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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 22, 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; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +1 VIX 17

Watch next session: Spot action near 60 gamma flip; 66 put OI changes

Flow Summary

Net premium: -$2.4M bearish

P/C volume ratio: 1.69

P/C OI ratio: 0.86

Bearish flow with negative net premium and elevated put ratio. Gamma pinning near 60 but put concentration at 66/67 (above spot) signals downside risk. Unusual prints confirm put dominance.

Notable Prints

CVNA 2026-05-22 $66.00 Put

Vol: 15,932

OI: 946

Vol/OI: 16.8x

IV: 32.8%

Notional: ~$16K

Intent: Closure of short put positions

Dual read: Speculative put buying

Read-through: Bearish bet; high volume close to expiry

CVNA 2026-06-05 $64.00 Put

Vol: 704

OI: 186

Vol/OI: 3.8x

IV: 63.6%

Notional: ~$119K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-05-22 $67.00 Put

Vol: 1,505

OI: 550

Vol/OI: 2.7x

IV: 28.5%

Notional: ~$5K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-08-21 $65.00 Put

Vol: 1,712

OI: 689

Vol/OI: 2.5x

IV: 71.4%

Notional: ~$1.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-05-22 $68.00 Call

Vol: 1,566

OI: 623

Vol/OI: 2.5x

IV: 25.5%

Notional: ~$55K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Long-dated $620C (2.5x OI), $68C/$67.50C (2.5x,2x OI)

Put additions: $66P (16.8x OI), $64P (3.8x), $67P (2.7x), $65P (2.5x), $69P (2x), $50P (1.8x)

GEX/DEX consistency: GEX +$49.1M, DEX +43.2M; bearish flow (PCR 1.69) contradicts positive GEX – pinning regime but puts dominate

OI clusters: Gamma flip at $60; put OI 12.1% below spot; heavy $66-69 OI

Hedging evidence: Deep OTM $50P and $65P bought, likely hedging long stock

Max pain context: Spot at MP, pinning expected

Signal vs Noise

~Signal: heavy put buying with extreme vol/oi ratios indicates bearish positioning

~Noise: long-dated $620C small and likely speculative

Key Conclusions

📉Put volume 1.69x calls, $66P traded 16x OI, strong bearish signal

⚠️GEX positive but flow bearish; $60 gamma flip is key downside risk

How to Use These Reports

This flow reflects the market close on May 22, 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.