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CVNA

Carvana Co.Close $66.20EOD only
Max Pain
$67.00
Next expiry Jun 26, 2026
Expected Move
±$2.02
3.1% from close
Price Gap
+0.80
Distance to max pain
IV Rank
51
Middle-high premium
P/C OI
0.84
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Jun 25, 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 25, 2026 close
CVNA Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Defined-risk credit spreads
Invalidation: Break below $55.5 or above $69.2
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 6.9% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV avg 82.5% vs VIX 18.4%, elevated
Favorable?
Yes

Term structure: Flat with near-term spike (0 DTE anomalous), 6-35 DTE IV 66-82%, then decline

💡Rich IV but high vol and negative GEX; favor defined-risk
⚠️0 DTE IV 19.78% seems inconsistent with high call/put IV

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-16.8M)

Gamma flip: ~$60.00 — Approx — based on put OI concentration of 17,290 (3.8% below spot)

OI concentrations: Max pain pins $66-$68; heavy put OI $60 (17k, -3.8%); call wall $70-$92

Verdict: Moderate pin risk; spot near $62 below MP, put OI may attract, call wall caps

Premium Opportunities

#1
Cash-secured put
Sell 2026-08-21 $54.00 cash-secured put
Sell OTM put to collect inflated premium with defined downside.
Credit: $3.31-$4.04
Max loss: $49.96
BE: $49.96
Mgmt: Close at 50% profit or before earnings; roll if support broken.
#2
Call credit spread
Sell 2026-08-21 $78.00/$80.00 call spread
Sell OTM call spread to profit from IV decay and capped upside.
Credit: $0.22-$0.26
Max loss: $1.74
BE: $78.26
Mgmt: Close at 50% profit or if spot breaks above $67.
#3
Iron condor
Sell 2026-08-21 $56.00/$55.00 put wing and $78.00/$80.00 call wing
Sell OTM put and call wings to capture premium in range-bound market.
Credit: $0.71-$0.87
Max loss: $1.13
BE: 55.13 / 78.87
Mgmt: Adjust wings if spot approaches support or resistance; close early due to liquidity. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk Alerts

!Negative dealer GEX -$16.8M suggests hedging pressure
!Spot 6.9% below max pain may induce pin action
!High vol regime with trending gamma increases tail risk
How to Use These Reports
This theta reflects the market close on June 26, 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.