Options traders are trying to ride Tesla shares’ hot streak, though the stretch of daily gains may soon snap.
The stock, recently down less than 1%, finished Tuesday on a 13-day win streak, its longest on record. Meanwhile skew, an options-based measure of pessimism vs. optimism tied to the stock, has fallen to its lowest level since January 2021, according to Cboe data.
That reflects a growing demand for bullish call options, which give the right to buy shares at a certain price and date, tied to Tesla stock, relative to bearish put options, which confer the right to sell.