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CVNA

Carvana Co.Close $64.39EOD only

Max Pain

$69.00

Next expiry May 22, 2026

Expected Move

±$2.01

3.1% from close

Price Gap

+4.61

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.87

Slightly call-heavy

Consensus

5.0/10

Consensus signal

Published snapshot: May 21, 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 21, 2026 close

CVNA Flow Report

Analysis based on market close May 21, 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 6.7% from MP; +1 VIX 17

Watch next session: Gamma flip $60; Open interest changes at $87 put

Flow Summary

Net premium: -$8.9M bearish

P/C volume ratio: 1.19

P/C OI ratio: 0.87

Mixed flow with bearish bias: heavy put buying (87,84,96 strikes) net premium -$8.9M, put/vol ratio 1.19, GEX -$3.7M. Spot below MP (6.7%) and gamma flip at $60. DEX +43M shares. Confidence 7/10.

Notable Prints

CVNA 2026-05-29 $87.00 Put

Vol: 548

OI: 135

Vol/OI: 4.1x

IV: 168.0%

Notional: ~$1.2M

Intent: Bearish directional bet expecting decline below $87.

Dual read: Or part of put spread hedging downside.

Read-through: Large put buying at high IV signals bearish sentiment.

CVNA 2026-05-29 $84.00 Put

Vol: 622

OI: 205

Vol/OI: 3.0x

IV: 162.7%

Notional: ~$1.1M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-12 $60.00 Put

Vol: 603

OI: 227

Vol/OI: 2.7x

IV: 68.4%

Notional: ~$139K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-18 $96.00 Put

Vol: 370

OI: 135

Vol/OI: 2.7x

IV: 63.9%

Notional: ~$1.2M

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: Speculative long volatility bet on extreme upside.

Dual read: May hedge short stock; unlikely profit.

Read-through: Expects massive rally by Sep 2026.

Institutional Positioning

Call additions: Moderate call flow at $57-$68 strikes; far OTM $620 call speculative.

Put additions: Heavy put flow at $60-$96 strikes; vol/oi up to 4.1 indicates aggressive bearish positioning.

GEX/DEX consistency: GEX -$3.7M, DEX +43M shares: dealers short gamma but long delta, consistent with sold puts.

OI clusters: Largest put OI 16,090 at $60 (6.8% below spot), forming gamma flip; call OI scattered.

Hedging evidence: High put volume, negative net premium (-$8.9M), and risk reversals suggest downside hedging.

Max pain context: Spot below max pain; gamma flip at $60 implies potential pin at lower levels.

Signal vs Noise

~Heavy put volume at $87 and $84 with vol/oi >3 is real signal of hedging.

~Negative net premium and high put/call volume ratio confirm bearish tilt.

~Far OTM $620 call is likely noise due to low delta and speculative nature.

~Gamma flip at $60 from put OI concentration is a key level to watch.

Key Conclusions

📉Put flow dominates net premium -$8.9M, with aggressive hedging at $60-$96 strikes.

⚡Gamma flip at $60 from 16,090 put OI may act as magnet below spot.

🔄Dealers short gamma but long delta; mixed positioning suggests no clear directional conviction.

How to Use These Reports

This flow reflects the market close on May 21, 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.