45. Options volume roughly in line with average with 1.94m contracts traded and calls leading puts for a put/call ratio of 0.68, compared to a typical level near 0.84. Implied volatility (IV30) is higher by 0.7 points near 46.35,in the lowest 10% of observations over the past year, suggesting an expected daily move of $9.06. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at China Renaissance.
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