Todd Gordon's Tesla Options Trade

On CNBC's "Trading Nation," Todd Gordon of TradingAnalysis.com said he is looking to add some exposure to Tesla, Inc. TSLA. The stock bounced off its support at $600 and Gordon sees that as an opportunity to get a long position.

He wants to sell the April $635 put for $62 and buy the April $730 call for $29. The options structure would allow him to collect a credit of $33. He would start to lose money if the stock drops below $632. If it trades above $730 he can gain more than the $33 he collected.

See also: How to Invest in Tesla Stock

Gordon said he is not overly bearish and he is looking to add to his positions.