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CVNA

Carvana Co.Close $64.83EOD only
Max Pain
$67.00
Next expiry Jun 26, 2026
Expected Move
±$3.88
6.0% from close
Price Gap
+2.17
Distance to max pain
IV Rank
50
Middle-high premium
P/C OI
0.84
Slightly call-heavy
Consensus
7.5/10
Range bias
Published snapshot: Jun 23, 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 23, 2026 close
CVNA Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Break below $60 support or VIX above 25
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV 73.8% vs VIX 18.6, significantly elevated
Favorable?
Yes

Term structure: Near-term IV ~68-70%, longer-dated IV ~76-78% offering elevated premium

📊IV rank high: stock IV >4x VIX, favorable premium
📈Term structure upward sloping; longer maturities offer higher IV

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+13.4M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,258 (11.6% below spot)

OI concentrations: Max pain $67; Put OI floor $40-$60; Call OI wall $80-$100

Verdict: Elevated pin risk near $67 due to positive dealer gamma and max pain alignment

Premium Opportunities

#1
Put credit spread
Sell 2026-07-31 $67.00/$66.00 put spread
Sell $67/$66 put spread for credit.
Credit: $0.56-$0.69
Max loss: $0.31
BE: $66.31
Mgmt: Close if spot breaks $67 support or VIX spikes. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
#2
Iron condor
Sell 2026-08-21 $66.00/$65.00 put wing and $70.00/$72.00 call wing
Sell $66/$65 put and $70/$72 call wings.
Credit: $1.12-$1.38
Max loss: $0.62
BE: 64.62 / 71.38
Mgmt: Adjust wings near edges; exit if IV collapses. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!High IV regime increases vega risk for short premium positions
!Spot near support $67, failure could trigger selling
How to Use These Reports
This theta reflects the market close on June 24, 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.