thetaOwl
HomeOptionsCVNAReports

CVNA

Carvana Co.Close $66.90EOD only
Max Pain
$72.00
Next expiry Sep 18, 2026
Expected Move
±$3.56
5.3% from close
Price Gap
+5.10
Distance to max pain
IV Rank
71
High premium
P/C OI
1.01
Balanced positioning
Consensus
6.0/10
Consensus signal
Published snapshot: Sep 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
Sep 15, 2026 close
CVNA Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 17, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Credit spreads
Invalidation: Spot breaks below $60 or VIX above 25
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?
No

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

#1
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.
#2
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.
#3
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.