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CVNA

Carvana Co.Close $68.28EOD only

Max Pain

$65.00

Next expiry May 29, 2026

Expected Move

±$4.69

6.9% from close

Price Gap

-3.28

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 22, 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 22, 2026 close

CVNA Theta Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.3% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

IV 75.6% vs VIX 17.0 (rich)

Favorable?

Yes

Term structure: Short-term IV elevated, backwardated, with extreme put skew

📈High IV relative to VIX offers rich premiums

⚠️Extreme put skew (121% IV) suggests tail risk

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+17.9M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,121 (14.5% below spot)

OI concentrations: Put OI heavy at $70-$60; call OI wall $80-$100. Max pain $66/$70/$68

Verdict: Spot above max pain, bullish flow reduces pin risk, but $70 OI is key

Premium Opportunities

Put credit spread

Sell 2026-07-17 $68.00/$66.00 put spread

Sell $68 put, buy $66 put to capture premium from elevated IV with limited downside.

Credit: $0.79-$0.96

Max loss: $1.04

BE: $67.04

Mgmt: Take profit at 50% max gain or if spot approaches $70; roll if support breaks.

Cash-secured put

Sell 2026-07-17 $66.00 cash-secured put

Sell $66 put to collect high IV premium while holding cash as collateral.

Credit: $4.66-$5.69

Max loss: $60.31

BE: $60.31

Mgmt: Close at 50% profit or roll down/out if spot drops toward $66.

Risk Alerts

!High put skew indicates tail risk

!Spot near $70 put OI concentration

!Gamma flip at $60

How to Use These Reports

This theta reflects the market close on May 26, 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.