CVNA Options History — May 2020

In May 2020, CVNA traded between $3.04 and $4.06. ATM implied volatility averaged 89.3%, placing in the 26.7% IV rank vs the trailing year. The 30-day expected move averaged 25.9%. IV traded below realized volatility by 14.0% (HV 20d: 103.3%). Max pain ranged from $3.00 to $3.80. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.92.

Notable Days

2020-05-08: Highest Volume — 661,650 contracts
2020-05-07: Largest IV drop — 10.1% change
2020-05-04: Highest IV Rank — 35.1%
2020-05-01: Largest Expected Move — 34.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$3.70	$3.04	$4.06	$3.04	$3.70
Max Pain	$3.68	$3.00	$3.80	$3.00	$3.80
ATM IV	89.3%	81.2%	103.9%	100.4%	82.9%
Expected Move	25.9%	23.2%	34.6%	34.6%	23.8%
HV 20d	103.3%	80.0%	142.4%	142.4%	80.0%
HV 60d	187.4%	185.8%	188.8%	186.4%	186.1%
IV Rank	26.7%	22.0%	35.1%	33.1%	23.0%
IV Percentile	77.5%	69.8%	84.9%	84.5%	72.2%
Term Structure	-0.2%	-3.7%	2.7%	1.0%	-2.0%
VWIV	95.6%	77.4%	127.5%	127.5%	84.0%
Skew 25d	18.8%	12.2%	27.9%	23.5%	14.6%
Skew 10d	39.0%	25.9%	59.1%	43.4%	32.3%
Call IV 25d	80.8%	73.8%	90.2%	89.5%	76.7%
Put IV 25d	99.7%	87.7%	116.1%	112.9%	91.3%
Bid-Ask Spread %	32.42	24.21	43.52	43.52	31.24
Gamma HHI	0.10	0.05	0.39	0.07	0.09
Net GEX	2.2M	674.4K	8.0M	1.2M	2.1M
Net DEX	-337.7M	-512.1M	-194.8M	-194.8M	-291.0M
Net VEX	-1.9M	-2.0M	-1.7M	-1.7M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.92	0.33	6.10	1.41	0.33
Total Volume	254,332.5	83,225	661,650	87,975	176,525
Total OI	3,196,788.75	2,813,225	3,690,025	3,234,625	3,060,750

Daily Data (20 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
2020-05-01	$3.04	$3.00	100.4%	34.6%	142.4%	33.1%	127.5%	23.5%	1.0%	1.2M	-194.8M	-1.7M	1.41	43.52	36,450	51,525	1,957,425	1,277,200
2020-05-04	$3.19	$3.60	103.9%	28.6%	140.9%	35.1%	106.8%	27.9%	-0.6%	1.7M	-243.6M	-1.8M	0.73	30.91	123,700	90,500	1,787,400	1,025,825
2020-05-05	$3.44	$3.60	98.0%	28.0%	128.4%	31.7%	98.4%	22.7%	-0.8%	2.5M	-311.4M	-1.8M	0.66	24.21	218,075	144,200	1,813,375	1,040,075
2020-05-06	$3.59	$3.60	100.1%	28.1%	128.5%	32.9%	102.7%	21.1%	-0.8%	3.4M	-365.2M	-1.9M	2.69	31.97	174,850	471,075	1,973,275	1,130,375
2020-05-07	$3.89	$3.60	90.0%	26.3%	130.0%	27.1%	100.0%	26.7%	-0.1%	4.9M	-472.9M	-1.9M	1.85	26.04	163,125	301,500	2,032,175	1,404,000
2020-05-08	$4.00	$3.60	89.7%	26.1%	129.9%	27.0%	92.0%	23.5%	-1.8%	8.0M	-512.1M	-2.0M	0.78	31.05	371,350	290,300	2,042,600	1,510,000
2020-05-11	$4.06	$3.80	89.9%	26.7%	111.1%	27.0%	110.9%	19.8%	1.0%	3.7M	-495.2M	-2.0M	6.10	32.09	46,150	281,500	1,953,625	1,398,450
2020-05-12	$3.75	$3.80	88.7%	25.9%	109.0%	26.4%	102.6%	16.5%	0.8%	2.4M	-363.7M	-2.0M	1.63	39.54	59,300	96,650	1,954,775	1,626,800
2020-05-13	$3.58	$3.80	94.4%	26.7%	90.3%	29.6%	97.7%	17.2%	-2.6%	1.4M	-287.3M	-2.0M	2.49	33.87	60,050	149,625	1,953,225	1,659,100
2020-05-14	$3.60	$3.60	92.6%	27.0%	90.2%	28.6%	97.3%	16.0%	2.7%	2.1M	-292.7M	-2.0M	2.81	35.98	67,575	189,650	1,978,400	1,687,675
2020-05-15	$3.71	$3.60	88.3%	24.5%	85.6%	26.1%	101.4%	17.6%	-3.7%	1.9M	-364.8M	-2.0M	1.00	42.88	146,275	146,175	1,995,050	1,694,975
2020-05-18	$3.94	$3.60	86.4%	24.5%	87.4%	25.0%	81.1%	14.1%	1.8%	1.2M	-359.6M	-2.0M	2.71	25.06	33,525	90,725	1,587,950	1,234,475
2020-05-19	$3.58	$3.80	85.7%	24.5%	92.7%	24.6%	91.9%	16.9%	2.3%	837.1K	-262.0M	-2.0M	2.06	33.26	83,975	172,900	1,593,100	1,286,550
2020-05-20	$3.64	$3.80	83.0%	23.8%	91.4%	23.1%	96.4%	16.9%	-0.2%	674.4K	-272.7M	-2.0M	1.56	29.51	57,475	89,650	1,624,125	1,396,025
2020-05-21	$3.81	$3.80	83.1%	23.7%	89.2%	23.2%	79.1%	18.1%	2.5%	1.2M	-326.0M	-2.0M	0.57	27.63	54,175	30,825	1,645,775	1,414,525
2020-05-22	$3.85	$3.80	83.2%	23.9%	87.1%	23.2%	77.4%	16.4%	0.6%	852.2K	-339.7M	-2.0M	0.38	29.14	146,625	55,450	1,665,700	1,422,400
2020-05-26	$3.98	$3.80	82.6%	24.0%	86.3%	22.9%	83.2%	21.2%	-1.1%	1.2M	-369.3M	-2.0M	2.23	34.71	40,475	90,300	1,635,775	1,379,600
2020-05-27	$3.85	$3.80	81.2%	23.9%	82.7%	22.0%	96.0%	12.2%	-0.0%	1.0M	-326.0M	-2.0M	4.79	32.93	34,775	166,425	1,649,050	1,431,000
2020-05-28	$3.75	$3.80	82.8%	23.2%	83.4%	23.0%	84.8%	13.7%	-2.0%	1.2M	-303.7M	-1.9M	1.55	32.80	32,650	50,575	1,647,825	1,365,350
2020-05-29	$3.70	$3.80	82.9%	23.8%	80.0%	23.0%	84.0%	14.6%	-2.0%	2.1M	-291.0M	-1.9M	0.33	31.24	132,400	44,125	1,663,050	1,397,700