CVNA Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7.5 / 10

base 5; +2.5 strongly bullish net premium & P/C ratio; +0.5 GEX/flow alignment; -0.5 high IV regime suggests elevated risk

Watch next session: $290C OI/flow interaction; Any defensive put flow near spot ($310-$315); Gamma pinning behavior around $300-$315

Flow Summary

Net premium: +$15.9M bullish

P/C volume ratio: 0.52 — extremely call-dominant

P/C OI ratio: 0.62 — moderate call lean in positioning

Overwhelmingly bullish flow with net premium heavily skewed to calls. The P/C volume ratio of 0.52 indicates more than double the call volume vs puts. This aggressive call buying is occurring in a high IV environment, suggesting conviction despite expensive options.

Notable Prints

CVNA 4/2 $290 Call

Vol: 8,469

OI: 11,051

Vol/OI: 0.8x

IV: N/A from data

Notional: ~$30.3M (premium)

Intent: Massive directional call buying / opening

Dual read: Bought to open (bullish) or sold as part of a spread (neutral/bearish)

Read-through: This is the single largest premium flow strike (+$29.5M net). The high OI suggests this is a major positioning level. Buying calls $24 below spot with 2DTE shows aggressive bullish positioning for a quick move higher or as a hedge against a short position.

CVNA 4/2 $315 Put

Vol: 907

OI: 140

Vol/OI: 6.5x

IV: 53.6%

Notional: ~$285k (est. premium at ~$3.15)

Intent: Short-dated hedge or speculative put buy

Dual read: Bought for protection (bearish hedge) or sold for premium (bullish)

Read-through: High volume vs OI indicates new activity. The $315 strike is just above spot, and the IV of 53.6% is low relative to the term structure (~67% ATM for 4/2). This suggests it's more likely a sale (premium capture) than a buy, fitting the bullish flow regime. Could be a hedge for the massive $290C position.

CVNA 11/20 $650 Call

Vol: 568

OI: 156

Vol/OI: 3.6x

IV: 66.1%

Notional: ~$37k (est. premium at ~$0.065)

Intent: Lottery ticket / long-dated OTM speculation

Dual read: Bought for leverage (bullish) or sold as part of a diagonal (neutral)

Read-through: New positioning in a far OTM strike (+107% from spot). The low premium suggests this is likely a low-cost, high-conviction bet on a massive rally over the next 8 months. Consistent with a bullish, high-risk appetite.

CVNA 4/2 $337.50 Call

Vol: 577

OI: 189

Vol/OI: 3.0x

IV: 76.1%

Notional: ~$115k (est. premium at ~$0.20)

Intent: Upside speculation / call spread leg

Dual read: Bought for directional upside (bullish) or sold as part of a call spread (bearish)

Read-through: OTM call (+7.3% from spot) with elevated volume. Given the bullish flow context, this is likely a buy for a breakout above $330. Could be the long leg of a call spread paired with the sale of a higher strike.

CVNA 4/2 $300 Put

Vol: 1,864

OI: 983

Vol/OI: 1.9x

IV: 71.1%

Notional: ~$1.86M (est. premium at ~$1.00)

Intent: Max pain pinning / short-term hedge

Dual read: Bought as protection (bearish) or sold for premium at max pain (neutral/bullish)

Read-through: High volume at the key max pain strike for the weekly expiry. The 1.9x V/OI suggests a mix of new and existing activity. Likely a combination of sellers collecting premium at a likely pin level and buyers hedging a move below $300.

Institutional Positioning

Call additions: Aggressive buying at $290C (4/2) and OTM calls ($337.50, $650). Focus on near-term and long-dated upside.

Put additions: Minimal defensive put flow. Notable prints are concentrated at or below max pain ($300, $295, $290), suggesting hedging/selling, not aggressive downside bets.

GEX/DEX consistency: Yes — Positive GEX (+$16.7M) aligns with bullish call flow, supporting a pinning/mean-reverting regime near current levels.

OI clusters: Major OI clusters: $400C (36K), $290C (11K), $600C (10K), $330C (9.7K). Creates a massive call wall at $400 and support/resistance at $290-$330.

Hedging evidence: Limited. The put flow is small in premium terms vs call flow. The $315P and $300P activity looks more like premium selling or pinning plays than large-scale protection.

Max pain context: Max pain is flat at ~$300 across most expiries. Spot at $314 is above, creating a mild gravitational pull lower, but strong call flow is resisting.

Signal vs Noise

~The $440 Put with -$16.8M net premium is a major outlier but is likely a single, large institutional trade (e.g., a put sale for premium or part of a complex structure) and not indicative of broad bearish sentiment.

~High OI at extreme strikes ($400C, $600C, $700C) is largely legacy positioning from earlier rallies and not reflective of recent flow.

~The $65 Put with high OI (6,936) is a far OTM legacy position, not active hedging.

~Some of the put volume at $300, $295, $290 may be sellers capitalizing on max pain pinning expectations, not directional bearish bets.

Key Conclusions

🚀Extremely bullish flow regime: Net premium +$15.9M, P/C ratio 0.52

🎯$290 Call is the dominant position: $29.5M net premium, major OI cluster

📌Positive GEX (+$16.7M) supports pinning/mean reversion, with max pain at $300

⚠️High IV (80%) indicates elevated risk and expensive options; flow shows conviction despite cost

Read the Flow analysis for CVNA. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.