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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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short strangle
Invalidation: Spot breaks below $61.48 support or above $68.5 resistance
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.3% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 70% vs VIX 16.7, significantly elevated
Favorable?
Yes

Term structure: Steep near-term: 0 DTE IV 18.5%, next week 58.6%, then stable ~65-70%

⚠️IV high but bearish flow: premium selling favorable with caution

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+49.1M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,068 (12.1% below spot)

OI concentrations: Max pain $68 (0 DTE), $66/$70 next weeks; call wall $80-$100; put floor $40-$60; gamma flip $60

Verdict: Spot at max pain $68; bearish flow and put OI below spot suggest slight downside risk

Premium Opportunities

#1
Short strangle
Sell 2026-06-26 $60.00 put + sell $82.00 call
Sell 60 put and 82 call; capture elevated IV premium with pin near support/resistance.
Credit: $3.30-$4.03
Max loss: Unlimited
BE: 55.97 / 86.03
Mgmt: Monitor for breakouts beyond support $61.48 or resistance $68.5; adjust if breached. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; short_put: Volume below 5.

Risk Alerts

!Dealer net premium negative (-$2.36M) implies hedging pressure
!Put/call volume ratio 1.69 indicates bearish sentiment
How to Use These Reports
This theta reflects the market close on May 22, 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.