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CVNA

Carvana Co.Close $68.90EOD only
Max Pain
$74.00
Next expiry Jun 18, 2026
Expected Move
±$4.08
5.9% from close
Price Gap
+5.10
Distance to max pain
IV Rank
70
High premium
P/C OI
0.86
Slightly call-heavy
Consensus
5.0/10
Bearish tilt
Published snapshot: Jun 15, 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 15, 2026 close
CVNA Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Credit spreads
Invalidation: 2d guardrails $66.64 or $73.45 break
Confidence:
7 / 10
base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); -1 spot 5.4% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV avg ~75% vs VIX 16, high premium
Favorable?
Yes

Term structure: Near-term skew: put IV > call; back-month IV ~70%

⚠️Put IV 165% in 2d expiry signals downside fear
📈Dealer long gamma $+13.5M supports pinning

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+13.5M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,112 (14.3% below spot)

OI concentrations: Put OI heavy at $60 (gamma flip); call wall $80-$100; max pain $74/$68/$67

Verdict: High pin risk near $74 2d expiry; pinning likely

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $68.00/$66.00 put spread
Sell $68/$66 put spread; collects premium with support at $68, low max loss.
Credit: $0.77-$0.94
Max loss: $1.06
BE: $67.06
Mgmt: Exit if $67.90 breached; hold to expiry or 50% profit.
#2
Call calendar
Sell 2026-07-17 $74.00 call / buy 2026-08-21 $74.00 call
Sell front call, buy back call to exploit steep term structure.
Debit: $3.29-$4.02
Max loss: $4.02
BE: Path-dependent
Mgmt: Manage if front leg ITM; close near expiration. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Near-term pin risk due to max pain $74 and elevated put IV
!Spot below gamma flip $60 risk if selloff
How to Use These Reports
This theta reflects the market close on June 16, 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.