CVNA Options History — March 2021

In March 2021, CVNA traded between $9.71 and $12.71. ATM implied volatility averaged 66.4%, placing in the 4.6% IV rank vs the trailing year. The 30-day expected move averaged 18.7%. IV traded below realized volatility by 16.2% (HV 20d: 82.6%). Max pain ranged from $10.50 to $11.20. Net GEX was positive for 11 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 1.48.

Notable Days

2021-03-03: Highest Volume — 257,000 contracts
2021-03-03: Largest IV spike — 11.5% change
2021-03-05: Highest IV Rank — 9.9%
2021-03-03: Largest Expected Move — 21.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.86	$9.71	$12.71	$12.32	$10.56
Max Pain	$11.04	$10.50	$11.20	$10.80	$10.50
ATM IV	66.4%	59.0%	75.0%	65.0%	62.6%
Expected Move	18.7%	16.5%	21.2%	18.6%	16.5%
HV 20d	82.6%	65.2%	93.6%	65.2%	70.4%
HV 60d	69.4%	64.0%	71.7%	68.4%	69.3%
IV Rank	4.6%	0.0%	9.9%	3.5%	3.1%
IV Percentile	19.4%	0.0%	38.9%	17.1%	7.5%
Term Structure	-0.1%	-4.5%	6.9%	-2.4%	6.6%
VWIV	65.4%	57.2%	75.8%	65.1%	57.2%
Skew 25d	3.1%	-1.2%	6.7%	2.7%	3.7%
Skew 10d	7.9%	-2.4%	13.9%	13.9%	0.3%
Call IV 25d	64.1%	55.9%	75.6%	63.8%	58.5%
Put IV 25d	67.3%	58.6%	78.8%	66.5%	62.2%
Bid-Ask Spread %	51.26	38.87	60.95	43.03	49.45
Gamma HHI	0.14	0.06	0.31	0.09	0.09
Net GEX	-427.1K	-9.3M	7.6M	4.2M	3.8M
Net DEX	-491.1M	-996.5M	-74.5M	-883.1M	-491.0M
Net VEX	-3.2M	-3.6M	-2.8M	-3.4M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.48	0.41	3.82	0.76	0.84
Total Volume	148,597.826	68,075	257,000	162,775	70,725
Total OI	2,593,096.739	2,302,225	2,981,350	2,442,625	2,420,325

Daily Data (23 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
2021-03-01	$12.32	$10.80	65.0%	18.6%	65.2%	3.5%	65.1%	2.7%	-2.4%	4.2M	-883.1M	-3.4M	0.76	43.03	92,300	70,475	1,216,700	1,225,925
2021-03-02	$12.71	$10.80	65.0%	18.3%	65.7%	3.5%	64.0%	3.3%	-2.6%	6.4M	-996.5M	-3.3M	1.18	43.73	96,900	114,100	1,252,850	1,253,375
2021-03-03	$11.52	$10.80	72.5%	21.2%	73.0%	8.2%	73.7%	5.3%	0.1%	-906.4K	-611.0M	-3.5M	1.95	49.46	87,100	169,900	1,262,450	1,296,650
2021-03-04	$10.82	$11.20	74.2%	20.2%	76.3%	9.4%	70.5%	3.6%	-1.8%	-5.1M	-381.7M	-3.6M	1.64	54.88	73,225	119,975	1,264,850	1,340,775
2021-03-05	$10.39	$11.20	75.0%	20.5%	77.5%	9.9%	74.0%	3.2%	-4.5%	-6.0M	-249.8M	-3.5M	1.27	46.54	111,300	141,525	1,290,475	1,354,425
2021-03-08	$9.71	$11.20	73.6%	20.3%	80.4%	9.0%	75.8%	6.7%	1.8%	-7.6M	-74.5M	-3.4M	1.81	53.26	88,200	159,775	1,231,450	1,332,400
2021-03-09	$10.42	$11.20	71.4%	19.7%	85.2%	7.5%	69.9%	-0.2%	-0.8%	-7.2M	-286.5M	-3.4M	0.85	38.87	42,250	35,900	1,241,400	1,439,875
2021-03-10	$10.42	$11.20	70.4%	19.1%	84.5%	6.9%	68.0%	-0.4%	-3.7%	-6.8M	-301.0M	-3.4M	0.87	49.48	43,425	37,675	1,260,425	1,440,350
2021-03-11	$11.09	$11.20	70.0%	19.4%	87.9%	6.6%	68.4%	1.4%	-2.4%	-3.2M	-526.1M	-3.4M	1.27	50.56	47,975	60,725	1,274,225	1,450,325
2021-03-12	$11.51	$11.20	68.3%	18.9%	89.1%	5.6%	67.1%	6.4%	-4.0%	3.2M	-679.2M	-3.3M	1.37	53.64	67,950	92,850	1,286,100	1,483,300
2021-03-15	$11.38	$11.20	67.5%	19.3%	89.1%	5.1%	68.4%	2.3%	-0.2%	1.9M	-648.8M	-3.2M	0.46	49.53	142,075	64,950	1,238,700	1,411,025
2021-03-16	$11.39	$11.20	64.9%	18.6%	89.0%	3.4%	63.9%	1.8%	0.5%	4.4M	-677.0M	-3.2M	0.41	57.40	82,200	33,650	1,344,600	1,431,625
2021-03-17	$11.43	$11.20	64.3%	18.4%	89.0%	3.0%	64.4%	3.6%	0.6%	7.6M	-713.7M	-3.2M	0.92	60.95	58,275	53,825	1,395,600	1,435,300
2021-03-18	$10.52	$11.20	65.1%	18.6%	93.6%	3.6%	65.6%	3.5%	0.5%	-9.3M	-408.1M	-3.2M	1.38	58.62	64,600	88,950	1,453,975	1,487,800
2021-03-19	$10.81	$11.20	63.3%	18.2%	93.2%	2.6%	63.1%	3.0%	0.0%	3.7M	-514.5M	-3.2M	1.39	59.48	59,275	82,100	1,467,850	1,513,500
2021-03-22	$10.98	$11.20	59.0%	17.0%	87.7%	0.0%	59.2%	2.9%	-0.3%	6.1M	-567.9M	-3.0M	3.82	47.12	41,950	160,425	1,317,325	984,900
2021-03-23	$10.95	$11.20	60.5%	17.1%	87.7%	1.0%	58.0%	2.7%	-4.4%	4.1M	-551.1M	-3.0M	1.23	51.03	30,500	37,575	1,322,800	1,102,225
2021-03-24	$10.12	$11.20	59.6%	17.2%	91.8%	0.4%	57.5%	3.8%	1.5%	-2.6M	-306.9M	-3.0M	1.59	57.70	42,850	68,250	1,327,950	1,120,125
2021-03-25	$10.24	$10.80	62.8%	18.1%	87.8%	2.6%	62.6%	4.0%	0.2%	-2.2M	-352.0M	-3.0M	3.10	48.42	47,850	148,150	1,349,975	1,142,700
2021-03-26	$10.22	$10.80	64.8%	18.6%	82.0%	4.0%	63.7%	4.2%	1.2%	-3.1M	-364.2M	-3.0M	2.43	51.67	27,900	67,750	1,348,075	1,120,400
2021-03-29	$9.93	$10.80	63.5%	17.8%	76.6%	3.1%	65.7%	-1.2%	6.9%	-1.9M	-309.5M	-2.8M	2.60	50.58	25,650	66,800	1,286,050	1,048,625
2021-03-30	$10.24	$10.60	63.3%	17.6%	76.5%	3.1%	58.9%	5.8%	3.6%	751.8K	-401.1M	-2.8M	0.97	53.63	49,775	48,175	1,295,275	1,076,175
2021-03-31	$10.56	$10.50	62.6%	16.5%	70.4%	3.1%	57.2%	3.7%	6.6%	3.8M	-491.0M	-2.9M	0.84	49.45	38,425	32,300	1,310,750	1,109,575