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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
49
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 May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short iron condor: put spread below $60, call spread above $80
Invalidation: Spot breaks above $80 or below $60
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 16.0% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
Avg IV 79.9% vs VIX 18.4: IV rich, 4.3x VIX
Favorable?
Yes

Term structure: Steep contango front week; flattens after 7DTE

⚠️IV 4.3x VIX indicates premium opportunity but negative gamma risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-33.3M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 19,849 (10.7% below spot)

OI concentrations: Max pain $80; call wall $80-$100; put floor $40-$60

Verdict: High pin risk near $80; wide OI walls provide containment

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $66.00/$64.00 put wing and $70.00/$72.00 call wing
Sell put spread below $66 and call spread above $70, capturing time decay within range.
Credit: $1.28-$1.56
Max loss: $0.44
BE: 64.44 / 71.56
Mgmt: Exit if spot breaks $66 or $70; roll if close to expiration.
#2
Put credit spread
Sell 2026-06-18 $64.00/$62.00 put spread
Sell put spread at $64/$62, betting price stays above $64.
Credit: $0.64-$0.79
Max loss: $1.21
BE: $63.21
Mgmt: Close or roll if spot approaches $64.

Risk Alerts

!Negative dealer gamma ($-33.3M) amplifies moves; IV elevated vs VIX
How to Use These Reports
This theta reflects the market close on May 15, 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.