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CVNA

Carvana Co.Close $58.83EOD only
Max Pain
$61.00
Next expiry Oct 23, 2026
Expected Move
±$4.10
7.0% from close
Price Gap
+2.17
Distance to max pain
IV Rank
61
High premium
P/C OI
1.06
Balanced positioning
Consensus
6.0/10
Consensus signal
Published snapshot: Oct 16, 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
Oct 16, 2026 close
CVNA Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 4, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness7.5 / 10
Sizing: Conservative
Primary: Short put spread at $60/$58.62 support
Invalidation: Break below $60 gamma flip or above $73.77 resistance
Confidence:
7.5 / 10
base 5; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +1 VIX 15

IV Environment

IV Regime
High
IV vs VIX
IV 75% vs VIX 15.4: very high, 4x VIX.
Favorable?
Yes

Term structure: Contango 1d to 8d (54% to 69%), then flat to 22d.

📈IV 75% vs VIX 15: huge premium.
⚠️Contango steep but gamma pinning limits moves.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+3.2M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,207 (9.4% below spot)

OI concentrations: Max pain $67 (1d), $69 (1w), $78 (2w); put OI 16k at $60.

Verdict: High pin risk at $67 and $69; put floor $60.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-26 $60.00/$55.00 put spread
Sell $60 put, buy $55 put for credit.
Credit: $1.02-$1.25
Max loss: $3.75
BE: $58.75
Mgmt: Close at 50% profit or if spot breaks $60. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
#2
Iron condor
Sell 2026-06-26 $60.00/$55.00 put wing and $74.00/$91.00 call wing
Sell $60 put and $74 call, buy wings.
Credit: $2.04-$2.49
Max loss: $14.51
BE: 57.51 / 76.49
Mgmt: Adjust if spot nears $60 or $74. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; long_call: Volume below 5.

Risk Alerts

!High IV suggests event risk.
!Gamma pinning can cause violent expiration moves.
!Spot below max pain: upward drift to $67 possible.
How to Use These Reports
This theta reflects the market close on June 4, 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.