Why are TSLA Dec18 680 calls quoted at $0.10 / $0.20?

S&P 500 rebalancing today. Index funds in at $695 (have a nice day)

And most knuckleheads can't beat the S&P 500. Stock was 10% lower at 3:45 and approx 20% lower when announced. You couldn't screw it up even if you tried too. Free Money!!!

To answer your question: Stock was technically never bid there ($695) when the options were open
 
Here is how those calls behaved in the last hour while TSLA was moving like crazy.
I barely managed to snatch a more expensive call combo expiring a year from now, which may be worth couple grand more already.

Top chart: TSLA 680 call; middle chart: TSLA stock price; lower chart: IV.
upload_2020-12-18_14-7-36.png
 
OptionsOptionsOptions said:
  • Why are TSLA Dec18 680 calls quoted at $0.10 / $0.20?
  • Should be about $15.00 since TSLA closed at $695.00.
  • Two brokers have those quotes - TD and BMO Investorline.
More...
%%
Sounds like a stale quote/sorta like an ETF quote @ end of day[stale] = always a crazy/wrong bid/ask spread even on liquid suff like UPRO/SPXL.
BUT front month options , havent had time to study that one / wild spreads are real common \ then....................................................................................................
 
OptionsOptionsOptions said:
  • Why are TSLA Dec18 680 calls quoted at $0.10 / $0.20?
  • Should be about $15.00 since TSLA closed at $695.00.
  • Two brokers have those quotes - TD and BMO Investorline.
More...
TSLA was trading at 658.34 at 4pm et when the options closed. This was not the official closing price though. The options were pricing in a markdown based on the 4pm price, so the out of the money puts were bid very high and the out of the money calls were offered very cheaply.

They were wrong, as the closing cross occurred at 695, sometime after 4pm (long after the options stopped trading). Since TSLA was being added to the SP 500, there was a huge amount of orders placed MOC which caused this high print. You would not have been able to get this price unless you had an order in advance. It was trading around 680 after this print.

This has caused a lot of issues with retail traders who had what they thought were out of the money options and they got auto exercised based on the 695 print, or spreads where in the money calls were not assigned.
 
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