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CVNA

Carvana Co.Close $64.10EOD only
Max Pain
$76.00
Next expiry Jun 18, 2026
Expected Move
±$4.46
7.0% from close
Price Gap
+11.90
Distance to max pain
IV Rank
65
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
4.0/10
Consensus signal
Published snapshot: Jun 12, 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 12, 2026 close
CVNA Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Short put spreads
Invalidation: Spot breaks below $60 gamma flip support
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.3% from MP; +1 VIX 18; override: Moderate risk: short gamma and spot below max pain reduce premium-selling attractiveness from base 7.5.

IV Environment

IV Regime
High
IV vs VIX
Avg IV 88.85% vs VIX 17.68, extremely elevated.
Favorable?
Yes

Term structure: 0 DTE extreme skew; term structure backwardated then normal contango after 6 DTE, sustaining high IV.

🔥IV sky-high relative to VIX; theta decay is extreme but short gamma risk is high.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-13.6M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,544 (6.4% below spot)

OI concentrations: Put OI $40-$60 (16.5K contracts) forms floor; Call OI $80-$92 caps upside.

Verdict: Elevated pin risk: spot below $67 max pain and near put OI concentration.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $62.00/$61.00 put spread
Sell 62/61 put spread to collect elevated premium with high probability of success.
Credit: $0.29-$0.35
Max loss: $0.65
BE: $61.65
Mgmt: Close at 50% profit or if spot breaks below 60.
#2
Call credit spread
Sell 2026-06-18 $65.00/$66.00 call spread
Sell 65/66 call spread to profit from flat to bearish move.
Credit: $0.35-$0.43
Max loss: $0.57
BE: $65.43
Mgmt: Close at 50% profit or if spot above 67.
#3
Call calendar
Sell 2026-06-18 $65.00 call / buy 2026-06-26 $65.00 call
Sell front-month call, buy back-month call to capture volatility premium decay.
Debit: $1.10-$1.34
Max loss: $1.34
BE: Path-dependent
Mgmt: Monitor IV term structure; adjust if spot moves significantly.

Risk Alerts

!Dealer net short gamma -$13.6M; trending gamma regime amplifies moves.
!Flow mixed with put/call vol ratio >1; caution on directional bias.
How to Use These Reports
This theta reflects the market close on June 12, 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.