CVNA Options History — March 2022

In March 2022, CVNA traded between $4.18 and $5.90. ATM implied volatility averaged 90.3%, placing in the 71.1% IV rank vs the trailing year. The 30-day expected move averaged 27.6%. IV traded below realized volatility by 36.3% (HV 20d: 126.6%). Max pain ranged from $6.40 to $7.20. Net GEX was positive for 12 of 23 trading days. Term structure was in contango for 7 of 23 days. Put/call ratio averaged 1.10.

Notable Days

2022-03-04: Highest Volume — 1,500,000 contracts
2022-03-04: Largest IV spike — 18.4% change
2022-03-08: Highest IV Rank — 91.4%
2022-03-07: Largest Expected Move — 34.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$5.05	$4.18	$5.90	$5.77	$4.82
Max Pain	$6.81	$6.40	$7.20	$7.20	$6.40
ATM IV	90.3%	74.1%	106.0%	93.8%	85.5%
Expected Move	27.6%	23.5%	34.6%	28.1%	25.9%
HV 20d	126.6%	109.6%	138.6%	109.6%	122.3%
HV 60d	109.1%	101.7%	114.6%	101.7%	114.0%
IV Rank	71.1%	50.0%	91.4%	75.6%	64.9%
IV Percentile	87.9%	79.4%	96.8%	90.5%	84.9%
Term Structure	0.9%	-3.8%	15.5%	-1.1%	10.5%
VWIV	98.6%	79.4%	126.6%	101.0%	86.6%
Skew 25d	13.3%	9.1%	20.3%	10.6%	12.7%
Skew 10d	25.8%	17.7%	34.7%	23.2%	25.2%
Call IV 25d	85.4%	72.9%	98.9%	90.4%	78.5%
Put IV 25d	98.8%	82.4%	117.4%	101.1%	91.2%
Bid-Ask Spread %	31.33	14.17	43.11	14.17	41.67
Gamma HHI	0.07	0.04	0.28	0.08	0.05
Net GEX	1.1M	-5.5M	14.4M	4.9M	-5.5M
Net DEX	424.0M	-84.4M	744.5M	465.7M	230.5M
Net VEX	-1.6M	-2.2M	-1.3M	-2.2M	-1.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.10	0.32	1.96	0.47	1.12
Total Volume	741,559.783	405,500	1,500,000	838,650	484,900
Total OI	5,756,146.739	3,113,575	7,834,125	6,158,325	3,730,475

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
2022-03-01	$5.77	$7.20	93.8%	28.1%	109.6%	75.6%	101.0%	10.6%	-1.1%	4.9M	465.7M	-2.2M	0.47	14.17	571,600	267,050	3,810,975	2,347,350
2022-03-02	$5.52	$7.20	80.9%	23.5%	109.7%	58.8%	79.4%	13.9%	-1.1%	1.6M	658.8M	-1.7M	0.32	25.25	736,975	234,150	3,913,875	2,394,275
2022-03-03	$4.91	$7.00	83.8%	24.9%	115.8%	62.6%	88.9%	9.6%	-0.7%	-222.1K	712.5M	-1.5M	0.67	26.66	552,700	370,475	4,284,550	2,449,750
2022-03-04	$4.20	$7.00	99.2%	31.8%	124.5%	82.6%	111.1%	13.6%	-1.7%	-2.2M	744.5M	-1.3M	0.73	18.51	867,275	632,725	4,446,000	2,517,100
2022-03-07	$4.18	$7.00	105.5%	34.6%	123.4%	90.9%	126.6%	20.3%	-3.8%	-1.1M	694.1M	-1.3M	1.55	14.81	219,325	339,850	4,566,875	2,450,425
2022-03-08	$4.22	$7.00	106.0%	34.1%	123.6%	91.4%	123.0%	18.9%	-2.8%	-1.9M	709.1M	-1.3M	1.03	18.09	366,400	377,125	4,614,050	2,565,450
2022-03-09	$4.67	$7.00	100.7%	32.4%	128.4%	84.6%	118.8%	19.5%	-0.8%	1.5M	656.0M	-1.6M	0.60	19.28	709,100	423,975	4,710,975	2,644,675
2022-03-10	$4.55	$7.00	101.4%	32.6%	125.6%	85.5%	119.6%	15.5%	-1.6%	-369.6K	694.3M	-1.5M	1.01	18.32	264,950	267,775	4,630,300	2,807,025
2022-03-11	$4.56	$7.00	98.7%	31.4%	125.0%	82.0%	115.8%	16.4%	-2.4%	-1.9M	691.2M	-1.5M	0.95	19.31	211,125	199,775	4,684,825	2,825,600
2022-03-14	$4.22	$6.80	104.8%	29.1%	124.1%	89.9%	102.5%	15.6%	-2.1%	-2.0M	695.7M	-1.3M	1.16	35.43	219,800	254,950	4,491,675	2,580,750
2022-03-15	$4.83	$6.80	102.0%	28.4%	135.0%	86.3%	102.2%	14.8%	-0.9%	44.0K	671.8M	-1.5M	1.61	36.70	206,775	333,450	4,570,425	2,670,525
2022-03-16	$5.13	$6.80	90.8%	26.2%	137.1%	71.8%	91.6%	11.9%	0.3%	1.7M	644.1M	-1.6M	1.16	33.88	328,750	382,625	4,610,150	2,822,450
2022-03-17	$5.37	$6.80	86.5%	25.5%	137.9%	66.1%	91.6%	11.7%	0.1%	4.4M	600.8M	-1.7M	0.93	34.88	363,575	339,575	4,696,450	2,925,200
2022-03-18	$5.63	$6.80	87.5%	25.5%	138.6%	67.4%	98.2%	9.1%	-0.2%	14.4M	515.7M	-1.8M	0.68	38.91	680,025	463,850	4,778,650	3,055,475
2022-03-21	$5.45	$6.80	86.2%	25.6%	137.8%	65.7%	89.3%	13.3%	-1.1%	1.7M	21.2M	-1.8M	0.83	40.82	486,725	401,675	1,566,250	1,547,325
2022-03-22	$5.66	$6.80	82.6%	25.2%	136.1%	61.1%	87.6%	10.7%	-1.2%	4.4M	-34.6M	-1.9M	1.38	36.37	246,975	341,075	1,842,300	1,695,500
2022-03-23	$5.68	$6.80	81.3%	25.2%	134.5%	59.4%	88.8%	13.6%	-0.9%	4.0M	-25.5M	-1.9M	1.77	41.92	249,500	442,425	1,878,325	1,794,225
2022-03-24	$5.90	$6.60	77.8%	24.2%	131.7%	54.9%	86.8%	11.8%	0.5%	7.8M	-84.4M	-2.0M	1.96	40.36	200,700	392,725	1,921,725	1,911,725
2022-03-25	$5.11	$6.60	84.7%	25.8%	120.0%	63.8%	90.3%	13.2%	-2.4%	-4.1M	175.5M	-1.7M	0.86	39.43	616,325	530,925	1,952,575	2,053,250
2022-03-28	$5.11	$6.40	81.1%	25.3%	119.8%	59.1%	93.4%	10.6%	9.0%	-1.3M	137.3M	-1.7M	1.87	41.96	210,000	393,100	1,622,475	1,761,525
2022-03-29	$5.58	$6.40	74.1%	24.1%	124.0%	50.0%	88.1%	9.5%	15.5%	2.8M	8.2M	-1.9M	1.11	40.75	222,000	245,600	1,688,300	1,876,550
2022-03-30	$5.05	$6.40	81.8%	25.1%	128.1%	60.0%	86.8%	9.6%	10.0%	-3.4M	168.6M	-1.7M	1.42	43.11	167,675	237,825	1,735,175	1,947,850
2022-03-31	$4.82	$6.40	85.5%	25.9%	122.3%	64.9%	86.6%	12.7%	10.5%	-5.5M	230.5M	-1.6M	1.12	41.67	228,275	256,625	1,760,075	1,970,400