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CVNA

Carvana Co.Close $64.39EOD only
Max Pain
$69.00
Next expiry May 22, 2026
Expected Move
±$2.01
3.1% from close
Price Gap
+4.61
Distance to max pain
IV Rank
52
Middle-high premium
P/C OI
0.87
Slightly call-heavy
Consensus
5.0/10
Consensus signal
Published snapshot: May 21, 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 21, 2026 close
CVNA Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Long volatility (puts)
Invalidation: Spot breakdown below $60
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 6.7% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV=73% vs VIX=17, extremely elevated
Favorable?
No

Term structure: Front-end puts at 145% IV, back-end ~70%

⚠️Front-end put IV 145% indicates extreme fear
📉Spot below max pain ($69) increases pin risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-3.7M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,090 (6.8% below spot)

OI concentrations: Put support $40-$60, call resistance $80-$92

Verdict: Elevated pin risk at $60 gamma flip, spot ~$64

Premium Opportunities

Risk Alerts

!High put skew in front month
!Large negative dealer gamma (-$3.7M)
!Spot trading below max pain
How to Use These Reports
This theta reflects the market close on May 21, 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.