Tesla Inc (TSLA) has experienced significant fluctuations in its stock options, particularly with $240 puts which are now in the money as the stock trades at approximately $238.77, down 2.28 (-0.95%) as of October 10, 2024. Recent trading activity indicates that the volume of Tesla's options is around 1.5 million shares, with 57% of these contracts set to expire on Friday. Traders have noted a substantial increase in the value of the $240 puts, which reportedly rose by 700% in the morning of October 11. Additionally, a trader mentioned a hedge on October 220 puts that was executed at a cost of 95% out, suggesting a strategic approach to managing risk amid market volatility. The stock is projected to face further challenges, with expectations of a potential decline to the 205-210 range unless it rebounds to around 233 today. The pre-market trading on October 11 showed Tesla at 223.72, down 15.05 (-6.30%).