Tesla options are making a comeback after a tough couple of months. Tesla led the market in 2020, gaining nearly 900% from the bottom to its peak in January of 2021. After a tough few months, out-of-the-money Tesla calls are hot again. While call volume is way back up, implied volatility (IV) levels are much lower than they were last year. Currently, the at-the-money calls are in the 40% IV range, compared to the 100%+ levels that were common last year.