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CVNA

Carvana Co.Close $67.91EOD only
Max Pain
$67.00
Next expiry Jun 26, 2026
Expected Move
±$3.35
4.9% from close
Price Gap
-0.91
Distance to max pain
IV Rank
52
Middle-high premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 24, 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 24, 2026 close
CVNA Theta Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Favorable premium selling setup
Invalidation: Break below $60 gamma flip or above $70 resistance
Confidence:
7 / 10
base 5; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
Avg IV 74.6% vs VIX 18.9 – premium rich
Favorable?
Yes

Term structure: Front-end contango (51.8% to 78.1%), backwardation beyond 36d

📈IV elevated relative to VIX, favorable for premium collection
⚠️Term structure mixed, watch for roll risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Pinning ($+4.4M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,284 (9.4% below spot)

OI concentrations: Call OI wall at $70-$92; put floor at $40-$60; max pain pin near $67

Verdict: Gamma positive netting into pin, but wide put support zone

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $64.00/$62.00 put spread
Sell 64/62 put spread to harvest decay with limited tail risk.
Credit: $0.70-$0.86
Max loss: $1.14
BE: $63.14
Mgmt: Exit at 50% max gain or near expiry.
#2
Call credit spread
Sell 2026-07-17 $68.00/$70.00 call spread
Sell 68/70 call spread to capture decay.
Credit: $0.70-$0.85
Max loss: $1.15
BE: $68.85
Mgmt: Manage if stock breaks $67.
#3
Short strangle
Sell 2026-07-17 $62.00 put + sell $70.00 call
Sell 62 put and 70 call to collect high premium.
Credit: $5.19-$6.35
Max loss: Unlimited
BE: 55.65 / 76.35
Mgmt: Strict stop-loss or delta hedge.

Risk Alerts

!High volatility regime amplifies tail risk
!Dealer net short premium ($-0.9M) could amplify moves
How to Use These Reports
This theta reflects the market close on June 25, 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.