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CVNA

Carvana Co.Close $69.90EOD only
Max Pain
$80.50
Next expiry May 15, 2026
Expected Move
±$3.18
4.6% from close
Price Gap
+10.60
Distance to max pain
IV Rank
64
High premium
P/C OI
0.97
Balanced positioning
Consensus
6.0/10
Bearish tilt
Published snapshot: May 13, 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 13, 2026 close
CVNA Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Bear put spreads
Invalidation: Gamma flip at $60 or IV collapses below 50%
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 13.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 73% vs VIX 17 -> extremely rich, signaling event risk
Favorable?
No

Term structure: Near-term (1d) put skew extreme at 161% IV; back-end elevated but flattening

⚠️High vol regime with trending gamma; spot below MP - unfavorable for premium selling

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-33.5M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 19,862 (13.7% below spot)

OI concentrations: Call OI wall $80-$100; Put floor $40-$60; Max pain pins $80 (5/15), $75 (5/22), $76 (5/29)

Verdict: High pin risk near $80 max pain with heavy call OI; spot likely below $75 implying downward pressure

Premium Opportunities

Risk Alerts

!Gamma flip at $60 (13.7% below spot) could accelerate declines
!Extreme 1d put skew suggests potential large move
How to Use These Reports
This theta reflects the market close on May 14, 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.