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CVNACarvana Co.

Options Analysis Report•RETAIL-AUTO DEALERS & GASOLINE STATIONS
Market Cap $53.3B|NYSE
● 2026-08-28$74.04
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y -0.5%YTD -7.5%7D +5.9%
37,341
30D
±15.7%
14%

CVNA Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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CVNA Gamma Walls

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Value

Is IV priced right?

5.6
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 95.5% — elevated vs history

<1.05x

IV/HV 0.93x — IV ≤ HV

Sector Relative≤50%

Sector percentile 96% — above sector median

<1.1x

Front/Back 0.86x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 59.5% — normal range

<80%

Effective IV 73.7% (ATM 59.5% + spread 7.1% + bias) — fair

<3.0%

Total drag 11.04% (spread 7.08% + slippage 3.96%) — high friction

≥5.0

Vega efficiency 8.28 (vega 5.865 / spread 7.08%) — efficient

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -0%, Raw: -1%)
|net sentiment| ≥25%

Conviction-weighted: -0% (neutral) — Raw: -1%

≥15%

|OI skew| 0.8% — balanced

Same sign, |vol skew| ≥10%

Vol skew +15.1%, OI skew +0.8% — aligned

≥2/3 conditions

0-DTE 38%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +32%, ATM: -13%, OTM: +2% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 42% — bullish vs sector

Activity

Unusual activity?

2.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 3.5% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -18.8% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 36% — below sector avg

≥30%

Large trade volume 26% — mixed

≥60%

Aggressive execution 29% — patient

≥30

Conviction -0 (bearish) — mixed

Liquidity

Can I trade efficiently?

5.3
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 7.1% — wide

≥10,000

OI 1,054,389 — deep

≥500

Volume 37,341/day — active

≤$0.50

$0.35 to cross — cheap

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 96% — much wider than sector

≥100 contracts

Depth 159.8 contracts (bid:83.3 ask:76.5) — adequate

<1.0%

Avg slippage 3.96% — poor

Timing

Is now a good time?

7.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -13.7% — contango

<30 or >70

IV percentile 96% — seller opportunity

≥10pts kink

IV kink -5.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 53.03 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -0% @ 50% consistency — unclear

≥40 composite score

Score 56 (ITM 20% + inst 26%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.8
bullishIV fair, mixed flow
Long Puts5.5
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.5
bullishIV fair, mixed flow
Covered Call5.1
bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.