CVNACarvana Co.
Options Analysis Report•RETAIL-AUTO DEALERS & GASOLINE STATIONS
Market Cap $49.8B|NYSE
● 2026-05-15$69.53
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y +16.9%YTD -13.1%7D -10.8%
Options Vol
43,242
30D
Implied Move
±18.1%
IV Rank
24%
CVNA Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
3.8
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 95.7% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.38x — IV premium over HV
Sector Relative≤50%
Sector percentile 98% — above sector median
Term Structure
<1.1xFront/Back 0.96x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 66.0% — normal range
Spread-Adjusted Value
<80%Effective IV 88.6% (ATM 66.0% + spread 11.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 16.74% (spread 11.29% + slippage 5.45%) — high friction
Vega Efficiency
≥5.0Vega efficiency 23.66 (vega 26.716 / spread 11.29%) — efficient
Sentiment
Bullish or bearish?
5.2
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Weak signal (Conviction: -5%, Raw: -10%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: -5% (neutral) — Raw: -10%
OI Skew Magnitude
≥15%|OI skew| 4.3% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +4.8%, OI skew +4.3% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 37%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +2%, ATM: -2%, OTM: -14% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 58% — bearish vs sector
Activity
Unusual activity?
2.8
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks1/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 1.9% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change -2.2% (5d) — unwinding
Sector Relative≥60%
Sector activity percentile 14% — quiet vs sector
Trade Quality
≥30%Large trade volume 39% — institutional presence
Execution Urgency
≥60%Aggressive execution 36% — patient
Flow Conviction
≥30Conviction -5 (bearish) — mixed
Liquidity
Can I trade efficiently?
4.6
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 11.3% — wide
Adequate OI
≥10,000OI 2,263,704 — deep
Active Volume
≥500Volume 43,242/day — active
Reasonable Cost
≤$0.50$0.56 to cross — expensive
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 98% — much wider than sector
Order Book Depth
≥100 contractsDepth 327.0 contracts (bid:145.5 ask:181.5) — adequate
Execution Quality
<1.0%Avg slippage 5.45% — poor
Timing
Is now a good time?
7.7
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks6/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -4.4% — flat/unclear
IV Percentile Clarity
<30 or >70IV percentile 96% — seller opportunity
Event Detection
≥10pts kinkIV kink 0.4pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 1047.67 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No events detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow -5% @ 52% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 69 (ITM 20% + inst 39%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV expensive, mixed flow
Long Puts4.9
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.8
bullishIV rich premium, mixed flow
Covered Call5.6
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.