CVNA Options History — December 2021

In December 2021, CVNA traded between $8.01 and $10.81. ATM implied volatility averaged 54.7%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 15.2%. IV traded below realized volatility by 3.9% (HV 20d: 58.6%). Max pain ranged from $10.00 to $11.20. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 1.06.

Notable Days

2021-12-09: Highest Volume — 1,787,875 contracts
2021-12-03: Largest IV spike — 24.2% change
2021-12-16: Highest IV Rank — 62.8%
2021-12-16: Largest Expected Move — 21.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.72	$8.01	$10.81	$10.81	$9.31
Max Pain	$10.38	$10.00	$11.20	$11.20	$10.00
ATM IV	54.7%	44.3%	76.1%	47.1%	52.7%
Expected Move	15.2%	12.7%	21.2%	13.9%	13.9%
HV 20d	58.6%	30.6%	88.6%	31.8%	88.5%
HV 60d	40.4%	26.7%	55.1%	27.5%	55.1%
IV Rank	29.7%	13.6%	62.8%	17.9%	26.5%
IV Percentile	48.8%	20.6%	90.9%	29.8%	46.0%
Term Structure	-0.4%	-7.7%	2.7%	1.6%	-1.2%
VWIV	56.5%	48.0%	78.4%	50.6%	48.0%
Skew 25d	10.6%	6.0%	20.6%	7.9%	10.7%
Skew 10d	21.7%	6.2%	35.8%	14.9%	17.4%
Call IV 25d	50.3%	40.1%	70.3%	43.5%	46.6%
Put IV 25d	60.9%	49.6%	89.3%	51.4%	57.3%
Bid-Ask Spread %	50.43	39.74	66.43	66.43	56.19
Gamma HHI	0.14	0.09	0.28	0.16	0.13
Net GEX	-24.3M	-66.3M	12.1M	-45.5M	4.8M
Net DEX	546.6M	-150.4M	1.82B	535.2M	36.9M
Net VEX	-3.6M	-5.0M	-2.9M	-3.2M	-3.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.06	0.38	2.50	1.16	0.88
Total Volume	609,438.636	325,400	1,787,875	466,150	337,700
Total OI	5,244,857.955	3,966,100	7,660,275	4,573,050	4,810,400

Daily Data (22 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
2021-12-01	$10.81	$11.20	47.1%	13.9%	31.8%	17.9%	50.6%	7.9%	1.6%	-45.5M	535.2M	-3.2M	1.16	66.43	215,725	250,425	1,360,925	3,212,125
2021-12-02	$10.62	$11.20	46.3%	13.0%	31.9%	16.6%	48.2%	6.2%	1.5%	-50.9M	644.3M	-3.2M	1.16	60.21	152,400	176,900	1,461,425	3,296,550
2021-12-03	$10.36	$11.20	57.4%	15.7%	32.5%	33.9%	56.7%	20.6%	1.8%	-66.3M	872.9M	-3.1M	0.74	66.34	400,675	297,450	1,491,975	3,306,350
2021-12-06	$10.56	$10.40	52.0%	15.0%	33.8%	25.5%	53.7%	9.5%	1.0%	-49.6M	639.8M	-3.1M	0.51	48.25	235,175	120,525	1,363,600	3,305,525
2021-12-07	$10.54	$10.40	48.3%	13.8%	33.3%	19.7%	49.3%	10.7%	2.1%	-52.6M	664.3M	-2.9M	1.08	47.82	207,900	224,075	1,453,950	3,324,950
2021-12-08	$10.69	$10.40	47.4%	12.9%	33.6%	18.4%	55.0%	6.8%	1.6%	-56.7M	521.5M	-3.1M	0.94	49.13	167,775	157,625	1,539,175	3,438,150
2021-12-09	$10.74	$10.40	45.1%	13.1%	32.3%	14.8%	50.0%	10.1%	-0.5%	-54.7M	507.2M	-3.0M	1.06	52.25	869,075	918,800	1,568,400	3,488,025
2021-12-10	$10.76	$10.40	44.3%	12.7%	32.3%	13.6%	51.1%	10.3%	2.7%	-45.1M	405.4M	-5.0M	1.47	51.11	136,975	201,650	2,373,125	4,303,900
2021-12-13	$10.60	$10.40	45.8%	13.0%	30.6%	15.9%	50.0%	9.5%	-0.6%	-55.8M	482.7M	-4.5M	0.58	49.03	344,475	200,775	2,116,900	4,091,450
2021-12-14	$9.71	$10.40	52.0%	15.0%	41.6%	25.5%	55.8%	11.2%	0.7%	-39.6M	1.26B	-4.0M	0.38	45.65	891,775	340,350	2,359,275	4,143,725
2021-12-15	$9.01	$10.40	64.2%	16.4%	46.8%	44.4%	68.5%	16.9%	-7.7%	-20.0M	1.57B	-3.5M	2.50	52.53	247,275	617,775	3,030,100	4,230,375
2021-12-16	$8.01	$10.40	76.1%	21.2%	59.2%	62.8%	78.4%	19.8%	-4.8%	-23.6M	1.82B	-3.2M	1.75	47.28	370,350	649,875	3,119,275	4,386,100
2021-12-17	$8.88	$10.40	71.7%	19.4%	73.3%	56.0%	76.1%	7.4%	-7.3%	-12.0M	1.38B	-3.8M	1.44	48.79	366,125	525,700	3,326,500	4,333,775
2021-12-20	$8.23	$10.40	71.8%	20.4%	75.8%	56.2%	75.0%	14.9%	-2.5%	-7.0M	423.2M	-3.3M	1.40	42.07	202,025	282,700	1,759,350	2,206,750
2021-12-21	$9.01	$10.40	57.4%	16.4%	84.8%	33.9%	58.6%	10.1%	-0.6%	-2.4M	214.7M	-3.6M	0.87	43.18	352,875	306,900	1,840,950	2,308,700
2021-12-22	$9.46	$10.00	57.6%	16.5%	87.5%	34.1%	60.7%	8.6%	-1.4%	4.7M	-71.5M	-4.2M	0.86	40.82	253,850	218,975	2,020,475	2,392,975
2021-12-23	$9.65	$10.00	53.8%	15.4%	87.2%	28.4%	54.8%	8.5%	0.4%	9.6M	-150.4M	-4.0M	0.97	39.74	257,550	249,300	2,096,800	2,397,500
2021-12-27	$9.28	$10.00	55.3%	15.4%	87.6%	30.6%	51.5%	8.8%	0.7%	5.1M	51.2M	-3.8M	1.07	47.41	176,525	188,025	2,035,200	2,301,150
2021-12-28	$9.38	$10.00	52.9%	14.5%	87.9%	26.9%	51.4%	6.5%	2.0%	7.3M	-7.6M	-3.8M	0.82	51.75	244,300	201,275	2,096,450	2,343,200
2021-12-29	$9.01	$10.00	52.3%	14.5%	88.2%	26.0%	52.0%	12.1%	0.3%	2.9M	208.9M	-3.5M	0.98	51.58	238,925	232,975	2,236,350	2,384,950
2021-12-30	$9.33	$10.00	52.0%	13.6%	88.6%	25.5%	48.2%	6.0%	1.3%	12.1M	23.9M	-3.6M	0.78	51.98	211,575	164,550	2,311,425	2,418,625
2021-12-31	$9.31	$10.00	52.7%	13.9%	88.5%	26.5%	48.0%	10.7%	-1.2%	4.8M	36.9M	-3.6M	0.88	56.19	179,300	158,400	2,376,125	2,434,275