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CVNA

Carvana Co.Close $64.83EOD only

Max Pain

$67.00

Next expiry Jun 26, 2026

Expected Move

±$3.88

6.0% from close

Price Gap

+2.17

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.84

Slightly call-heavy

Consensus

7.5/10

Range bias

Published snapshot: Jun 23, 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 23, 2026 close

CVNA Flow Report

Analysis based on market close June 24, 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); +0.5 spot 1.4% from MP; +0.5 VIX 19

Watch next session: $71; $66.5; $60

Flow Summary

Net premium: +$3.3M bullish

P/C volume ratio: 1.05

P/C OI ratio: 0.84

CVNA options flow net positive ($3.3M) but put volume elevated (PCR 1.05). Gamma pinning at $60 and spot above MP suggests range-bound action. Unusual call accumulation at $85 and $71 strikes, but $66.5 put also active. High vol regime favors cautious positioning. Mixed signals keep near-term direction unresolved.

Notable Prints

CVNA 2026-07-10 $85.00 Call

Vol: 1,058

OI: 105

Vol/OI: 10.1x

IV: 65.1%

Notional: ~$26K

Intent: Bullish speculation or short covering.

Dual read: Aggressive call buying for potential upside; could also be hedging.

Read-through: High vol/oi suggests new bullish bets.

CVNA 2026-06-26 $66.50 Put

Vol: 814

OI: 153

Vol/OI: 5.3x

IV: 68.9%

Notional: ~$90K

Intent: Bearish positioning or hedging near expiry.

Dual read: May be rolling or closing positions.

Read-through: Elevated volume near expiration indicates active management.

CVNA 2026-06-26 $71.00 Call

Vol: 1,742

OI: 561

Vol/OI: 3.1x

IV: 65.7%

Notional: ~$82K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-09-18 $620.00 Call

Vol: 485

OI: 191

Vol/OI: 2.5x

IV: 50.0%

Notional: ~$420K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

CVNA 2026-06-26 $66.50 Call

Vol: 638

OI: 293

Vol/OI: 2.2x

IV: 73.1%

Notional: ~$131K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Calls added at 71, 66.5, 85, 95, 620 strikes

Put additions: Puts added at 66.5, 56, 40, 71 strikes

GEX/DEX consistency: GEX +13.4M, DEX +37.7M shares; both positive, but flow mixed with equal put/call volume

OI clusters: Largest OI near spot at 71 call (561) and 66.5 put (153)

Hedging evidence: Downside puts at 56/40 indicate hedging; $71 put may be collar

Max pain context: Spot above MP (~66); gamma pinning expected near current levels

Signal vs Noise

~Signal: $85 call (10x vol/OI) and $620 call (2.5x) show institutional bullish bets.

~Noise: put_call volume ratio ~1; small OI changes at 66.5/71 may be noise.

Key Conclusions

📈Institutional calls at $85 and $620 signal bullish conviction.

🛡️Put buying at $56/$40 suggests downside hedging.

🔮Positive GEX/DEX but mixed flow; anticipate pinning.

How to Use These Reports

This flow reflects the market close on June 24, 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.