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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 15, 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 May 15, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 16.0% from MP; +0.5 VIX 18

Watch next session: $75 call activity; gamma flip at $60

Flow Summary

Net premium: -$6.4M bearish

P/C volume ratio: 0.93

P/C OI ratio: 0.96

Mixed flows with strong bearish signals from negative net premium (-$6.4M) and negative gamma (-$33.3M GEX). Unusual put buying at deep OTM strikes (50,32) and active $75 call, net dealer positioning favors downside. Watch $60 gamma flip for acceleration.

Notable Prints

CVNA 2026-05-22 $75.00 Call

Vol: 7,420

OI: 966

Vol/OI: 7.7x

IV: 59.8%

Notional: ~$237K

Intent: Bullish

Dual read: Cover?

Read-through: Bet above $75.

CVNA 2026-05-22 $50.00 Put

Vol: 1,256

OI: 205

Vol/OI: 6.1x

IV: 85.9%

Notional: ~$13K

Intent: Bearish

Dual read: Sale

Read-through: Bet on drop.

CVNA 2026-05-29 $32.00 Put

Vol: 1,001

OI: 190

Vol/OI: 5.3x

IV: 145.3%

Notional: ~$2K

Intent: Bearish

Dual read: Lottery

Read-through: Crash bet.

CVNA 2026-05-15 $68.50 Call

Vol: 618

OI: 158

Vol/OI: 3.9x

IV: 175.4%

Notional: ~$2K

Intent: Lottery

Dual read: Close

Read-through: Expiring OTM.

CVNA 2026-05-29 $60.00 Put

Vol: 548

OI: 153

Vol/OI: 3.6x

IV: 61.5%

Notional: ~$34K

Intent: Bearish

Dual read: Spread

Read-through: Drop below $60.

Institutional Positioning

Call additions: $68.5-$77 weekly and $620 Sep calls

Put additions: $50, $60, $69 weekly and $32 downside puts

GEX/DEX consistency: GEX bearish (-$33.3M), DEX bullish (+54.6M shares); mixed

OI clusters: Put OI heavy at $60 (19.8k), call OI at $75+

Hedging evidence: Potential collars: $68.5C-$67P, $75C-$50P

Max pain context: Spot below MP, gamma flip at $60 pins toward $60

Signal vs Noise

~Signal: GEX/flow alignment and VIX 18 add bearish pressure

~Signal: Aggressive call buying at $75 (7.7x OI) and $620 Sep (2.5x OI)

~Noise: Low OI contracts with high vol/oi (e.g., $68.5C 3.2x)

~Noise: 16% spot-to-MP gap dilutes short-term pin accuracy

Key Conclusions

📈$75C heavy buying suggests bullish bet above $70

⚠️Put adds at $67/$60 signal hedging against breakdown below $60

🚀Long-dated $620C volume indicates long-term upside conviction

How to Use These Reports

This flow reflects the market close on May 15, 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.