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CVNA

Carvana Co.Close $64.14EOD only
Max Pain
$68.00
Next expiry Jul 24, 2026
Expected Move
±$4.27
6.7% from close
Price Gap
+3.86
Distance to max pain
IV Rank
57
Middle-high premium
P/C OI
0.87
Slightly call-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: Jul 20, 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
Jul 20, 2026 close
CVNA Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 26, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short puts near gamma flip
Invalidation: CVNA breaks below $60 support
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

#1
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.
#2
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.