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CVNA

Carvana Co.Close $63.35EOD only

Max Pain

$69.00

Next expiry May 22, 2026

Expected Move

±$3.61

5.7% from close

Price Gap

+5.65

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 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

May 19, 2026 close

CVNA Flow Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 8.2% from MP; +0.5 VIX 18

Watch next session: $58 put activity; $63 call open interest change; gamma flip level $60

Flow Summary

Net premium: -$18.9M bearish

P/C volume ratio: 1.28

P/C OI ratio: 0.89

Bearish flow dominance from heavy put buying and negative net premium (-$18.9M). Aggressive prints: $58 put (5700 vol) and weekly puts at $61/$61.5. Calls at $63-$68 show some upside hedging but overall put pressure. Confirmation if spot breaks $60 gamma flip; invalidation above $66.

Notable Prints

CVNA 2026-08-21 $58.00 Put

Vol: 5,700

OI: 583

Vol/OI: 9.8x

IV: 72.1%

Notional: ~$3.6M

Intent: Bearish speculation

Dual read: Hedge

Read-through: Bearish

CVNA 2026-05-22 $61.00 Put

Vol: 1,578

OI: 186

Vol/OI: 8.5x

IV: 70.0%

Notional: ~$134K

Intent: Bearish

Read-through: Near-term

CVNA 2026-05-22 $61.50 Put

Vol: 732

OI: 108

Vol/OI: 6.8x

IV: 70.1%

Notional: ~$72K

Intent: Bearish

Read-through: Near-term

CVNA 2026-05-29 $63.00 Call

Vol: 636

OI: 109

Vol/OI: 5.8x

IV: 64.6%

Notional: ~$191K

Intent: Bullish

Dual read: Contrarian

Read-through: Bullish

CVNA 2026-05-29 $66.00 Call

Vol: 590

OI: 106

Vol/OI: 5.6x

IV: 65.1%

Notional: ~$109K

Intent: Bullish

Read-through: Bullish

Institutional Positioning

Call additions: CVNA 2026-05-29 $63/$66/$68 Calls (vol 5-6x OI) and 2026-07-17 $60 Call (vol 3.5x OI).

Put additions: CVNA 2026-08-21 $58 Put (9.8x OI), 2026-05-22 $61/$61.5 Puts (8.5x/6.8x OI), 2026-05-22 $55 Put (4.6x OI).

GEX/DEX consistency: GEX -$5.7M (short gamma), DEX +42.8M shares (long delta) consistent with dealer hedging amplifying downside moves.

OI clusters: Large put OI at $58 (16,463) ~5.3% below spot; Call OI scattered at $60-$68.

Hedging evidence: Heavy put buying at multiple strikes suggests institutional hedging or bearish bets.

Max pain context: Spot below max pain; negative gamma and put flow imply pinning unlikely; potential drift toward $60 gamma flip.

Signal vs Noise

~High vol/ OI put at $58 (9.8x) is strong bearish signal.

~Concentrated put flow at $61/$61.5 (5/22 exp) shows near-term downside focus.

~Call additions at $63-$68 (5/29) are moderate volume; may be noise without follow-through.

~Net premium -$19M and put/call vol ratio 1.28 confirm bearish tilt.

Key Conclusions

⚡Negative gamma and heavy put flow point to continued downside risk; spot vulnerable to $58.

📉Dealers short gamma amplify moves; potential for sharp drops if spot breaks $61 support.

How to Use These Reports

This flow reflects the market close on May 19, 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.