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CVNA

Carvana Co.Close $69.90EOD only

Max Pain

$80.50

Next expiry May 15, 2026

Expected Move

±$3.18

4.6% from close

Price Gap

+10.60

Distance to max pain

IV Rank

High premium

P/C OI

0.97

Balanced positioning

Consensus

6.0/10

Bearish tilt

Published snapshot: May 13, 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 13, 2026 close

CVNA Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 13.2% from MP; +1 VIX 18

Watch next session: $70 put activity; $60 gamma flip

Flow Summary

Net premium: -$6.5M bearish

P/C volume ratio: 1.08

P/C OI ratio: 0.97

Net premium -$6.5M, put/call vol ratio 1.08, heavy put buying at $70. Spot below MP, high VIX. Flow mixed but bearish. Key level: $60 gamma flip.

Notable Prints

CVNA 2026-05-29 $70.00 Put

Vol: 3,076

OI: 243

Vol/OI: 12.7x

IV: 64.0%

Notional: ~$1.1M

Intent: Opening bearish put position

Dual read: Could be hedging long stock

Read-through: Expects further decline

CVNA 2026-05-15 $69.50 Call

Vol: 653

OI: 112

Vol/OI: 5.8x

IV: 63.2%

Notional: ~$114K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-05-22 $74.00 Call

Vol: 1,339

OI: 263

Vol/OI: 5.1x

IV: 64.7%

Notional: ~$198K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-05-15 $69.50 Put

Vol: 2,572

OI: 911

Vol/OI: 2.8x

IV: 63.0%

Notional: ~$373K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-05-15 $71.00 Call

Vol: 518

OI: 196

Vol/OI: 2.6x

IV: 63.9%

Notional: ~$56K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Notable call volume at $69.5, $74, $71 strikes, plus long-dated $620 and $435 calls.

Put additions: Massive put opening at $70 (vol/oi 12.7), plus $69.5, $65, $60 puts.

GEX/DEX consistency: Consistent: negative GEX and positive DEX from put selling.

OI clusters: Largest OI: $69.5 Put (911), $73 Call (340), $70 Put (243), $74 Call (263).

Hedging evidence: Long-dated calls and $70 puts suggest hedging or speculative positions.

Max pain context: Spot 13.2% below MP; upward pull expected.

Signal vs Noise

~Heavy put opening at $70 (vol/oi 12.7) is real institutional flow.

~Call additions at $69.5, $74, $71 are real bullish bets near spot.

~Long-dated calls at $620 and $435 are noise; low probability.

~GEX/DEX alignment confirms put selling strategy.

~Spot 13.2% below max pain is a bullish signal.

Key Conclusions

🛡️Institutions opening large put positions at $70 suggests hedging or bearish view; watch for pin action.

📈Spot well below max pain and call OI building at 69.5/74 points to upside pressure.

How to Use These Reports

This flow reflects the market close on May 13, 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.