CVNA Options History — February 2020

In February 2020, CVNA traded between $3.24 and $4.38. ATM implied volatility averaged 78.2%, placing in the 37.0% IV rank vs the trailing year. The 30-day expected move averaged 21.6%. IV traded above realized volatility by 16.2% (HV 20d: 62.1%). Max pain ranged from $3.20 to $4.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 0 of 19 days. Put/call ratio averaged 1.44.

Notable Days

2020-02-19: Highest Volume — 550,550 contracts
2020-02-28: Largest IV spike — 19.5% change
2020-02-21: Highest IV Rank — 53.8%
2020-02-28: Largest Expected Move — 27.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.76	$3.24	$4.38	$3.44	$3.24
Max Pain	$3.88	$3.20	$4.00	$3.20	$4.00
ATM IV	78.2%	66.9%	94.2%	66.9%	90.4%
Expected Move	21.6%	14.6%	27.9%	15.0%	27.9%
HV 20d	62.1%	50.0%	90.3%	53.7%	90.3%
HV 60d	52.4%	47.7%	63.7%	51.5%	63.7%
IV Rank	37.0%	25.1%	53.8%	25.1%	49.8%
IV Percentile	85.6%	67.1%	96.0%	67.1%	96.0%
Term Structure	-3.6%	-5.8%	-0.9%	-3.3%	-0.9%
VWIV	75.6%	52.7%	102.1%	53.2%	102.1%
Skew 25d	8.8%	4.9%	11.2%	10.4%	11.2%
Skew 10d	17.4%	11.7%	22.0%	19.1%	20.2%
Call IV 25d	74.0%	62.0%	92.3%	62.0%	84.4%
Put IV 25d	82.7%	72.4%	99.9%	72.4%	95.7%
Bid-Ask Spread %	27.53	13.44	49.10	13.44	49.10
Gamma HHI	0.10	0.06	0.25	0.09	0.06
Net GEX	2.6M	-1.5M	4.5M	2.8M	642.8K
Net DEX	-304.4M	-501.2M	-110.7M	-247.9M	-110.7M
Net VEX	-1.4M	-1.5M	-1.3M	-1.4M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.44	0.41	9.24	0.42	9.24
Total Volume	181,686.842	25,325	550,550	86,000	339,450
Total OI	2,401,289.474	1,993,075	2,685,050	2,268,625	2,426,250

Daily Data (19 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
2020-02-03	$3.44	$3.20	66.9%	15.0%	53.7%	25.1%	53.2%	10.4%	-3.3%	2.8M	-247.9M	-1.4M	0.42	13.44	60,425	25,575	1,477,350	791,275
2020-02-04	$3.66	$3.20	74.6%	14.6%	58.5%	33.2%	52.7%	9.4%	-3.8%	3.9M	-320.3M	-1.4M	1.57	15.42	88,850	139,500	1,493,475	803,325
2020-02-05	$3.55	$3.28	74.9%	15.0%	59.4%	33.5%	54.1%	10.1%	-5.7%	3.0M	-264.9M	-1.5M	0.48	14.42	47,650	22,950	1,506,675	905,000
2020-02-06	$3.65	$4.00	73.9%	19.8%	59.9%	32.5%	68.2%	8.7%	-3.7%	3.7M	-298.8M	-1.5M	0.77	26.45	56,975	44,150	1,504,975	917,725
2020-02-07	$3.57	$4.00	73.5%	19.9%	59.6%	32.1%	69.6%	9.3%	-4.3%	3.1M	-266.6M	-1.5M	0.45	29.45	32,100	14,425	1,525,050	945,825
2020-02-10	$3.56	$4.00	74.1%	20.2%	59.6%	32.7%	68.8%	9.0%	-2.7%	2.9M	-266.0M	-1.4M	0.64	25.56	15,450	9,875	1,504,575	900,475
2020-02-11	$3.43	$4.00	71.6%	19.8%	56.3%	30.1%	66.2%	7.7%	-2.2%	2.0M	-222.4M	-1.4M	0.41	29.72	66,225	27,225	1,511,275	906,625
2020-02-12	$3.45	$4.00	70.8%	19.7%	50.0%	29.2%	67.8%	8.3%	-2.1%	2.3M	-233.2M	-1.4M	0.66	30.29	45,550	30,275	1,545,700	914,200
2020-02-13	$3.49	$4.00	71.6%	19.9%	50.1%	30.1%	67.9%	8.0%	-2.5%	2.7M	-248.5M	-1.4M	2.27	31.37	31,675	72,050	1,557,625	928,600
2020-02-14	$3.54	$4.00	71.5%	19.4%	50.3%	29.9%	70.0%	4.9%	-5.8%	3.4M	-267.2M	-1.4M	0.56	32.18	40,675	22,775	1,553,700	976,900
2020-02-18	$3.77	$4.00	72.9%	20.7%	53.4%	31.5%	72.6%	8.8%	-3.4%	4.5M	-343.9M	-1.4M	0.53	27.83	93,325	49,550	1,530,125	951,475
2020-02-19	$4.22	$4.00	85.9%	24.6%	65.5%	45.1%	86.1%	9.0%	-4.0%	4.1M	-485.6M	-1.3M	0.76	33.89	313,200	237,350	1,560,500	970,000
2020-02-20	$4.35	$4.00	90.8%	26.3%	65.6%	50.1%	92.3%	9.4%	-5.2%	3.2M	-501.2M	-1.4M	0.92	30.24	128,775	118,525	1,570,650	1,036,575
2020-02-21	$4.38	$4.00	94.2%	27.3%	65.3%	53.8%	97.7%	7.6%	-3.3%	3.3M	-494.0M	-1.4M	1.04	25.99	105,950	109,750	1,583,875	1,101,175
2020-02-24	$4.31	$4.00	82.8%	24.5%	65.9%	41.8%	85.6%	9.6%	-5.7%	1.5M	-364.2M	-1.3M	1.04	23.43	144,725	149,925	1,258,475	734,600
2020-02-25	$4.19	$4.00	85.1%	26.0%	67.3%	44.2%	92.0%	7.4%	-3.7%	1.8M	-346.2M	-1.3M	3.30	26.12	19,125	63,025	1,384,025	804,625
2020-02-26	$4.08	$4.00	85.6%	25.7%	68.6%	44.7%	90.3%	8.5%	-3.8%	1.5M	-316.0M	-1.3M	1.76	30.39	114,175	201,125	1,386,350	809,925
2020-02-27	$3.64	$4.00	75.7%	23.4%	80.1%	34.4%	79.9%	9.0%	-2.0%	-1.5M	-186.3M	-1.3M	0.50	27.75	246,400	123,300	1,436,900	908,625
2020-02-28	$3.24	$4.00	90.4%	27.9%	90.3%	49.8%	102.1%	11.2%	-0.9%	642.8K	-110.7M	-1.5M	9.24	49.10	33,150	306,300	1,552,675	873,575