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CVNA

Carvana Co.Close $66.56EOD only
Max Pain
$66.00
Next expiry Jun 26, 2026
Expected Move
±$5.53
8.3% from close
Price Gap
-0.56
Distance to max pain
IV Rank
100
High premium
P/C OI
0.84
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
CVNA Earnings Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High confidence pinning; earnings 41d out with elevated IV.

Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP; +1 VIX 16
Most important: Max pain $70 with call wall above and put floor; positive GEX and flow.
⚠️Deep OTM $29 put surge – hedge or bearish speculation.
📌Max pain $70 with positive GEX – pinning.
📈Call wall $70-$90 resistance; put floor $40-$60 support.

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 17,284 (9.9% below spot)

Earnings Overview

Next earnings: 2026-07-29 (41 days)explicit

Expected moves:

  • 2026-06-26 (8d): ±$5.52 (8.3%)
  • 2026-07-02 (14d): ±$3.85 (5.8%)
  • 2026-07-10 (22d): ±$9.40 (14.1%)

IV Setup

Term structure: Front-term elevated (8d ±8.3%); dip at 14d; steep into earnings (22d ±14.1%).

Crush estimate: Crush ~30-50% post-earnings.

Skew: Skew: call-heavy OI, put-heavy volume; mixed.

Historical Context

Beat rate: 80% (4/5 quarters)

Avg move vs expected: Beat rate 80% (4/5) suggests positive bias.

Directional bias: Historically positive.

Key Levels

1$60.00 gamma flip
2EM guardrails: 1w $61.03/$72.08
3Max pain pins: $70 (2026-06-18); $66 (2026-06-26); $66 (2026-07-02)

Flow Highlights

Deep OTM $29 put volume 28.8x OI – hedge or speculation.

Watch follow-through.

$620 call 9/18 high strike – speculative lottery.

Low conviction.

Strategies

Short strangle
Sell 2026-06-26 $62.00 put + sell $70.00 call
Credit: $2.18-$2.66
Max loss: Unlimited
Max gain: $2.66
BE: 59.34 / 72.66
Front-term IV elevated (8d ~64-68%) with high GEX anchoring at $70; call wall and put floor contain spot.
Outperforms: Sell near-term premium before earnings; pinning near max pain $70 limits move.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long strangle
Buy 2026-08-21 $60.00 put + buy $84.00 call
Debit: $8.10-$9.90
Max loss: $9.90
Max gain: Unlimited
BE: 50.10 / 93.90
Historical average move high; cheap premium relative to straddle.
Outperforms: Cheaper long-vol structure with wider strikes to capture large earnings move.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Gap risk; spot 4.9% from MP.
!Earnings 41d – event risk not yet priced.
!Put volume spike – hedging.

What to Watch

?Max pain $70 pinning; break $72 or $61.
?IV term structure expansion into earnings.
?OI at $70 call wall and $60 put floor.
How to Use These Reports
This earnings reflects the market close on June 18, 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.