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CVNA

Carvana Co.Close $66.19EOD only

Max Pain

$67.00

Next expiry Jun 5, 2026

Expected Move

±$2.13

3.2% from close

Price Gap

+0.81

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.87

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

CVNA Theta Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); +1 spot 0.7% from MP; +0.5 VIX 22

IV Environment

IV Regime

High

IV vs VIX

IV 79% vs VIX 21.5 — rich

Favorable?

Yes

Term structure: Front-week inflated 0 DTE; back-month elevated, contango mid-tenor

🟢High IV vs VIX offers rich premium for sellers

⚠️0 DTE call IV 144% indicates pinning risk on expiry

📈Dealer +$7.8M GEX supports pinning near $67 max pain

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+7.8M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,270 (9.8% below spot)

OI concentrations: Max pain $67 (0 DTE), $69 (6/12), $78 (6/18); put OI heavy below $60

Verdict: Moderate pinning risk; spot expected $67-$70

Premium Opportunities

Put credit spread

Sell 2026-08-21 $65.00/$62.00 put spread

Bearish put credit spread selling $65 put, buying $62 put to limit risk.

Credit: $1.44-$1.76

Max loss: $1.24

BE: $63.24

Mgmt: Close at 50% profit or if CVNA breaches $60 support.

Short strangle

Sell 2026-07-17 $62.00 put + sell $72.00 call

Sell $62 put and $72 call to collect premium from expected range-bound movement.

Credit: $7.42-$9.08

Max loss: Unlimited

BE: 52.92 / 81.08

Mgmt: Monitor gamma risk near expiration; adjust/close if spot approaches strikes.

Risk Alerts

!Spot below $60 invalidates gamma flip support

!Broad market selloff (SPY -2.6%, QQQ -4.8%) may spike vol

How to Use These Reports

This theta reflects the market close on June 5, 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.