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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 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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You are viewing an older report from May 19, 2026. A newer theta report is available for May 20, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Avoid premium selling – wait for IV contraction
Invalidation: Spot breaks above $69 resistance or gamma flips positive.
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.2% from MP; +0.5 VIX 18; override: Premium selling unfavorable; strategy changed to avoid premium risk.

IV Environment

IV Regime
High
IV vs VIX
Avg IV 74% vs VIX 18% – very high premium.
Favorable?
No

Term structure: Near-term IV elevated (68-112), decays after 17d; event risk likely.

⚠️High IV but bearish flow adds risk.
📉Negative dealer gamma (-$5.7M) amplifies moves.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-5.7M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,463 (5.3% below spot)

OI concentrations: Call wall $80-$92; put floor $40-$60; max pain $69-$73 but spot below.

Verdict: Pin risk elevated near $60 put OI; spot may pin there.

Premium Opportunities

#1
Put calendar
Sell 2026-07-17 $60.00 put / buy 2026-08-21 $60.00 put
Sell front-month $60 put, buy back-month to benefit from IV contraction and time decay.
Debit: $2.32-$2.83
Max loss: $2.83
BE: Path-dependent
Mgmt: Monitor IV; exit if spot breaks below $60 or IV spikes.

Risk Alerts

!High IV skew – puts expensive.
!Negative gamma – vulnerable to acceleration.
!Spot below max pain – downward pressure.
!Bearish flow and volume ratio >1.
!Premium selling inadvisable due to bearish structure and unfavorable conditions.
How to Use These Reports
This theta reflects the market close on May 19, 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.