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CVNA

Carvana Co.Close $68.28EOD only

Max Pain

$65.00

Next expiry May 29, 2026

Expected Move

±$4.69

6.9% from close

Price Gap

-3.28

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 22, 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 22, 2026 close

CVNA Flow Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.3% from MP; +1 VIX 17; override: Unusual call prints with high vol/oi ratios confirm bullish flow

Watch next session: $73.50 (max gamma); $60 gamma flip

Flow Summary

Net premium: +$4.6M bullish

P/C volume ratio: 0.78

P/C OI ratio: 0.88

Bullish flow driven by strong call accumulation across expirations; net premium positive, put/call ratios favor calls. Gamma pinning and low VIX support bias.

Notable Prints

CVNA 2026-08-21 $95.00 Call

Vol: 3,321

OI: 236

Vol/OI: 14.1x

IV: 72.2%

Notional: ~$993K

Intent: Bullish speculation

Dual read: Short covering possible

Read-through: High vol/oi

CVNA 2026-06-05 $73.00 Call

Vol: 6,061

OI: 1,416

Vol/OI: 4.3x

IV: 71.2%

Notional: ~$1.5M

Intent: Near-term bullish

Read-through: Large volume

CVNA 2026-07-17 $72.00 Call

Vol: 1,923

OI: 598

Vol/OI: 3.2x

IV: 69.0%

Notional: ~$1.3M

Intent: Medium-term bullish

Read-through: New money

CVNA 2026-09-18 $90.00 Call

Vol: 1,353

OI: 535

Vol/OI: 2.5x

IV: 70.5%

Notional: ~$690K

Intent: Bullish longer term

Read-through: Moderate volume

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: Potential sell

Read-through: Very OTM

Institutional Positioning

Call additions: Large call buying at $95 Aug (vol/oi 14.1), $73 Jun (4.3), $72 Jul (3.2), and $90/102 Sep calls.

Put additions: Minimal; only small put at $63.50 May (vol/oi 2.2).

GEX/DEX consistency: Consistent: GEX +$17.9M, DEX +42.8M shares both positive.

OI clusters: Put OI concentration at $60 (gamma flip). Call OI scattered, with $620 likely noise.

Hedging evidence: No significant hedging detected; flow is outright bullish.

Max pain context: Spot above MP; gamma pinning regime suggests pinning near current ~$72.

Signal vs Noise

~High vol/oi on $95 Call (14.1) is strong bullish signal.

~The $63.50 put is noise due to low volume and near expiry.

~$620 call is extreme outlier with negligible volume/oi, likely noise.

Key Conclusions

📈Institutions actively buying calls, notably Aug $95.

📍Gamma pinning and positive GEX suggest spot may hold near $72.

💰Net premium positive $4.56M with low put/call ratios indicates sustained bullish flow.

How to Use These Reports

This flow reflects the market close on May 26, 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.