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CVNA

Carvana Co.Close $63.35EOD only

Max Pain

$69.00

Next expiry May 22, 2026

Expected Move

±$3.61

5.7% from close

Price Gap

+5.65

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 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

May 19, 2026 close

CVNA Theta Report

Analysis based on market close March 31, 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 March 31, 2026. A newer theta report is available for May 20, 2026.

View latest report

Theta Verdict

Confidence:

6 / 10

base 5; +2 high IV; +1 strong pinning; -2 moderate liquidity

IV Environment

IV Regime

High

IV vs VIX

IV 80% — Extremely elevated

Favorable?

Yes

Term structure: Humped at 5/01 (85.8%) and 5/08 (89.5%), then descending

💰Extreme IV (>80%) offers rich premium for sellers

📉IV term structure hump suggests near-term vol premium

Pin Risk Assessment

Spot vs MP: Above max pain by 4.8% ($314.38 vs $300)

GEX regime: Strong Pinning (GEX +$16.7M)

Gamma flip: ~$65.00 — Far below spot at $65; strong mean-reverting pinning above

OI concentrations: Major put wall at $65 (6,936 OI), call walls at $400 (36,391 OI) and $290 (11,051 OI)

Verdict: Highly favorable — strong positive GEX and spot above max pain support credit positions

Premium Opportunities

put spread

Sell $290/$285 put spread 2026-04-17 (17 DTE)

Spot well above max pain ($300) and short strike. High IV (69.8%) provides rich credit. Positive GEX supports pinning. $290 is a major OI call wall, adding resistance.

Credit: $1.10-$1.40

Max loss: $3.90

BE: $288.60

Mgmt: Close at 65% profit. Exit if price closes below $300 (max pain). Roll down/out if $290 tested. Max loss at $285.

iron condor

Sell $290/$285P x $340/$345C 2026-04-24 (24 DTE)

Captures high IV (71.7%) across both sides. Put wing below max pain, call wing below next major OI wall at $350. Wide expected move ($45.97) provides buffer. Positive GEX favors range-bound action.

Credit: $1.80-$2.20

Max loss: $3.20

BE: 283.20/341.80

Mgmt: Close at 50% profit. Manage wings independently: roll tested side out. Exit entire position if price breaches either short strike.

cash-secured put

Sell $280 put 2026-05-01 (31 DTE)

Extremely high IV (85.8%) at this expiry offers massive premium. Strike is 11% below spot and near max pain cluster ($285-$290). Willingness to own shares at a significant discount.

Credit: $12.50-$15.50

Max loss: $267.50

BE: $267.50

Mgmt: Close at 70% profit. Roll down/out if price approaches $290. Be aware of earnings on 4/29 — close or roll before.

call credit spread

Sell $340/$345 call spread 2026-04-10 (10 DTE)

Short call is above expected move high ($343.33) and below the $350 OI call wall. High IV (69.2%) for weekly. Flow is net bullish, but pinning regime and OI resistance favor selling calls against the move.

Credit: $0.85-$1.15

Max loss: $4.15

BE: $340.85

Mgmt: Close at 60% profit. Exit if price closes above $330. Do not hold through earnings (4/29 is later).

Risk Alerts

!Earnings expected 2026-04-29 (~4 weeks). Never sell naked options through earnings. Close or define risk well before.

!Moderate liquidity — expect bid/ask slippage on multi-leg orders. Use limit orders.

!Extreme IV (>80%) can lead to sharp volatility crush, which benefits sellers but also indicates high underlying risk.

!Major OI call wall at $400 and put wall at $65 create distant but strong magnetic points in a trending move.

!Unusual put volume at $215 (186.7% IV) for 4/2 expiry indicates some tail-risk hedging; be mindful of gap risk.

!Net premium flow is strongly bullish (+$15.9M, P/C 0.52), suggesting institutional buying pressure that could challenge short call positions.

How to Use These Reports

This theta reflects the market close on March 31, 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.