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CVNA

Carvana Co.Close $64.83EOD only

Max Pain

$67.00

Next expiry Jun 26, 2026

Expected Move

±$3.88

6.0% from close

Price Gap

+2.17

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.84

Slightly call-heavy

Consensus

7.5/10

Range bias

Published snapshot: Jun 23, 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 23, 2026 close

CVNA Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias near expiry: dealer gamma positive (+13.4M) pins spot toward $67 max pain. VIX 19 and high vol warrant caution, but strong put support at $60 limits downside. Thesis event-specific.

Confidence:

9 / 10

Base 5 +2 GEX/flow aligned +1 GEX positive pinning +0.5 spot near MP +0.5 VIX 19; total 9.0

Supports: GEX+13.4M, spot near $67 max pain, dealer long delta 37.7M shares
Conflicts: High vol (VIX 19), spot above MP, mixed flow

🎯Spot near $67 max pain; pinning likely with dealer gamma support

📈Dealer GEX +13.4M; strong support near $60 gamma flip

⚠️High vol regime (VIX 19) suggests caution; risk of vol expansion

Regime Classification

Vol Regime

High

IV elevated vs VIX 19; implies event premium or high vol sentiment

Gamma Regime

Pinning

Total GEX +13.4M positive gamma pinning; flip at $60 (11.6% below spot)

Flow Regime

Mixed

Mixed premium flow; put OI 17,258 at $60 provides structural support

Spot vs Max Pain

Above

Spot $62.85 vs max pain $67 (1.4% above); within pinning range

Thesis duration: Event-specific — Spot near expiry max pain, dealer gamma positive, high IV implies event risk

Price Range Forecast

Next 2 days

$64.57$71.26

Pinning toward $67; support $64.57, resistance $71.26

Next 1 week

$61.99$73.83

Wider range $61.99-$73.83; gamma flip at $60, vol high may cause swings

Next 2 weeks

$59.84$75.99

Structural range $59.84-$75.99; uncertainty beyond event

Key Levels

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

EM guardrails: 2d $64.57/$71.26; 1w $61.99/$73.83

Support: $67.00 · $59.84

Resistance: $70.00 · $75.99

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,258 (11.6% below spot)

Structural: Max pain $67; EM guardrails: 2d $64.57/$71.26, 1w $61.99/$73.83; support $67/$59.84, resistance $70/$75.99; gamma flip ~$60

Dealer Positioning (GEX/DEX)

GEX: $+13.4M

DEX: +37.7M shares

Gamma flip: ~$60 (Approx — based on put OI concentration of 17,258 (11.6% below spot))

NTM gamma: GEX +13.4M, DEX +37.7M shares; gamma flip ~$60 based on put OI concentration

IV Analysis

IV vs VIX: Ticker IV rich vs VIX 19; elevated vol suggests event premium, caution for directional plays

Term structure: Front-end elevated due to expiry; back-month flatter

Skew: Put skew rich near gamma flip $60; potential vol selling opportunity if no catalyst

Flow Analysis

Net premium: Net premium $3.27M positive, put/call vol ratio 1.05, OI ratio 0.84; mixed but slightly call OI bias.

Directional prints: 65.1 call 85 OTM 2026-07-10 — Vol/OI 10.1x, IV 65.1%; unusually high relative volume. Likely bought as OTM bullish bet; preferred read: bullish. 68.9 put 66.5 OTM 2026-06-26 — Vol/OI 5.3x, IV 68.9%; high put volume relative to OI. Could be bought for downside protection or bearish speculation; preferred read: bearish.

Unusual: 65.1 call 85 OTM 2026-07-10 — Vol/OI 10.1x, IV 65.1%; extreme volume spike. Likely new bullish positioning. 68.9 put 66.5 OTM 2026-06-26 — Vol/OI 5.3x, IV 68.9%; heavy put volume. Possible bearish hedge or speculation. 50 call 620 OTM 2026-09-18 — Vol/OI 2.5x, IV 50%; very high strike call. Speculative long-term bullish bet.

Risks & Catalysts

!Spot below gamma flip $60 triggers accelerated selling

!VIX spike expands IV, weighing on long positions

!GEX flips negative on high put OI concentration

!Mispriced event risk if earnings or news absent

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-31 $66.00/$80.00 call spread Why now: Bullish bias, strong put support at $60, dealer gamma positive pinning spot near $67 max pain. Earnings catalyst may drive upside.	Upside capped; VIX spike can weigh on long options
Put credit spread	Moderate-Weak	Sell 2026-07-31 $59.00/$55.00 put spread Why now: Strong put support at $60, gamma flip below $60 is risk. Selling 63/60 put spread yields premium with defined tail risk.	Spot below $60 could trigger accelerated selling and loss Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.
Long call	Moderate-Strong	Buy 2026-07-31 $77.00 call Why now: Unusual call activity at 85 strike suggests bullish flow. High IV may compress after earnings, but upside could be significant.	High IV premium; time decay if spot doesn't move; VIX spike hurts

Top Plays

Bull Call Spread

Buy 2026-07-31 $66.00/$80.00 call spread

Captures upside to $80 with defined risk, using support at $60 and gamma pinning near $67.

Why this play: Best aligns with bullish bias, dealer gamma support, and good liquidity.

Debit: $4.49-$5.48

Max loss: $5.48

BE: $71.48

Mgmt: Monitor near $67; exit if spot drops below $60 or on IV spike.

Traders seeking defined-risk bullish exposure ahead of earnings.

Long Call

Buy 2026-07-31 $77.00 call

Leverages upside from earnings catalyst and call activity, but faces IV crush risk.

Why this play: Unusual call flow at 85 strike supports bullish conviction, high potential reward.

Debit: $2.95-$3.60

Max loss: $3.60

BE: $80.60

Mgmt: Set stop-loss at $67; consider taking profits on IV expansion.

Aggressive traders willing to accept high IV and unlimited upside.

Put Credit Spread

Sell 2026-07-31 $59.00/$55.00 put spread

Sells put spread below support to collect premium with defined risk.

Why this play: Fits thesis of put support and limited downside, but liquidity is a concern.

Credit: $0.87-$1.07

Max loss: $2.93

BE: $57.93

Mgmt: Close if spot breaks below $60; roll if needed. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.

Income-focused traders comfortable with lower liquidity.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $67 (support and invalidation level) → THEN buy the 2026-07-31 $66/$80 bull call spread (strategy 1)

IFIF spot breaks above $70 (first resistance) → THEN buy the 2026-07-31 $77 call (strategy 3)

Adjustment Triggers

ADJIF spot trades at $67 (invalidation level) with weakness → THEN reduce position size on bull call spread or consider rolling

Exit Triggers

EXITIF spot breaks below $60 (gamma flip and put support) → THEN exit all bullish positions (strategies 1 and 3)

EXITIF spot breaks below $60 → THEN close the put credit spread (strategy 2) if open

Tactical Summary

Enter bull call spread on strength above $67, long call above $70. Exit all longs below $60. Adjust at $67 if weak. Put credit spread is secondary and requires close monitoring due to low liquidity.

How to Use These Reports

This directional reflects the market close on June 24, 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.