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CVNA

Carvana Co.Close $63.35EOD only

Max Pain

$69.00

Next expiry May 22, 2026

Expected Move

±$3.61

5.7% from close

Price Gap

+5.65

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects CVNA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

CVNA Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

CVNA below MP 69 with gamma support at 60. Positive dealer alignment favors drift toward 68-70 over next week. High vol and resistance at 69 cap upside. Bullish within range.

Confidence:

7 / 10

Base 5, +2 GEX/flow aligned, -1 spot 5.9% below MP, +1 VIX 17

Supports: Dealer long gamma via DEX, support at 60, positive flow alignment.
Conflicts: High vol regime, mixed flow, spot below MP.

🟢Gamma support at 60 holds

🔴Resistance at 69 from max pain

⚠️High vol implies choppy action

Regime Classification

Vol Regime

High

IV high vs typical; VIX at 17 suggests elevated near-term.

Gamma Regime

Trending

Gamma trending; GEX -$167K, flip at 60; DEX long supports.

Flow Regime

Mixed

Net premium mixed; put flow at 60 protective, call flow light.

Spot vs Max Pain

Below

Spot ~64.9, 5.9% below 5/22 MP 69, upward pin pressure.

Thesis duration: Event-specific — Weekly max pain pins (5/22, 5/29, 6/5) drive event-specific thesis.

Price Range Forecast

Next 2 days

$61.74$68.09

Rise toward 68 resistance.

Next 1 week

$59.34$70.49

Target 70 MP, resistance.

Next 2 weeks

$57.49$72.34

Capped at 72, downside to 57.

Key Levels

Max pain pins: $69 (2026-05-22); $70 (2026-05-29); $73 (2026-06-05)

EM guardrails: 2d $61.74/$68.09; 1w $59.34/$70.49

Support: $60.00 · $57.49

Resistance: $69.00 · $72.34

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,410 (7.6% below spot)

Structural: Support 60 (gamma flip) & 57.49; resistance 69 (5/22 MP) & 72.34.

Dealer Positioning (GEX/DEX)

GEX: $-167K

DEX: +42.7M shares

Gamma flip: ~$60 (Approx — based on put OI concentration of 16,410 (7.6% below spot))

NTM gamma: GEX -$167K near neutral; DEX +42.7M shares long gamma; flip at $60.

IV Analysis

IV vs VIX: IV elevated vs VIX 17; options price large moves.

Term structure: Backwardated with kinks at weekly expiries.

Skew: Put skew elevated; sell put spreads at 60 vs call overwrites at 69.

Flow Analysis

Net premium: Net -$1.69M (net buying) favors bullish; put/call vol ratio 0.88, OI 0.89.

Directional prints: 67 call 70 OTM 6/5/26 — Vol/OI 21.7x (4058/187). High OTM call volume; likely bought. Bullish. 65.6 call 80 OTM 6/5/26 — Vol/OI 9.5x (4018/422). Large OTM call volume; likely bought. Bullish. 67.5 call 68.5 OTM 5/22/26 — Vol/OI 8.1x (4355/537). High OTM call volume near expiry; likely bought. Bullish.

Unusual: 50 call 620 OTM 9/18/26 — Deep OTM call vol 485 vs OI 191 (2.5x), low IV 50%; possible short side. Neutral. 74 put 59 OTM 5/22/26 — OTM put vol 309 vs OI 130 (2.4x), IV 74%; small put buying. Bearish. 65.6 call 75 OTM 6/5/26 — OTM call vol 1006 vs OI 299 (3.4x), IV 65.6%; moderate call buying. Slightly bullish.

Risks & Catalysts

!Break below gamma flip at 60 to 57.49 support.

!Failure at resistance 69 could trigger selloff.

!Vol contraction if flow reverses.

!Event risk from earnings or macro.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-05 $67.00/$71.00 call spread Why now: Bullish flow and gamma support at 60; resistance at 69 limits upside, making a spread efficient.	Max loss if stock fails to rally above long strike.
Long call	Moderate-Strong	Buy 2026-06-05 $67.00 call Why now: Unusual OTM call volume at 70 strike confirms directional conviction.	Time decay and high IV; requires quick move.
Put credit spread	Moderate	Sell 2026-06-12 $59.00/$55.00 put spread Why now: Gamma support at 60 and dealer positive alignment favor downside protection.	If stock drops below short put strike, max loss incurred.

Top Plays

Bull Call Spread

Buy 2026-06-05 $67.00/$71.00 call spread

Captures bullish drift efficiently with defined risk.

Why this play: Best alignment with capped upside to 69 and gamma support at 60.

Debit: $1.21-$1.47

Max loss: $1.47

BE: $68.47

Mgmt: Exit at 70% of max gain or if CVNA breaks below 60.

Traders wanting defined risk/reward in range-bound move.

Long Call

Buy 2026-06-05 $67.00 call

Unlimited upside potential but higher premium and risk.

Why this play: Direct expression of unusual bullish flow and directional conviction.

Debit: $2.57-$3.15

Max loss: $3.15

BE: $70.15

Mgmt: Set stop at 60; take profit on spike above 70.

Aggressive traders seeking leverage on breakout above 69.

Put Credit Spread

Sell 2026-06-12 $59.00/$55.00 put spread

Neutral-bullish play with defined risk below support.

Why this play: Leverages gamma support at 60 for premium collection.

Credit: $0.85-$1.03

Max loss: $2.97

BE: $57.97

Mgmt: Close at 50% of max gain or if CVNA approaches 60.

Defensive traders preferring theta decay with downside buffer.

Watchlist Triggers

Entry Triggers

IFIf CVNA holds above 60 (gamma flip) with bullish flow in the next 2 days → Enter bull call spread: Buy 2026-06-05 $67/$71 call spread for 1.21-1.47

IFIf CVNA breaks above 69 (resistance) with volume → Enter long call: Buy 2026-06-05 $67 call for 2.57-3.15

Exit Triggers

EXITIf CVNA drops below 60 (gamma flip) → Exit all bullish positions; consider put credit spread invalidation

Tactical Summary

Bullish bias with support at 60 (gamma flip) and resistance at 69. Top play: bull call spread ($67/$71) for defined risk within range. Long call for breakout above 69; put credit spread for defense. Manage risk on break below 60.

How to Use These Reports

This directional reflects the market close on May 20, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.