CVNA Options History — May 2019

In May 2019, CVNA traded between $2.31 and $2.99. ATM implied volatility averaged 70.1%, placing in the 25.0% IV rank vs the trailing year. The 30-day expected move averaged 18.4%. IV traded above realized volatility by 14.4% (HV 20d: 55.7%). Max pain ranged from $2.00 to $2.80. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.23.

Notable Days

2019-05-08: Highest Volume — 319,150 contracts
2019-05-09: Largest IV drop — 42.5% change
2019-05-07: Highest IV Rank — 65.8%
2019-05-03: Largest Expected Move — 24.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$2.65	$2.31	$2.99	$2.83	$2.31
Max Pain	$2.54	$2.00	$2.80	$2.00	$2.60
ATM IV	70.1%	54.7%	106.2%	78.8%	63.7%
Expected Move	18.4%	15.7%	24.5%	22.6%	18.3%
HV 20d	55.7%	34.2%	67.6%	39.6%	67.6%
HV 60d	58.6%	52.0%	61.9%	58.6%	52.0%
IV Rank	25.0%	7.7%	65.8%	34.9%	17.8%
IV Percentile	38.8%	11.1%	95.2%	63.5%	27.0%
Term Structure	-0.4%	-17.9%	6.8%	-15.0%	2.0%
VWIV	64.4%	54.0%	86.4%	76.4%	64.1%
Skew 25d	7.7%	5.3%	11.8%	9.8%	6.9%
Skew 10d	15.6%	12.2%	23.1%	18.4%	14.9%
Call IV 25d	60.8%	52.5%	77.6%	73.5%	62.4%
Put IV 25d	68.6%	59.0%	89.3%	83.3%	69.3%
Bid-Ask Spread %	43.50	25.16	59.96	59.96	59.33
Gamma HHI	0.13	0.11	0.19	0.14	0.12
Net GEX	1.1M	397.8K	2.0M	1.8M	516.2K
Net DEX	-217.4M	-330.9M	-107.8M	-295.8M	-108.6M
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	1.23	0.38	2.81	0.38	1.72
Total Volume	117,192.045	21,325	319,150	71,675	188,375
Total OI	2,746,775	1,822,775	3,379,100	3,088,725	2,173,050

Daily Data (22 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
2019-05-01	$2.83	$2.00	78.8%	22.6%	39.6%	34.9%	76.4%	9.8%	-15.0%	1.8M	-295.8M	-1.1M	0.38	59.96	51,800	19,875	1,630,300	1,458,425
2019-05-02	$2.80	$2.00	82.3%	23.6%	39.4%	38.7%	82.6%	9.7%	-16.3%	1.9M	-285.2M	-1.1M	0.59	56.95	41,225	24,200	1,645,600	1,462,325
2019-05-03	$2.87	$2.20	85.3%	24.5%	36.8%	42.2%	86.4%	11.8%	-17.9%	2.0M	-306.4M	-1.1M	0.76	59.11	26,800	20,500	1,654,825	1,467,750
2019-05-06	$2.89	$2.80	98.1%	19.7%	36.8%	56.6%	68.9%	8.6%	-4.9%	1.9M	-310.6M	-1.1M	0.78	32.52	37,275	29,100	1,656,900	1,487,000
2019-05-07	$2.84	$2.60	106.2%	21.3%	35.5%	65.8%	73.8%	9.8%	-6.3%	1.9M	-298.4M	-1.1M	1.89	25.16	27,500	52,000	1,684,350	1,490,400
2019-05-08	$2.89	$2.60	105.8%	20.7%	35.3%	65.3%	76.7%	9.0%	-4.8%	1.9M	-313.8M	-1.1M	1.47	28.37	129,125	190,025	1,685,125	1,506,375
2019-05-09	$2.99	$2.60	60.9%	16.5%	34.2%	14.6%	55.6%	7.3%	3.7%	1.4M	-330.9M	-1.1M	0.98	42.95	147,225	144,375	1,686,425	1,643,500
2019-05-10	$2.63	$2.60	64.1%	16.9%	59.3%	18.2%	56.4%	9.1%	6.5%	418.9K	-220.8M	-1.1M	1.35	41.59	70,875	95,550	1,711,400	1,631,025
2019-05-13	$2.50	$2.60	85.9%	18.8%	60.5%	42.9%	65.5%	8.0%	3.2%	397.8K	-184.2M	-1.0M	2.16	27.02	49,675	107,075	1,711,400	1,631,025
2019-05-14	$2.63	$2.60	67.4%	17.0%	62.2%	22.0%	60.6%	7.3%	4.8%	466.1K	-226.6M	-1.0M	1.33	26.39	51,950	69,100	1,725,300	1,610,200
2019-05-15	$2.62	$2.60	57.4%	16.4%	62.1%	10.7%	60.5%	6.4%	5.8%	442.1K	-225.0M	-1.0M	1.51	34.14	21,575	32,600	1,724,725	1,630,150
2019-05-16	$2.78	$2.60	54.7%	15.7%	64.8%	7.7%	56.5%	5.9%	6.8%	583.6K	-268.8M	-1.0M	0.89	43.82	18,975	16,850	1,731,625	1,645,425
2019-05-17	$2.73	$2.60	54.8%	15.7%	65.1%	7.7%	57.1%	6.9%	6.6%	1.4M	-249.4M	-1.0M	1.42	45.67	23,150	32,900	1,731,875	1,647,225
2019-05-20	$2.69	$2.60	59.1%	17.0%	64.1%	12.6%	59.3%	7.8%	0.2%	1.4M	-179.5M	-1.0M	1.03	45.78	10,500	10,825	1,176,400	646,375
2019-05-21	$2.70	$2.60	56.3%	16.1%	63.9%	9.4%	57.0%	6.9%	1.7%	1.4M	-183.0M	-1.0M	1.08	39.91	32,025	34,575	1,179,025	649,500
2019-05-22	$2.60	$2.60	55.6%	15.9%	65.3%	8.7%	54.0%	5.3%	2.3%	1.3M	-165.6M	-1.0M	0.54	50.46	90,500	48,550	1,191,750	669,900
2019-05-23	$2.53	$2.60	58.1%	16.6%	66.0%	11.4%	57.5%	6.4%	4.4%	1.3M	-157.7M	-1.0M	2.81	52.63	76,775	215,900	1,249,750	676,175
2019-05-24	$2.38	$2.60	61.0%	17.5%	66.6%	14.7%	60.2%	6.9%	2.1%	716.2K	-124.2M	-1.1M	0.98	43.49	102,100	100,375	1,252,325	832,900
2019-05-28	$2.40	$2.60	60.8%	17.4%	66.3%	14.6%	61.2%	7.5%	3.3%	646.3K	-124.9M	-1.1M	1.04	47.88	19,300	20,125	1,260,075	870,475
2019-05-29	$2.31	$2.60	63.7%	18.3%	66.7%	17.8%	65.5%	6.9%	1.1%	505.9K	-107.8M	-1.0M	1.07	45.30	26,800	28,700	1,269,075	879,875
2019-05-30	$2.35	$2.60	62.3%	17.8%	67.6%	16.2%	62.2%	6.3%	1.2%	597.8K	-116.3M	-1.1M	1.18	48.47	19,050	22,450	1,279,425	882,300
2019-05-31	$2.31	$2.60	63.7%	18.3%	67.6%	17.8%	64.1%	6.9%	2.0%	516.2K	-108.6M	-1.1M	1.72	59.33	69,175	119,200	1,281,975	891,075