CVNA Options History — April 2019

In April 2019, CVNA traded between $2.35 and $2.86. ATM implied volatility averaged 66.5%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 19.8%. IV traded above realized volatility by 22.5% (HV 20d: 44.0%). Max pain ranged from $1.80 to $2.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 2 of 21 days. Put/call ratio averaged 1.22.

Notable Days

2019-04-24: Highest Volume — 272,775 contracts
2019-04-02: Largest IV drop — 11.4% change
2019-04-30: Highest IV Rank — 35.3%
2019-04-30: Largest Expected Move — 22.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$2.57	$2.35	$2.86	$2.35	$2.86
Max Pain	$1.93	$1.80	$2.00	$1.88	$2.00
ATM IV	66.5%	57.5%	79.2%	64.9%	79.2%
Expected Move	19.8%	18.5%	22.7%	19.6%	22.7%
HV 20d	44.0%	40.5%	59.0%	59.0%	44.6%
HV 60d	61.3%	58.5%	63.6%	62.5%	58.5%
IV Rank	20.9%	10.8%	35.3%	19.1%	35.3%
IV Percentile	36.3%	15.9%	64.7%	32.5%	64.7%
Term Structure	-3.5%	-14.5%	8.8%	3.2%	-14.5%
VWIV	73.3%	61.7%	90.3%	78.2%	80.0%
Skew 25d	11.0%	9.1%	12.6%	11.2%	10.2%
Skew 10d	23.7%	17.2%	53.0%	17.2%	19.2%
Call IV 25d	63.6%	56.1%	74.3%	61.3%	74.3%
Put IV 25d	74.6%	65.1%	84.5%	72.4%	84.5%
Bid-Ask Spread %	54.88	46.28	64.31	50.55	57.32
Gamma HHI	0.12	0.10	0.18	0.11	0.14
Net GEX	1.9M	1.5M	2.7M	1.8M	2.0M
Net DEX	-234.4M	-304.0M	-178.6M	-184.0M	-304.0M
Net VEX	-1.1M	-1.1M	-1.0M	-1.1M	-1.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.22	0.11	3.71	0.42	1.89
Total Volume	116,398.81	39,025	272,775	72,800	68,800
Total OI	3,029,754.762	2,745,225	3,264,100	2,915,875	3,064,250

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2019-04-01	$2.35	$1.88	64.9%	19.6%	59.0%	19.1%	78.2%	11.2%	3.2%	1.8M	-184.0M	-1.1M	0.42	50.55	51,400	21,400	1,539,075	1,376,800
2019-04-02	$2.52	$1.88	57.5%	19.1%	42.1%	10.8%	82.9%	9.1%	8.8%	2.1M	-229.7M	-1.1M	1.16	53.79	117,325	135,700	1,559,625	1,381,425
2019-04-03	$2.48	$1.88	62.2%	20.2%	41.2%	16.1%	82.9%	10.0%	-3.6%	1.9M	-216.7M	-1.1M	1.21	49.78	121,425	146,375	1,556,300	1,476,500
2019-04-04	$2.39	$1.88	61.7%	19.8%	43.2%	15.5%	90.3%	11.8%	-2.8%	1.6M	-186.1M	-1.1M	1.30	46.28	90,875	118,050	1,536,150	1,490,325
2019-04-05	$2.42	$1.88	59.4%	19.8%	43.0%	13.0%	61.7%	11.5%	-2.6%	1.7M	-200.0M	-1.1M	0.41	49.63	95,475	39,025	1,544,175	1,500,475
2019-04-08	$2.35	$1.88	62.7%	19.9%	42.6%	16.7%	73.6%	11.8%	-1.8%	1.5M	-178.6M	-1.1M	3.71	46.80	9,250	34,350	1,556,200	1,511,750
2019-04-09	$2.40	$1.92	61.8%	19.7%	42.9%	15.6%	73.8%	11.8%	-1.8%	1.6M	-193.1M	-1.0M	2.20	52.47	13,025	28,675	1,559,000	1,534,850
2019-04-10	$2.51	$1.92	66.7%	19.1%	40.8%	21.2%	71.5%	10.9%	-0.9%	1.9M	-222.1M	-1.0M	1.68	54.75	18,900	31,750	1,559,825	1,536,000
2019-04-11	$2.55	$1.92	64.7%	18.5%	40.5%	18.9%	64.3%	10.2%	-1.0%	2.1M	-232.7M	-1.0M	0.39	57.10	98,650	38,150	1,564,150	1,549,950
2019-04-12	$2.65	$1.92	64.7%	18.5%	42.2%	18.9%	67.6%	10.5%	-1.0%	2.7M	-274.3M	-1.1M	1.82	60.85	31,375	57,100	1,634,725	1,555,850
2019-04-15	$2.56	$1.92	65.2%	18.7%	45.0%	19.5%	69.1%	11.1%	-1.4%	2.5M	-244.3M	-1.1M	1.06	60.01	43,425	46,025	1,641,900	1,580,225
2019-04-16	$2.58	$1.96	65.5%	18.8%	44.7%	19.8%	70.8%	11.7%	-2.0%	2.6M	-251.3M	-1.0M	1.05	61.84	35,075	36,975	1,646,300	1,591,250
2019-04-17	$2.54	$2.00	64.5%	18.5%	45.3%	18.8%	70.3%	11.1%	-2.4%	2.6M	-239.3M	-1.0M	1.60	61.02	37,050	59,175	1,644,175	1,608,625
2019-04-18	$2.52	$2.00	64.8%	18.6%	45.4%	19.0%	72.6%	12.3%	-2.6%	1.6M	-232.3M	-1.0M	1.73	64.31	28,775	49,725	1,645,275	1,618,825
2019-04-22	$2.62	$2.00	69.0%	19.8%	43.2%	23.8%	70.2%	12.6%	-5.7%	1.7M	-229.8M	-1.0M	1.24	52.81	22,925	28,500	1,441,175	1,304,050
2019-04-23	$2.67	$2.00	69.6%	20.0%	43.1%	24.5%	69.5%	10.1%	-5.9%	1.7M	-239.1M	-1.0M	0.74	53.93	22,375	16,650	1,446,975	1,319,950
2019-04-24	$2.68	$2.00	71.1%	20.4%	42.8%	26.1%	68.9%	10.1%	-7.4%	1.8M	-242.1M	-1.0M	0.11	50.41	245,400	27,375	1,456,550	1,328,000
2019-04-25	$2.66	$1.80	71.6%	20.5%	43.0%	26.7%	71.1%	12.1%	-6.1%	1.7M	-252.4M	-1.0M	0.51	56.43	49,450	25,200	1,517,200	1,346,150
2019-04-26	$2.78	$1.80	72.3%	20.7%	44.6%	27.5%	72.0%	10.4%	-8.6%	1.7M	-276.8M	-1.1M	0.38	61.54	166,175	62,625	1,521,725	1,359,925
2019-04-29	$2.82	$2.00	76.7%	22.0%	44.6%	32.5%	78.9%	10.1%	-13.9%	2.0M	-293.6M	-1.1M	0.91	50.81	38,875	35,525	1,609,550	1,409,625
2019-04-30	$2.86	$2.00	79.2%	22.7%	44.6%	35.3%	80.0%	10.2%	-14.5%	2.0M	-304.0M	-1.1M	1.89	57.32	23,800	45,000	1,627,825	1,436,425