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CVNA

Carvana Co.Close $68.60EOD only

Max Pain

$68.00

Next expiry Jul 10, 2026

Expected Move

±$2.78

4.0% from close

Price Gap

-0.60

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.85

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Jul 2, 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

Jul 2, 2026 close

CVNA Flow Report

Analysis based on market close June 26, 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 6.9% from MP; +0.5 VIX 18

Watch next session: $60; $63

Flow Summary

Net premium: -$5.6M bearish

P/C volume ratio: 1.10

P/C OI ratio: 0.84

Net put premium and P/C ratio >1 indicate bearish flow, reinforced by negative GEX and spot below gamma flip at $60. Unusual call buying at $69 and $64 adds speculative upside, but overall bias leans bearish. VIX elevated at 18.4 and broad market weakness (SPY -0.72%) support caution.

Notable Prints

CVNA 2026-07-02 $69.00 Call

Vol: 3,653

OI: 256

Vol/OI: 14.3x

IV: 64.0%

Notional: ~$124K

Intent: Bearish

Read-through: Below $69

CVNA 2026-06-26 $64.00 Call

Vol: 933

OI: 153

Vol/OI: 6.1x

IV: 26.6%

Notional: ~$933

Intent: Bearish

Read-through: Below $64

CVNA 2026-06-26 $65.50 Call

Vol: 615

OI: 143

Vol/OI: 4.3x

IV: 45.3%

Notional: ~$615

Intent: Bearish

Read-through: Below $65.5

CVNA 2026-06-26 $63.50 Put

Vol: 1,442

OI: 366

Vol/OI: 3.9x

IV: 64.3%

Notional: ~$260K

Intent: Bearish

Read-through: Below $63.5

CVNA 2026-07-02 $68.00 Call

Vol: 417

OI: 126

Vol/OI: 3.3x

IV: 64.8%

Notional: ~$21K

Intent: Bearish

Read-through: Below $68

Institutional Positioning

Call additions: Heavy at $69C Jul2 (14.3x OI); $64C weekly (6.1x); $620C Sep (2.5x)

Put additions: Top: $63.5P weekly (3.9x); $64.5P (2.9x); $59P Jul2 (2.9x)

GEX/DEX consistency: GEX -$16.8M (short gamma), DEX +38.6M (long delta) – amplifies

OI clusters: Gamma flip $60 (3.8% below spot); MP higher

Hedging evidence: Puts at $57-$64.5 show downside hedging

Max pain context: Spot below MP; gamma flip $60 may magnet

Signal vs Noise

~Signal: $69C Jul2 call buying (14.3x OI) bullish conviction

~Signal: Put additions at $63.5P & $64.5P indicate downside hedging

~Noise: Weekly expiring contracts likely closing

Key Conclusions

⚠️Negative gamma (-$16.8M) amplifies moves; watch $60 flip

📈Bullish call buying at $69C Jul2 suggests upside bets

🛡️Put hedging at $63.5P and $64.5P shows downside protection

How to Use These Reports

This flow reflects the market close on June 26, 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.