CVNA Options History — January 2021

In January 2021, CVNA traded between $9.41 and $11.88. ATM implied volatility averaged 72.6%, placing in the 13.6% IV rank vs the trailing year. The 30-day expected move averaged 19.9%. IV traded above realized volatility by 7.1% (HV 20d: 65.5%). Max pain ranged from $9.20 to $10.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.16.

Notable Days

2021-01-08: Highest Volume — 536,225 contracts
2021-01-27: Largest IV spike — 23.0% change
2021-01-27: Highest IV Rank — 25.8%
2021-01-27: Largest Expected Move — 24.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.76	$9.41	$11.88	$9.41	$10.47
Max Pain	$9.75	$9.20	$10.00	$9.20	$10.00
ATM IV	72.6%	64.6%	100.1%	68.5%	91.0%
Expected Move	19.9%	18.3%	24.4%	19.6%	22.5%
HV 20d	65.5%	59.8%	68.4%	65.5%	66.1%
HV 60d	64.1%	62.5%	65.5%	62.5%	64.7%
IV Rank	13.6%	9.8%	25.8%	13.3%	20.0%
IV Percentile	38.6%	19.4%	85.3%	32.1%	79.8%
Term Structure	1.1%	-5.9%	10.8%	-0.6%	-2.7%
VWIV	70.5%	63.8%	87.2%	68.4%	80.7%
Skew 25d	5.5%	2.7%	12.5%	6.2%	12.5%
Skew 10d	11.2%	-1.1%	23.5%	13.3%	18.5%
Call IV 25d	70.1%	61.1%	96.8%	65.7%	87.2%
Put IV 25d	75.5%	65.8%	100.2%	71.9%	99.8%
Bid-Ask Spread %	45.51	38.07	50.96	38.07	50.96
Gamma HHI	0.09	0.08	0.11	0.10	0.08
Net GEX	6.0M	-2.6M	16.4M	1.9M	-915.7K
Net DEX	-1.11B	-1.95B	-217.7M	-1.09B	-472.7M
Net VEX	-3.5M	-4.2M	-2.9M	-2.9M	-4.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.16	0.46	1.99	1.34	1.82
Total Volume	235,959.211	109,525	536,225	179,375	171,150
Total OI	3,512,196.053	2,451,150	4,637,475	3,915,625	3,243,875

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
2021-01-04	$9.41	$9.20	68.5%	19.6%	65.5%	13.3%	68.4%	6.2%	-0.6%	1.9M	-1.09B	-2.9M	1.34	38.07	76,600	102,775	2,171,825	1,743,800
2021-01-05	$10.10	$9.20	65.2%	19.6%	67.5%	11.4%	67.3%	3.2%	1.7%	7.4M	-1.37B	-3.0M	0.77	45.32	82,800	63,350	2,205,850	1,768,775
2021-01-06	$10.09	$9.20	64.7%	19.3%	62.6%	11.1%	66.7%	4.8%	1.3%	8.5M	-1.38B	-3.0M	1.01	48.59	54,550	54,975	2,237,200	1,788,300
2021-01-07	$10.74	$9.20	64.6%	18.9%	66.4%	10.9%	67.0%	6.5%	0.1%	12.2M	-1.64B	-3.0M	0.69	43.45	114,725	78,675	2,239,825	1,795,725
2021-01-08	$11.13	$9.20	65.7%	19.0%	66.2%	11.4%	68.2%	5.1%	0.2%	16.0M	-1.80B	-2.9M	1.31	45.97	231,825	304,400	2,256,350	1,819,375
2021-01-11	$10.91	$9.20	69.0%	20.1%	66.2%	13.4%	71.1%	6.3%	1.4%	8.5M	-1.61B	-3.3M	1.29	43.71	82,825	107,025	2,287,375	1,993,075
2021-01-12	$11.50	$10.00	68.0%	19.6%	68.4%	12.8%	69.4%	6.0%	-0.3%	13.0M	-1.85B	-3.3M	1.42	45.70	137,675	195,725	2,311,425	2,048,250
2021-01-13	$11.58	$10.00	68.8%	19.5%	66.6%	12.7%	70.4%	5.4%	-1.2%	13.3M	-1.82B	-3.5M	0.88	45.20	93,025	82,225	2,325,950	2,186,525
2021-01-14	$11.88	$10.00	66.6%	19.1%	66.8%	11.4%	69.1%	5.7%	0.2%	16.4M	-1.95B	-3.5M	0.95	46.19	135,550	128,900	2,341,175	2,206,175
2021-01-15	$11.46	$10.00	66.4%	18.9%	68.1%	11.3%	67.9%	2.7%	-1.0%	7.2M	-1.70B	-3.6M	1.33	49.12	99,450	132,025	2,364,225	2,273,250
2021-01-19	$11.08	$10.00	66.7%	19.1%	68.0%	11.5%	67.6%	6.2%	7.9%	3.2M	-670.8M	-3.6M	0.76	39.91	82,000	62,700	1,335,750	1,115,400
2021-01-20	$10.79	$10.00	65.6%	18.8%	68.0%	9.8%	67.1%	5.5%	7.6%	798.5K	-588.8M	-3.6M	0.91	44.04	93,250	84,725	1,381,275	1,145,275
2021-01-21	$10.90	$10.00	67.3%	18.8%	66.3%	10.8%	65.7%	5.4%	9.6%	1.6M	-622.4M	-3.6M	0.46	45.91	98,050	45,225	1,397,400	1,191,450
2021-01-22	$10.92	$10.00	67.9%	18.3%	64.3%	10.3%	63.8%	2.9%	10.8%	3.1M	-645.8M	-3.6M	1.45	48.44	52,300	75,700	1,434,525	1,199,750
2021-01-25	$10.92	$10.00	79.5%	19.9%	59.8%	16.5%	69.9%	6.0%	-5.9%	3.4M	-636.3M	-3.6M	1.56	49.44	102,525	159,650	1,379,900	1,134,050
2021-01-26	$10.48	$10.00	81.3%	20.0%	61.2%	13.9%	68.9%	6.7%	-3.3%	367.2K	-475.9M	-3.8M	0.72	45.76	81,850	58,900	1,441,550	1,252,300
2021-01-27	$9.68	$10.00	100.1%	24.4%	60.3%	25.8%	87.2%	3.4%	-1.4%	-2.6M	-217.7M	-3.7M	1.99	39.22	161,525	321,800	1,468,725	1,281,200
2021-01-28	$10.43	$10.00	92.1%	22.8%	66.1%	20.8%	82.6%	3.1%	-3.5%	620.5K	-482.4M	-4.0M	1.29	49.75	206,275	266,500	1,530,650	1,434,200
2021-01-29	$10.47	$10.00	91.0%	22.5%	66.1%	20.0%	80.7%	12.5%	-2.7%	-915.7K	-472.7M	-4.2M	1.82	50.96	60,625	110,525	1,605,300	1,638,575