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CVNA

Carvana Co.Close $66.19EOD only
Max Pain
$67.00
Next expiry Jun 5, 2026
Expected Move
±$2.13
3.2% from close
Price Gap
+0.81
Distance to max pain
IV Rank
56
Middle-high premium
P/C OI
0.87
Slightly call-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 4, 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 4, 2026 close
CVNA Earnings Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

CVNA 55 days from earnings; stable IV environment, high historical beat rate but options priced for moderate moves.

Confidence:
7.5 / 10
base 5; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +1 VIX 15
Most important: Earnings far out so focus on near-term flow and key levels.
📞$620 Sep call volume 485 vs OI 191; 2.5x ratio signals big upside speculation
⚠️Near-term $63 put volume spike suggests hedging for downside to $60

Regime Classification

Vol Regime
High
Gamma Regime
Pinning
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,207 (9.4% below spot)

Earnings Overview

Next earnings: 2026-07-29 (55 days)explicit

Expected moves:

  • 2026-06-05 (1d): ±$2.13 (3.2%)
  • 2026-06-12 (8d): ±$5.72 (8.6%)
  • 2026-06-18 (14d): ±$7.57 (11.4%)

IV Setup

Term structure: Upward sloping (1d ±3.2%, 8d ±8.6%, 14d ±11.4%)

Crush estimate: No imminent crush; earnings 55d out

Skew: Put skew elevated near term (spot $66.63, put OI heavy at $60)

Historical Context

Beat rate: 80% (4/5 quarters)

Avg move vs expected: Not available; beat rate 80% suggests upside bias

Directional bias: Bullish tilt from beat rate

Key Levels

1$60.00 gamma flip
2EM guardrails: 2d $64.06/$68.32; 1w $60.47/$71.91
3Max pain pins: $67 (2026-06-05); $69 (2026-06-12); $78 (2026-06-18)

Flow Highlights

Large volume on $620 Sep call (485 vs 191 OI)

Unusual high-strike call activity suggests speculative upside bet or hedge

Near-term $63 put volume high (814 vs 355 OI)

Short-term bearish positioning or hedge for downside

Strategies

Max Pain Iron Condor
Sell 2026-06-12 $63.00/$60.00 put wing and $70.50/$73.00 call wing
Credit: $1.22-$1.49
Max loss: $1.51
Max gain: $1.49
BE: 61.51 / 71.99
Trigger: Close at 50% max gain or 7 DTE.
Stable IV, max pain $67 anchor; defined risk high win prob.
Outperforms: Sells wings around max pain, captures theta decay.
Underperforms: Move outside short strikes invalidates range thesis.
Bullish Call Diagonal
Sell 2026-06-12 $70.50 call / buy 2026-07-17 $68.00 call
Debit: $3.96-$4.85
Max loss: $4.85
Max gain: Variable
BE: Path-dependent
Trigger: Adjust if short strike tested; roll up if strong.
Upward term structure + 80% beat rate; limited downside.
Outperforms: Longer-dated call buys, short OTM call sold for time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull call spread
Buy 2026-07-17 $72.00/$84.00 call spread
Debit: $2.43-$2.96
Max loss: $2.96
Max gain: $9.04
BE: $74.96
80% beat rate gives upside bias; use 43 DTE.
Outperforms: Bullish defined-risk debit spread for earnings upside.
Underperforms: Loss of support weakens upside continuation thesis.

Risk Assessment

!Earnings far out reduces event risk
!Gamma exposure near max pain $67
!High IV on long-dated options

What to Watch

?Max pain pinning at $67 on 6/5 expiry
?Unusual call activity on $620 strike
?Spot vs EM guardrails ($64.06-$68.32)
How to Use These Reports
This earnings reflects the market close on June 4, 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.