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CVNA

Carvana Co.Close $64.10EOD only

Max Pain

$76.00

Next expiry Jun 18, 2026

Expected Move

±$4.46

7.0% from close

Price Gap

+11.90

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

4.0/10

Consensus signal

Published snapshot: Jun 12, 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 12, 2026 close

CVNA Flow Report

Analysis based on market close June 12, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.3% from MP; +1 VIX 18

Watch next session: $60 gamma flip; $65.5 and $68.5 call strikes

Flow Summary

Net premium: -$9.6M bearish

P/C volume ratio: 1.08

P/C OI ratio: 0.86

Net premium negative $9.6M and put volume slightly higher signal bearish flow. Unusual high-volume call buying at $65.5-$69.5 for 6/18 adds speculation, but negative GEX ($-13.6M) and spot below MP reinforce downside risk.

Notable Prints

CVNA 2026-06-18 $65.50 Call

Vol: 2,440

OI: 213

Vol/OI: 11.5x

IV: 62.9%

Notional: ~$398K

Intent: Aggressive bullish speculation

Dual read: Possible short squeeze hedge

Read-through: Near-term bullish bias

CVNA 2026-06-18 $68.50 Call

Vol: 2,159

OI: 216

Vol/OI: 10.0x

IV: 61.8%

Notional: ~$181K

Intent: Continued bullish betting

Dual read: May be part of a sell strategy

Read-through: Reinforces bullish view

CVNA 2026-06-18 $69.50 Call

Vol: 1,535

OI: 269

Vol/OI: 5.7x

IV: 61.9%

Notional: ~$84K

Intent: Speculative OTM call buying

Dual read: Could be hedging gamma exposure

Read-through: Adds to call volume cluster

CVNA 2026-06-26 $60.00 Put

Vol: 740

OI: 284

Vol/OI: 2.6x

IV: 68.0%

Notional: ~$128K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-12 $62.50 Put

Vol: 674

OI: 258

Vol/OI: 2.6x

IV: 163.2%

Notional: ~$1K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Short-dated OTM calls at $65.5, $68.5, $69.5 (Jun18) and long-dated deep OTM $620 call (Sep18).

Put additions: Near-dated puts at $62.5, $65.5 (Jun12) and $60 (Jun26), plus $67.5 put (Jun18).

GEX/DEX consistency: Negative GEX (-$13.6M) and positive DEX (+43.4M shares) mixed; GEX aligns with hedging, DEX with call flow.

OI clusters: Concentrated at $65.5 call (750 OI) and $65.5 put (457 OI) near spot.

Hedging evidence: Put additions and negative GEX imply downside hedging; collars possible near $65-70.

Max pain context: Spot below MP; expected pin near $67.

Signal vs Noise

~High vol/oi on $65.5 and $68.5 calls is bullish signal.

~Puts near spot (e.g., $62.5, $65.5) signal hedging.

~Deep OTM $620 call likely noise (lottery ticket).

~Put/call volume ratio >1 and net negative premium confirm bearish tilt.

Key Conclusions

🟢Aggressive short-dated call buying suggests bullish speculation near $65-70.

🔴Puts added alongside negative GEX indicate hedging fear at current levels.

⚠️Negative net premium and below-MP spot warn of potential downside acceleration.

How to Use These Reports

This flow reflects the market close on June 12, 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.