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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 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Avoid selling premium; wait for trend fade or buy puts for hedge
Invalidation: Spot holds above $60 or IV collapses below 50%
Confidence:
2 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.9% from MP; +1 VIX 17; override: Conflicting signals: high IV vs trending regime and short gamma; selling premium unfavorable

IV Environment

IV Regime
High
IV vs VIX
Avg IV 75% vs VIX 17, extremely rich
Favorable?
No

Term structure: Slight contango near-term but flat; high vol persists

⚠️High IV but trending regime and short gamma dealers increase risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-167K)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,410 (7.6% below spot)

OI concentrations: Put floor $40-60, call wall $80-92; gamma flip $60

Verdict: Moderate pin risk: max pain $69 and dealer short gamma

Premium Opportunities

Risk Alerts

!IV >200% of VIX
!Short gamma dealers amplify moves
!Trending regime with spot below max pain
How to Use These Reports
This theta reflects the market close on May 20, 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.