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CVNA

Carvana Co.Close $69.16EOD only
Max Pain
$72.00
Next expiry Sep 18, 2026
Expected Move
±$4.38
6.3% from close
Price Gap
+2.84
Distance to max pain
IV Rank
59
Middle-high premium
P/C OI
0.98
Balanced positioning
Consensus
6.0/10
Consensus signal
Published snapshot: Sep 11, 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
Sep 11, 2026 close
CVNA Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Short put verticals near pin levels
Invalidation: Spot breaks below gamma flip at $60
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.9% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 76% vs VIX 16, elevated
Favorable?
Yes

Term structure: Near-term spike (70.92% at 3d), then stable 68-69%, slight contango after 32d

⚠️IV elevated vs VIX but bearish flow and spot below MP add risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+9.0M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,904 (12.9% below spot)

OI concentrations: Put OI 16.9k at $60 (12.9% below spot); call wall $80-$100

Verdict: Moderate pin risk at $74 max pain; dealer gamma positive supports pinning

Premium Opportunities

#1
Put credit spread
Sell 2026-08-21 $60.00/$58.00 put spread
Sell put spread below support for theta decay with limited risk.
Credit: $0.63-$0.77
Max loss: $1.23
BE: $59.23
Mgmt: Close at 50% max gain or if spot breaks $60.45.
#2
Short strangle
Sell 2026-07-17 $60.00 put + sell $74.00 call
Sell OTM strangle to collect elevated premium with tail risk.
Credit: $5.01-$6.13
Max loss: Unlimited
BE: 53.87 / 80.13
Mgmt: Roll untested side if delta shifts; stop loss near $60.

Risk Alerts

!Spot below max pain $74; bearish flow
!Gamma flip at $60 if downside accelerates
!Net dealer premium negative ($-2.3M) indicates hedging pressure
How to Use These Reports
This theta reflects the market close on June 15, 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.