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CVNA

Carvana Co.Close $66.67EOD only

Max Pain

$67.00

Next expiry Jun 26, 2026

Expected Move

±$4.58

6.9% from close

Price Gap

+0.33

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.82

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 22, 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

Jun 22, 2026 close

CVNA Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias as spot below $67 max pain with pinning gamma and high vol. Downside to $61 support likely within 2 days, but gamma caps below $60.

Confidence:

7 / 10

Base 5; +1 GEX/flow weakly aligned; +1 GEX positive; -0.5 spot 3.2% from MP; +0.5 VIX 19. Net 7.

Supports: GEX +$659K, pinning to $67; resistance $68.72.
Conflicts: Spot below $67; mixed flow; high vol; gamma flip $60.

📊GEX +$659K positive, pinning to $67

⚠️Spot 3.2% below max pain $67

🔻Gamma flip ~$60 caps downside

Regime Classification

Vol Regime

High

IV elevated vs typical; VIX 19 adds macro vol.

Gamma Regime

Pinning

Positive GEX ($+659K) near pinning to $67; flip at $60.

Flow Regime

Mixed

Mixed net premium, balanced call/put vol.

Spot vs Max Pain

Below

Spot $64.94 (+3.2% below $67 MP) implies bearish pull.

Thesis duration: Event-specific — Near OPEX (Jun 26) with max pain $67; gamma pinning drives short-term thesis.

Price Range Forecast

Next 2 days

$60.95$68.72

Range $60.95–$68.72; test support

Next 1 week

$58.81$70.86

Range $58.81–$70.86; gamma flip $60

Next 2 weeks

$56.91$72.76

Range $56.91–$72.76; structural levels

Key Levels

Max pain pins: $67 (2026-06-26); $66 (2026-07-02); $68 (2026-07-10)

EM guardrails: 2d $60.95/$68.72; 1w $58.81/$70.86

Support: $60.00 · $56.91

Resistance: $67.00 · $70.00 · $72.76

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,247 (7.5% below spot)

Structural: Support $60 (gamma flip), $56.91. Resistance $67 (MP), $70, $72.76. EM 2d $60.95/$68.72.

Dealer Positioning (GEX/DEX)

GEX: $+659K

DEX: +37.3M shares

Gamma flip: ~$60 (Approx — based on put OI concentration of 17,247 (7.5% below spot))

NTM gamma: GEX +$659K, DEX +37.3M shares (long delta). Flip ~$60 via put OI. Dealers long gamma, stabilizing near $67.

IV Analysis

IV vs VIX: CVNA IV rich vs VIX; elevated stock-specific vol offers premium sell.

Term structure: Front-end elevated (OPEX); back-month contango typical.

Skew: Put skew steep below $60; ratio spread or short $60 put viable.

Flow Analysis

Net premium: Net premium $643k positive; put/call volume ratio 1.28 but call premium dominates.

Directional prints: 69.2 call 70 OTM 2026-07-02 — Vol 665 vs OI 156, unusual call buying; suggests bullish bet on short-term upside. 74.6 put 55 OTM 2026-07-10 — Vol 508 vs OI 121, aggressive put buying; bearish protection or directional put. 73.3 put 60 OTM 2026-07-02 — Vol 755 vs OI 368, elevated put volume; bearish sentiment near current price.

Unusual: 69.2 call 70 OTM 2026-07-02 — Vol/OI 4.3, highest ratio; notable call flow for OTM strike. 74.6 put 55 OTM 2026-07-10 — Vol/OI 4.2, put sweep; bearish outlier. 75.8 call 68 OTM 2026-09-18 — Vol 1004, OI 290; large call volume, bullish long-dated bet.

Risks & Catalysts

!Break above $67 max pain

!Macro risk from high VIX

!Earnings or news catalyst

!Gamma squeeze higher

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-06-26 $60.00/$59.00 put spread Why now: High IV and gamma pinning, bear put spread limits upside risk from gamma squeeze.	Break above $67 negates thesis; maximum loss is net debit.

Top Plays

Bear Put Spread on CVNA

Buy 2026-06-26 $60.00/$59.00 put spread

Buy $60/$59 put spread to profit from downside to $61 while capping gamma risk.

Why this play: Only candidate; aligns with bearish bias and high IV.

Debit: $0.09-$0.11

Max loss: $0.11

BE: $59.89

Mgmt: Exit if price breaks above $67 invalidation; take profit near $61 support.

Traders expecting near-term decline with managed risk.

Watchlist Triggers

Entry Triggers

IFIF CVNA price trades near $61 support with bearish momentum and below $67 resistance → Buy 2026-06-26 $60/$59 bear put spread for $0.09-$0.11 debit (max loss $0.11).

Exit Triggers

EXITIF CVNA price breaks above $67 invalidation → Sell the $60/$59 bear put spread to cap losses.

EXITIF CVNA price declines to $61 take-profit target → Sell the $60/$59 bear put spread to realize profit.

Tactical Summary

Bearish bias on CVNA near $61 support, high IV. Key levels: support $60/$56.91, resistance $67 (max pain). Recommended bear put spread ($60/$59) targeting decline to $60 within 2 days. Entry near $61, stop at $67, take profit at $61.

How to Use These Reports

This directional reflects the market close on June 23, 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.