Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan said that implied volatility indicated that the market expected Tesla Motors Inc TSLA to make an 8.5 percent move (up or down) heading into its Q4 earnings report.

Kinahan noted that on Tuesday, there were a significant number of $190 weekly Put-buyers. On Wednesday, Kinahan said buyers were focused on Puts at the $200 strike price.

There were some bulls in the market, buying $220 calls, according to Kinahan.

However, the Puts have traded 3.5 times the normal volume, whereas the Calls are only at 2 times the normal volume.

Kevin Riley and Brianna Valleskey contributed to this report.