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CVNA

Carvana Co.Close $68.90EOD only

Max Pain

$74.00

Next expiry Jun 18, 2026

Expected Move

±$4.08

5.9% from close

Price Gap

+5.10

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

5.0/10

Bearish tilt

Published snapshot: Jun 15, 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 15, 2026 close

CVNA Flow Report

Analysis based on market close June 16, 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 weakly aligned; +1 GEX positive (pinning); -1 spot 5.4% from MP; +1 VIX 16

Watch next session: 120C; 620C; 68-69 puts

Flow Summary

Net premium: +$529K bullish

P/C volume ratio: 1.42

P/C OI ratio: 0.86

Mixed flows: heavy put volume (P/C vol 1.42) but call OI dominance and net premium positive. Unusual LEAPS call buys and concentrated put activity at 68-69. Gamma pinning at 60 supports, but market weakness caps upside.

Notable Prints

CVNA 2027-03-19 $120.00 Call

Vol: 1,024

OI: 388

Vol/OI: 2.6x

IV: 70.2%

Notional: ~$558K

Intent: Bullish speculation

Dual read: Or short call

Read-through: Upside bet

CVNA 2026-09-18 $620.00 Call

Vol: 485

OI: 191

Vol/OI: 2.5x

IV: 50.0%

Notional: ~$420K

Intent: Lottery trade

Dual read: Or short leg

Read-through: Extreme upside

CVNA 2026-07-24 $68.00 Put

Vol: 198

OI: 104

Vol/OI: 1.9x

IV: 66.1%

Notional: ~$161K

Intent: Bearish hedge

Dual read: Or premium sale

Read-through: Downside hedge

CVNA 2026-07-24 $71.00 Put

Vol: 404

OI: 235

Vol/OI: 1.7x

IV: 66.6%

Notional: ~$414K

Intent: Bearish protection

Dual read: Or put close

Read-through: Bearish

CVNA 2026-06-18 $69.00 Put

Vol: 509

OI: 337

Vol/OI: 1.5x

IV: 68.8%

Notional: ~$64K

Intent: Expiry bearish

Dual read: Or put sell

Read-through: Drop bet

Institutional Positioning

Call additions: Deep OTM calls: $120 (Mar '27) and $620 (Sep '26) with high vol/oi

Put additions: Near-term puts: $68, $71 (Jul '26) and $69 (Jun '26) with elevated volume

GEX/DEX consistency: Aligned: positive GEX ($13.5M) and DEX (+42.5M) suggest bullish delta/gamma positioning

OI clusters: Put OI cluster at $68-$71 strikes (~14% below spot) and call OI at $120, $620

Hedging evidence: Put additions may hedge long call exposure; net premium positive but put volume elevated

Max pain context: Spot below max pain; gamma pinning regime suggests pressure to move toward MP

Signal vs Noise

~Signal: Unusual deep OTM call purchases with vol/oi >2 indicate institutional upside bets

~Noise: High put/call volume ratio (1.42) may be hedging, not directional bearish

~Signal: Positive GEX and DEX consistent with bullish gamma and delta exposure

Key Conclusions

📈Institutions adding deep OTM calls ($120, $620) despite high put volume – strong upside conviction

⚠️Near-term puts ($68-$71) suggest hedging or bearish protection; mixed flow requires caution

⚖️GEX positive and gamma pinning may support spot recovery toward MP

How to Use These Reports

This flow reflects the market close on June 16, 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.