CVNA Options History — April 2020

In April 2020, CVNA traded between $1.78 and $3.76. ATM implied volatility averaged 126.9%, placing in the 48.4% IV rank vs the trailing year. The 30-day expected move averaged 37.2%. IV traded below realized volatility by 96.2% (HV 20d: 223.2%). Max pain ranged from $2.40 to $3.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.42.

Notable Days

2020-04-20: Highest Volume — 448,150 contracts
2020-04-17: Largest IV drop — 9.3% change
2020-04-01: Highest IV Rank — 76.9%
2020-04-02: Largest Expected Move — 51.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$2.90	$1.78	$3.76	$2.01	$3.20
Max Pain	$2.71	$2.40	$3.00	$2.80	$3.00
ATM IV	126.9%	94.1%	176.4%	176.4%	97.2%
Expected Move	37.2%	30.3%	51.0%	48.4%	35.2%
HV 20d	223.2%	141.8%	282.4%	277.3%	145.3%
HV 60d	180.4%	168.1%	187.0%	168.1%	186.2%
IV Rank	48.4%	29.5%	76.9%	76.9%	31.3%
IV Percentile	89.6%	82.1%	96.8%	96.8%	82.9%
Term Structure	-3.1%	-11.8%	2.0%	1.6%	-1.6%
VWIV	131.4%	108.6%	186.3%	186.3%	118.5%
Skew 25d	37.5%	19.6%	59.4%	59.4%	19.6%
Skew 10d	83.4%	43.5%	139.3%	139.3%	48.0%
Call IV 25d	106.1%	80.6%	145.5%	140.0%	87.8%
Put IV 25d	143.6%	103.9%	199.4%	199.4%	107.4%
Bid-Ask Spread %	52.33	32.80	72.81	63.38	42.02
Gamma HHI	0.16	0.09	0.26	0.10	0.16
Net GEX	1.6M	4.0K	4.4M	455.4K	2.4M
Net DEX	-226.9M	-456.5M	-16.7M	-56.0M	-244.2M
Net VEX	-1.6M	-2.0M	-1.0M	-1.2M	-1.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.42	0.45	5.95	2.29	0.94
Total Volume	172,008.333	30,825	448,150	35,075	78,750
Total OI	2,865,107.143	2,438,825	3,203,300	2,626,175	3,203,300

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
2020-04-01	$2.01	$2.80	176.4%	48.4%	277.3%	76.9%	186.3%	59.4%	1.6%	455.4K	-56.0M	-1.2M	2.29	63.38	10,675	24,400	1,666,650	959,525
2020-04-02	$1.84	$2.40	174.3%	51.0%	277.0%	75.6%	160.4%	47.9%	1.5%	365.7K	-30.3M	-1.1M	1.11	72.81	28,575	31,850	1,672,325	970,350
2020-04-03	$1.78	$2.40	166.6%	46.4%	274.3%	71.2%	161.1%	47.0%	2.0%	414.4K	-16.7M	-1.0M	1.20	65.92	21,275	25,500	1,686,750	983,350
2020-04-06	$2.16	$2.40	158.9%	41.6%	282.4%	66.8%	136.5%	52.8%	-10.9%	500.8K	-72.1M	-1.2M	1.72	64.72	42,050	72,350	1,643,375	909,200
2020-04-07	$2.24	$2.60	154.3%	42.2%	282.4%	64.1%	137.5%	43.6%	-8.5%	381.1K	-80.3M	-1.3M	1.37	66.87	43,450	59,325	1,629,800	957,150
2020-04-08	$2.35	$2.60	145.9%	38.7%	281.2%	59.3%	144.7%	49.1%	-11.8%	432.6K	-98.0M	-1.3M	5.95	63.69	9,825	58,450	1,652,800	966,850
2020-04-09	$2.44	$2.60	142.1%	39.4%	269.2%	57.1%	131.9%	30.8%	-4.6%	295.1K	-116.2M	-1.4M	0.56	64.45	62,875	35,450	1,657,150	1,011,600
2020-04-13	$3.00	$2.60	131.4%	37.0%	277.3%	51.0%	146.6%	43.5%	-2.3%	677.1K	-235.6M	-1.6M	2.26	55.16	74,025	167,475	1,663,350	973,950
2020-04-14	$3.37	$2.60	121.8%	34.5%	267.2%	45.4%	128.8%	42.2%	0.6%	1.1M	-323.3M	-1.7M	0.56	46.39	173,125	96,400	1,672,300	1,092,275
2020-04-15	$2.85	$2.80	131.4%	37.7%	277.0%	50.9%	125.9%	37.2%	-2.1%	4.0K	-196.0M	-1.6M	0.47	53.94	228,000	108,100	1,777,850	1,129,975
2020-04-16	$2.86	$2.60	122.6%	35.2%	220.5%	45.9%	115.4%	31.1%	-1.6%	373.6K	-201.6M	-1.6M	0.69	61.63	89,025	61,750	1,938,450	1,149,925
2020-04-17	$3.13	$2.60	111.1%	31.8%	220.3%	39.3%	114.7%	34.8%	1.3%	1.7M	-316.4M	-1.7M	0.45	57.56	157,850	71,525	1,983,250	1,157,750
2020-04-20	$3.22	$2.80	113.1%	33.2%	220.0%	40.4%	115.0%	36.3%	-3.3%	1.8M	-282.6M	-1.7M	1.46	32.80	182,450	265,700	1,673,625	765,200
2020-04-21	$3.44	$2.80	112.1%	33.7%	212.7%	39.8%	114.7%	37.5%	-5.1%	2.5M	-351.3M	-1.8M	0.91	42.75	142,325	129,425	1,835,525	998,525
2020-04-22	$3.30	$2.80	111.9%	32.1%	166.5%	39.7%	133.0%	34.3%	-5.9%	2.1M	-303.3M	-1.9M	1.47	41.39	39,825	58,450	1,896,500	1,094,700
2020-04-23	$3.55	$2.80	104.3%	31.2%	157.9%	35.3%	108.6%	32.6%	-2.5%	3.1M	-379.8M	-1.9M	0.88	42.15	119,975	105,175	1,932,875	1,118,100
2020-04-24	$3.76	$2.80	99.5%	30.3%	144.0%	32.6%	112.1%	30.5%	-6.9%	3.8M	-456.5M	-2.0M	1.30	38.14	108,450	141,125	1,994,275	1,170,750
2020-04-27	$3.60	$3.00	95.9%	32.5%	141.8%	30.5%	116.9%	27.4%	-2.3%	4.4M	-390.5M	-2.0M	1.80	47.42	38,075	68,625	1,989,975	1,201,800
2020-04-28	$3.35	$3.00	100.6%	35.4%	146.1%	33.2%	125.5%	28.0%	0.2%	3.3M	-310.7M	-1.9M	0.88	36.12	186,075	163,600	1,989,950	1,200,400
2020-04-29	$3.41	$3.00	94.1%	33.9%	146.1%	29.5%	125.5%	22.1%	-3.8%	3.9M	-302.9M	-1.9M	1.49	39.53	12,400	18,425	1,930,400	1,265,400
2020-04-30	$3.20	$3.00	97.2%	35.2%	145.3%	31.3%	118.5%	19.6%	-1.6%	2.4M	-244.2M	-1.8M	0.94	42.02	40,650	38,100	1,933,500	1,269,800