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CVNA

Carvana Co.Close $67.18EOD only
Max Pain
$67.00
Next expiry Sep 25, 2026
Expected Move
±$3.40
5.1% from close
Price Gap
-0.18
Distance to max pain
IV Rank
42
Middle-high premium
P/C OI
1.10
Balanced positioning
Consensus
6.0/10
Consensus signal
Published snapshot: Sep 21, 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 21, 2026 close
CVNA Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short put spreads or iron condors
Invalidation: Spot break below 60 or above 70
Confidence:
7 / 10
base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV (avg 74.4%) ~3.8x VIX (19.5), extremely elevated.
Favorable?
Yes

Term structure: Near-term downward to 68.96 then rise; rich short-dated premiums.

📈Rich premiums: avg IV 74% vs VIX 19.5
⚠️Term structure non-monotonic, favors short dated

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+659K)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,247 (7.5% below spot)

OI concentrations: Max pain $67(6/26), $66(7/2), $68(7/10). Put OI 17.2K at $60, call wall $70-$92.

Verdict: High pin risk; spot $65.93 between put floor and call wall.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-31 $60.00/$59.00 put spread
Sell 2026-07-31 $60/$59 put spread to capitalize on rich IV before earnings.
Credit: $0.41-$0.50
Max loss: $0.50
BE: $59.50
Mgmt: Close at 50% max gain or if spot breaches 60; monitor earnings on 7/29. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.

Risk Alerts

!High IV (74.4%) amid market weakness (SPY -1.45%, QQQ -3.29%)
!Positive GEX $+659K may increase pinning
!Put/call vol ratio 1.28 indicates hedging
How to Use These Reports
This theta reflects the market close on June 23, 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.