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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 March 31, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 31, 2026. A newer flow report is available for May 20, 2026.

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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

How to Use These Reports

This flow reflects the market close on March 31, 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.