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CVNA

Carvana Co.Close $64.10EOD only
Max Pain
$76.00
Next expiry Jun 18, 2026
Expected Move
±$4.46
7.0% from close
Price Gap
+11.90
Distance to max pain
IV Rank
65
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
4.0/10
Consensus signal
Published snapshot: Jun 12, 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 12, 2026 close
CVNA Earnings Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

CVNA 47d to earnings; high vol and gamma regime. Heavy call buying at 65.5/68.5 for 6/18 suggests bullish speculation. Support at $60, resistance $67. Earnings beat rate 80%.

Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.3% from MP; +1 VIX 18
Most important: Call buying ahead of earnings and near-term support/resistance levels.
🐂Heavy call buying at 65.5/68.5 for 6/18; bullish speculative flow
🐻Put activity at 62.5/65.5 for 6/12; hedging or bearish bets
⚠️High IV and gamma; spot below MP; earnings 47d away

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,544 (6.4% below spot)

Earnings Overview

Next earnings: 2026-07-29 (47 days)explicit

Expected moves:

  • 2026-06-18 (6d): ±$4.45 (7.0%)
  • 2026-06-26 (14d): ±$6.80 (10.6%)
  • 2026-07-02 (20d): ±$8.20 (12.8%)

IV Setup

Term structure: Front-end elevated; 6d ±7%, 14d ±10.6%, 20d ±12.8%

Crush estimate: Post-earnings IV crush estimated 20-30%

Skew: Slight put skew near term; call OI wall $80-$92

Historical Context

Beat rate: 80% (4/5 quarters)

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

Directional bias: Historically beats but moves volatile; no clear bias

Key Levels

1$60.00 gamma flip
2EM guardrails: 1w $59.64/$68.55
3Max pain pins: $67 (2026-06-12); $76 (2026-06-18); $68 (2026-06-26)

Flow Highlights

Unusual call volume at 65.5/68.5/69.5 for 6/18 (vol/OI >10x)

Bullish positioning ahead of near-term expiration

Put activity at 62.5 and 65.5 for 6/12 (high IV)

Hedging or speculative downside bets

Strategies

Bullish Call Buy
Buy 2026-08-21 $65.00 call
Debit: $7.81-$9.54
Max loss: $9.54
Max gain: Unlimited
BE: $74.54
Trigger: Stop loss at $60; take partial profits above $70.
80% beat rate and heavy call buying support upside; liquidity good.
Outperforms: Long call to profit from earnings-driven upward move.
Underperforms: Failure at support and IV crush weaken long-call thesis.
Volatility Strangle
Buy 2026-08-21 $60.00 put + buy $68.00 call
Debit: $12.49-$15.26
Max loss: $15.26
Max gain: Unlimited
BE: 44.74 / 83.26
Trigger: Sell if IV drops; exit near expiry if undefined.
No clear bias but high IV; strangle cheaper than straddle; liquid.
Outperforms: Buy put and call to capture large move without directional bet.
Underperforms: Insufficient realized move reduces long-strangle edge.
Range Iron Condor
Sell 2026-07-24 $60.00/$58.00 put wing and $67.00/$69.00 call wing
Credit: $1.63-$2.00
Max loss: $0.00
Max gain: $2.00
BE: 58.00 / 69.00
Trigger: Close if spot breaks $60 or $67; avoid holding through earnings crush. Liquidity warning: Liquidity constraints: short_put: Wide spread (62%).; long_put: Wide spread (57%).; short_call: Open interest below 25.; long_call: Open interest below 25.
Defined support/resistance; caps risk but lower liquidity.
Outperforms: Sell wings at $60/$58 put and $67/$69 call to collect premium.
Underperforms: Move outside short strikes invalidates range thesis.

Risk Assessment

!Downside risk to $60 support
!Upside resistance at $67
!IV crush post-earnings (47d out)
!Gamma flip if spot breaks below $60

What to Watch

?Price action at $60 support and $67 resistance
?Open interest changes at 65.5/68.5 calls
?Earnings date 2026-07-29
How to Use These Reports
This earnings reflects the market close on June 12, 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.

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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.