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CVNA

Carvana Co.Close $70.04EOD only

Max Pain

$74.00

Next expiry Jun 18, 2026

Expected Move

±$3.41

4.9% from close

Price Gap

+3.96

Distance to max pain

IV Rank

High premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 16, 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 16, 2026 close

CVNA Theta Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -1 spot 15.1% from MP; +0.5 VIX 18

IV Environment

IV Regime

High

IV vs VIX

IV at 84% vs VIX 18.44 — 4.5x elevated

Favorable?

Term structure: Front-end IV extreme (1d at 179%), backwardation then uptick at 2m

⚠️Pin risk high: spot below max pain $74, GEX negative

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-15.4M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 16,981 (4.5% below spot)

OI concentrations: Put OI 16,981 at $60 (4.5% below spot); call wall $70-$92

Verdict: Elevated pin risk: dealer short gamma and heavy put flow suggest potential move toward $60 support

Premium Opportunities

Iron condor

Sell 2026-08-21 $58.00/$55.00 put wing and $66.00/$68.00 call wing

Sells put/call wings to profit from range-bound post-earnings price action.

Credit: $1.76-$2.15

Max loss: $0.85

BE: 55.85 / 68.15

Mgmt: Stop loss if spot breaches $60 or $68.

Put credit spread

Sell 2026-08-21 $58.00/$55.00 put spread

Sells put spread to collect premium on expected support above $55.

Credit: $1.01-$1.24

Max loss: $1.76

BE: $56.76

Mgmt: Manage if spot approaches $60; roll down if necessary.

Call calendar

Sell 2026-07-17 $66.00 call / buy 2026-08-21 $66.00 call

Sells near-term call, buys back-month call to capture IV skew.

Debit: $3.04-$3.71

Max loss: $3.71

BE: Path-dependent

Mgmt: Close if spot drops below $60.

Risk Alerts

!High IV with bearish flow increases tail risk

!Negative GEX implies market could amplify moves

How to Use These Reports

This theta reflects the market close on June 17, 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.