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CVNA

Carvana Co.Close $63.95EOD only

Max Pain

$67.00

Next expiry Sep 25, 2026

Expected Move

±$2.61

4.1% from close

Price Gap

+3.05

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.07

Balanced positioning

Consensus

6.0/10

Consensus signal

Published snapshot: Sep 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

Sep 23, 2026 close

CVNA Flow Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 25, 2026. A newer flow report is available for June 26, 2026.

View latest report

Flow Verdict

Confidence:

7 / 10

base 5; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 19

Watch next session: CVNA $60 strike; VIX levels

Flow Summary

Net premium: -$888K bearish

P/C volume ratio: 1.13

P/C OI ratio: 0.84

Mixed flow: negative net premium, high put vol, but unusual call buying. Positive gamma pinning near $60. VIX high, spot below MP. High uncertainty.

Notable Prints

CVNA 2026-06-26 $68.00 Call

Vol: 851

OI: 329

Vol/OI: 2.6x

IV: 51.0%

Notional: ~$30K

Intent: Speculation

Dual read: Closing

Read-through: Bullish near expiry

CVNA 2026-09-18 $620.00 Call

Vol: 485

OI: 191

Vol/OI: 2.5x

IV: 50.0%

Notional: ~$420K

Intent: Long-shot

Dual read: Short hedge

Read-through: Bullish long-term

CVNA 2026-07-31 $56.00 Put

Vol: 325

OI: 163

Vol/OI: 2.0x

IV: 80.9%

Notional: ~$66K

Intent: Bearish

Dual read: Collar

Read-through: Protective put

Institutional Positioning

Call additions: Unusual call prints at $68 (short-dated) and $620 (far OTM)

Put additions: Unusual put at $56 (high IV 80.9%, OI 163)

GEX/DEX consistency: GEX positive (+$4.4M), DEX positive (+37.8M shares), but net premium negative and put/call volume ratio >1, mixed signals

OI clusters: Put OI concentrated near $60 (gamma flip); call OI larger overall

Hedging evidence: Far OTM call at $620 may be tail hedge; put at $56 suggests downside protection

Max pain context: Spot below MP, potential pinning higher, but negative net premium adds uncertainty

Signal vs Noise

~Signal: Unusual put at $56 with high IV indicates hedging activity

~Noise: Short-dated call at $68 with low OI may be noise

Key Conclusions

📉Net premium negative and put volume > calls signal bearish sentiment, but GEX positive suggests dealer hedging support

⚠️Gamma flip at $60 with put OI concentration indicates potential pinning zone

How to Use These Reports

This flow reflects the market close on June 25, 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.