CVNACarvana Co.
Options Analysis Report•RETAIL-AUTO DEALERS & GASOLINE STATIONS
Market Cap $55.4B|NYSE
● 2026-04-17$387.53
NEUTRAL
Analysis: 2026-04-16 EOD data
1Y +97.9%YTD -3.2%7D +15.2%
Options Vol
44,434
30D
Implied Move
±26.7%
IV Rank
36%
CVNA Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
Loading score history...
Value
Is IV priced right?
3.2
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 98.3% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 1.32x — IV premium over HV
Sector Relative≤50%
Sector percentile 98% — above sector median
Term Structure
<1.1xFront/Back 0.92x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 75.7% — normal range
Spread-Adjusted Value
<80%Effective IV 94.1% (ATM 75.7% + spread 9.2% + bias) — expensive
Execution Efficiency
<3.0%Total drag 17.51% (spread 9.19% + slippage 8.32%) — high friction
Vega Efficiency
≥5.0Vega efficiency 23.17 (vega 21.291 / spread 9.19%) — efficient
Sentiment
Bullish or bearish?
5.7
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksBullish - Weak signal (Conviction: +17%, Raw: +18%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +17% (bullish) — Raw: +18%
OI Skew Magnitude
≥15%|OI skew| 9.6% — balanced
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +3.6%, OI skew +9.6% — weak (same direction)
Conviction Quality
≥2/3 conditions0-DTE 47%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: -18%, ATM: +24%, OTM: +18% — neutral (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 58% — bearish vs sector
Activity
Unusual activity?
4.1
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks2/9 checks passed
Volume Surge
≥1.5xVolume 0.7x avg — normal
Turnover Rate
≥15%Vol/OI 9.2% — 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 +14.7% (5d) — building
Sector Relative≥60%
Sector activity percentile 82% — very active vs sector
Trade Quality
≥30%Large trade volume 19% — mixed
Execution Urgency
≥60%Aggressive execution 29% — patient
Flow Conviction
≥30Conviction +17 (bullish) — mixed
Liquidity
Can I trade efficiently?
4.7
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks3/8 checks passed
Tradeable Spread
≤5.0%Spread 9.2% — wide
Adequate OI
≥10,000OI 483,713 — deep
Active Volume
≥500Volume 44,434/day — active
Reasonable Cost
≤$0.50$0.46 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 98% — much wider than sector
Order Book Depth
≥100 contractsDepth 90.1 contracts (bid:37.6 ask:52.5) — thin
Execution Quality
<1.0%Avg slippage 8.32% — poor
Timing
Is now a good time?
7.8
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -8.0% — contango
IV Percentile Clarity
<30 or >70IV percentile 98% — seller opportunity
Event Detection
≥10pts kinkIV kink -13.0pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 24.85 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)acceptable: Earnings in 12d
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +17% @ 59% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 49 (ITM 20% + inst 19%) — moderate institutional
Directional Strategy Fit
Option Buyers
Long Calls5.0
bullishIV expensive, mixed flow
Long Puts4.5
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put6.1
bullishIV rich premium, mixed flow
Covered Call5.6
bearishIV rich premium, mixed flow
For educational purposes only. Not investment advice.