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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 20, 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 5.9% from MP; +1 VIX 17

Watch next session: CVNA 2026-05-22 $68.50 Call; CVNA 2026-06-05 $70.00 Call

Flow Summary

Net premium: -$1.7M bearish

P/C volume ratio: 0.88

P/C OI ratio: 0.89

Total call premium $1.5M vs put $0.4M; put/call ratio 0.27. Largest trades: 6/5 $70c 4000x, $80c 2500x. Bullish flow supported by VIX low and positive market.

Notable Prints

CVNA 2026-06-05 $70.00 Call

Vol: 4,058

OI: 187

Vol/OI: 21.7x

IV: 67.0%

Notional: ~$739K

Intent: Bullish

Dual read: New opening

Read-through: High conviction

CVNA 2026-06-05 $80.00 Call

Vol: 4,018

OI: 422

Vol/OI: 9.5x

IV: 65.6%

Notional: ~$129K

Intent: Bullish

Dual read: New opening

Read-through: Confident

CVNA 2026-05-22 $68.50 Call

Vol: 4,355

OI: 537

Vol/OI: 8.1x

IV: 67.5%

Notional: ~$266K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-05 $75.00 Call

Vol: 1,006

OI: 299

Vol/OI: 3.4x

IV: 65.6%

Notional: ~$87K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-09-18 $620.00 Call

Vol: 485

OI: 191

Vol/OI: 2.5x

IV: 50.0%

Notional: ~$420K

Intent: Lottery ticket

Dual read: Speculative or hedge

Read-through: Expects huge move

Institutional Positioning

Call additions: Aggressive call buying at June 5 $70/$80 strikes (vol/OI 21.7x, 9.5x) plus weekly $68.5.

Put additions: Put buying at $59/$56.5 weekly, $65 May 29; net premium -$1.7M.

GEX/DEX consistency: GEX -$167K, DEX +42.7M shares: consistent with spot below MP, dealers short gamma.

OI clusters: Large put OI cluster 7.6% below spot; gamma flip at $60.

Hedging evidence: Net negative premium indicates hedging via puts.

Max pain context: Spot ~5.9% below MP (~$62); pinning toward MP likely.

Signal vs Noise

~High vol/OI on June 5 $70/$80 calls is directional.

~Net premium negative despite call volume lead signals defensive puts.

~SPY/QQQ up but CVNA put activity reduces bullish conviction.

Key Conclusions

🚨Put buying net -$1.7M: hedging/bearish skew.

📈Large call bets at $70-$80 June 5: bullish bias.

⚡Gamma flip $60 key; spot below MP suggests upside.

How to Use These Reports

This flow reflects the market close on May 20, 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.