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CVNA

Carvana Co.Close $66.56EOD only
Max Pain
$66.00
Next expiry Jun 26, 2026
Expected Move
±$5.53
8.3% from close
Price Gap
-0.56
Distance to max pain
IV Rank
100
High premium
P/C OI
0.84
Slightly call-heavy
Consensus
8.0/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
CVNA Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Theta Decay
Invalidation: Spot breaks below $60 or above $70
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.9% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 85.7% vs VIX 16.4, elevated
Favorable?
Yes

Term structure: Near-term 66-71% IV, backwardated; 0 DTE extreme skew raises gamma risk, caution for short premium

🔥Elevated IV, call wall $70-$90 caps upside
⚠️Spot below MP $70, pin risk moderate

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+830K)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,284 (9.9% below spot)

OI concentrations: Call wall $70-$90; Put floor $40-$60; Max pain $70

Verdict: Moderate: spot below MP, dealer long gamma supports, gamma flip $60

Premium Opportunities

#1
Short strangle
Sell 2026-07-24 $59.00 put + sell $80.00 call
Capture theta decay and volatility crush before earnings.
Credit: $4.40-$5.37
Max loss: Unlimited
BE: 53.63 / 85.37
Mgmt: Monitor pin levels; close before earnings if uncertain.
#2
Iron condor
Sell 2026-08-21 $60.00/$50.00 put wing and $84.00/$92.00 call wing
Captures IV crush after earnings with defined risk.
Credit: $3.96-$4.84
Max loss: $5.16
BE: 55.16 / 88.84
Mgmt: Set stop loss if spot breaks wings. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_call: Volume below 5.; long_call: Volume below 5.

Risk Alerts

!Spot 4.9% below max pain $70
!0 DTE extreme put/call IV skew
!High GEX may dampen volatility
How to Use These Reports
This theta reflects the market close on June 18, 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.