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CVNA

Carvana Co.Close $66.19EOD only

Max Pain

$67.00

Next expiry Jun 5, 2026

Expected Move

±$2.13

3.2% from close

Price Gap

+0.81

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.87

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

CVNA Flow Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 22

Watch next session: Monitor 6/12 $67C and $70C activity; Watch for price action relative to $66.5

Flow Summary

Net premium: +$216K bullish

P/C volume ratio: 0.93

P/C OI ratio: 0.86

CVNA maintains bullish bias despite broad selloff. Notable call buying (6/12 $67C, $70C) and positive gamma/delta position suggest resilient sentiment. High VIX and pinning regime support options premium. Confirmation: sustained call interest. Invalidation: drop below $60 gamma flip.

Notable Prints

CVNA 2026-06-12 $67.00 Call

Vol: 1,766

OI: 207

Vol/OI: 8.5x

IV: 70.2%

Notional: ~$422K

Intent: Bullish speculation

Dual read: Short covering

Read-through: Expects price above $67 by expiry

CVNA 2026-06-05 $66.50 Put

Vol: 1,877

OI: 277

Vol/OI: 6.8x

IV: 11.9%

Notional: ~$19K

Intent: Hedging

Dual read: Opening for premium

Read-through: Hedge against downside

CVNA 2026-06-05 $66.50 Call

Vol: 1,020

OI: 150

Vol/OI: 6.8x

IV: 17.6%

Notional: ~$36K

Intent: Near-term bullish

Dual read: Closing position

Read-through: Expects move to $66.50 today

CVNA 2026-06-12 $70.00 Call

Vol: 1,918

OI: 441

Vol/OI: 4.3x

IV: 67.5%

Notional: ~$278K

Intent: Bullish

Read-through: Anticipates stock above $70 next week

CVNA 2026-11-20 $80.00 Call

Vol: 808

OI: 301

Vol/OI: 2.7x

IV: 76.7%

Notional: ~$687K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Aggressive call buys at $67 (6/12), $66.5 (6/5), and long-dated $80, $98, $620 (Sep/Dec/Nov).

Put additions: Put adds at $66.5 (6/5), $68.5 (6/5), and $65 (Jan 2027) for hedging.

GEX/DEX consistency: Positive GEX ($7.8M) and DEX (44M shares) align with net call buying.

OI clusters: High OI at $67, $70 (calls) and $66.5, $60 (puts). Largest concentration near $67.

Hedging evidence: Short-dated puts at $66.5/$68.5 and long-dated $65 put suggest downside hedging.

Max pain context: Spot near $66.5 max pain; pinning likely. Gamma flip at $60.

Signal vs Noise

~Real signal: repeated call buying at $67 (8.5x vol/OI) and GEX/DEX alignment

~Noise: $620 call is outlier; likely stale or low liquidity

Key Conclusions

📈Institutions add calls at $67 and long-dated strikes, but put hedges at $66.5/$68.5 and Jan $65 temper bullish conviction.

⚠️Concurrent put hedges at $66.5/$68.5 and Jan $65 suggest downside protection amid high vol.

How to Use These Reports

This flow reflects the market close on June 5, 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.