TSLA — Options Strategy Assessment Current Price: $230.00 | Expiration: August 14, 2026 (14 DTE) | IV: 58% MARKET SNAPSHOT 14 days to expiration from today (July 31, 2026) IV of 58% is elevated for TSLA (normal range ~35-50%) Expected move = 230.00 x 0.58 x sqrt(14/365) = approximately $26.12 (~11.4%) Premium is rich — favors credit (premium-selling) structures STRATEGIES SCREENED OUT Covered Call — excluded, no existing share position given Long Straddle — eliminated, rich premium makes buying vol poor value here Long Strangle — eliminated, same rich-premium issue as straddle Bear Put Spread — eliminated, no bearish thesis stated STRATEGY 1: Cash-Secured Put Structure: Sell $215 put (~6.5% OTM) for ~$3.85 Break-even: $215 - $3.85 = $211.15 Max risk: $215 x 100 - $385 = $21,115 per contract (if stock goes to zero) Max reward: $385 per contract (premium collected) Risk/Reward: approx. 1.8% return on capital over 14 days Ideal market view: Neutral-to-bullish Payoff at expiration: Above $215: keep full $385 premium Between $211.15 and $215: partial erosion of premium Below $211.15: net loss, growing dollar-for-dollar below that level STRATEGY 2: Iron Condor Structure: Sell $210 put / $200 put, Sell $250 call / $260 call ($10 wings), net credit ~$3.10 Break-even: Lower $206.90 / Upper $253.10 Max risk: $10 width - $3.10 credit = $690 per contract Max reward: $310 per contract (net credit) Risk/Reward: approx. 0.45 to 1 Ideal market view: Neutral (range-bound) Payoff at expiration: Between $210 and $250: full $310 credit retained Between $206.90-$210 or $250-$253.10: partial loss Beyond either breakeven: max loss of $690, caps at $200 or $260 STRATEGY 3: Bull Call Spread Structure: Buy $230 call (~$11.80), Sell $245 call (~$5.30), net debit $6.50 Break-even: $230 + $6.50 = $236.50 Max risk: $650 per contract (net debit) Max reward: $15 width - $6.50 debit = $850 per contract Risk/Reward: approx. 1.31 to 1 Ideal market view: Moderately bullish Payoff at expiration: Above $245: max reward $850 Between $236.50 and $245: partial gain Below $236.50: loss, capped at $650 below $230 RISK/REWARD VERDICT (ranked for neutral-to-moderate directional trader) Iron Condor — best risk-adjusted fit; monetizes rich premium with defined, symmetric risk; no directional call required Cash-Secured Put — attractive with mild bullish lean, but less capital-efficient and uncapped downside below breakeven Bull Call Spread — best only with genuine directional conviction HIGHLIGHTED PICK: Iron Condor With 58% IV pricing in an outsized two-week move, this structure is best positioned to capture the volatility premium rather than fight it. Note: with only 14 DTE, theta works quickly in your favor, but gamma risk also accelerates near expiration — size accordingly. DISCLAIMER This is an educational/analytical framework using model-estimated pricing, not personalized financial advice or live tradeable quotes. Verify actual bid/ask, delta, and IV rank with your broker before executing any position — TSLA's options often carry wider spreads and faster-moving IV than the modeled figures above.