CVNA Options History — January 2024

In January 2024, CVNA traded between $1.65 and $1.94. ATM implied volatility averaged 94.5%, placing in the 5.9% IV rank vs the trailing year. The 30-day expected move averaged 24.7%. IV traded above realized volatility by 16.3% (HV 20d: 78.2%). Max pain ranged from $1.50 to $1.80. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.49.

Notable Days

2024-01-02: Highest Volume — 3,364,525 contracts
2024-01-22: Largest IV spike — 16.7% change
2024-01-31: Highest IV Rank — 15.5%
2024-01-22: Largest Expected Move — 26.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$1.80	$1.65	$1.94	$1.93	$1.73
Max Pain	$1.76	$1.50	$1.80	$1.50	$1.70
ATM IV	94.5%	83.5%	112.3%	88.4%	112.3%
Expected Move	24.7%	23.1%	26.6%	24.3%	24.3%
HV 20d	78.2%	56.3%	107.4%	107.4%	60.7%
HV 60d	93.7%	88.7%	96.6%	96.6%	88.7%
IV Rank	5.9%	0.0%	15.5%	2.7%	15.5%
IV Percentile	14.5%	0.0%	40.5%	2.8%	40.5%
Term Structure	2.6%	-4.8%	15.9%	2.5%	-4.8%
VWIV	89.9%	85.4%	99.1%	91.2%	86.2%
Skew 25d	1.8%	-0.7%	6.0%	0.0%	1.8%
Skew 10d	6.7%	2.5%	14.6%	5.6%	2.5%
Call IV 25d	95.1%	80.5%	113.0%	91.4%	113.0%
Put IV 25d	96.9%	85.3%	114.7%	91.5%	114.7%
Bid-Ask Spread %	11.52	5.84	19.88	11.02	11.67
Gamma HHI	0.06	0.05	0.08	0.06	0.07
Net GEX	3.9M	-2.0M	10.2M	4.3M	6.7M
Net DEX	-275.2M	-447.0M	-63.8M	-416.3M	-206.7M
Net VEX	-1.9M	-2.2M	-1.6M	-2.2M	-1.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.19	1.16	0.39	0.48
Total Volume	1,973,390.476	871,975	3,364,525	3,364,525	1,689,825
Total OI	18,910,345.238	12,712,550	23,203,350	21,124,625	14,041,175

Daily Data (21 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
2024-01-02	$1.93	$1.50	88.4%	24.3%	107.4%	2.7%	91.2%	0.0%	2.5%	4.3M	-416.3M	-2.2M	0.39	11.02	2,428,325	936,200	10,719,925	10,404,700
2024-01-03	$1.88	$1.56	90.4%	24.9%	98.9%	3.7%	93.2%	1.0%	4.4%	3.8M	-357.8M	-2.2M	0.63	12.08	1,740,700	1,090,500	11,711,450	10,758,900
2024-01-04	$1.88	$1.80	88.4%	26.5%	97.4%	2.6%	95.1%	-0.7%	1.7%	4.5M	-367.3M	-2.2M	1.13	11.90	648,175	735,200	12,039,500	10,880,350
2024-01-05	$1.88	$1.80	85.6%	25.4%	95.8%	1.1%	89.9%	1.0%	1.4%	2.9M	-358.9M	-2.2M	0.40	12.23	2,038,550	816,075	12,159,275	11,044,075
2024-01-08	$1.93	$1.80	86.1%	25.0%	95.9%	1.4%	91.8%	1.6%	0.8%	7.4M	-447.0M	-2.1M	0.36	6.93	1,084,150	387,450	10,930,100	10,516,275
2024-01-09	$1.89	$1.80	86.3%	25.5%	94.2%	1.5%	91.3%	-0.1%	2.3%	5.7M	-390.9M	-2.1M	0.31	13.58	1,005,100	307,175	11,139,150	10,697,875
2024-01-10	$1.86	$1.80	86.7%	25.0%	94.5%	1.7%	87.7%	1.5%	0.4%	4.6M	-349.5M	-2.0M	0.56	8.13	894,700	505,400	11,344,350	10,771,075
2024-01-11	$1.81	$1.80	85.3%	24.8%	94.9%	1.0%	88.4%	1.4%	2.0%	2.1M	-288.4M	-1.9M	0.50	12.97	1,132,900	566,375	11,613,525	10,778,400
2024-01-12	$1.72	$1.80	84.7%	24.5%	85.2%	0.6%	89.6%	2.4%	1.2%	-2.0M	-172.4M	-1.8M	1.16	17.08	1,171,475	1,354,175	11,803,925	10,768,900
2024-01-16	$1.67	$1.80	84.5%	24.3%	71.0%	0.6%	86.2%	5.1%	13.4%	-880.6K	-147.4M	-1.6M	0.34	16.61	1,716,675	583,950	10,545,600	10,497,475
2024-01-17	$1.68	$1.80	84.3%	24.2%	71.0%	0.4%	85.4%	6.0%	11.8%	596.7K	-170.6M	-1.6M	0.67	19.88	525,025	353,125	10,980,500	10,580,200
2024-01-18	$1.72	$1.80	83.5%	23.1%	64.9%	0.0%	86.6%	4.8%	15.9%	2.6M	-246.8M	-1.7M	0.86	18.01	810,500	701,050	11,256,200	10,542,475
2024-01-19	$1.80	$1.80	89.6%	24.4%	56.3%	3.3%	99.1%	2.7%	13.8%	6.2M	-366.6M	-1.8M	0.33	16.03	2,502,850	813,750	11,652,625	10,932,600
2024-01-22	$1.94	$1.80	104.5%	26.6%	60.6%	11.3%	97.6%	-0.4%	-1.4%	10.2M	-421.5M	-1.9M	0.34	6.56	2,409,725	818,675	6,836,100	5,876,450
2024-01-23	$1.84	$1.80	101.6%	24.5%	61.8%	9.7%	88.8%	0.6%	0.7%	7.4M	-273.0M	-1.8M	0.29	6.81	1,400,000	402,775	7,155,850	6,082,950
2024-01-24	$1.71	$1.80	105.7%	25.2%	64.7%	11.9%	90.8%	2.4%	-1.8%	2.7M	-137.5M	-1.7M	0.58	5.84	552,325	319,650	7,780,375	6,284,475
2024-01-25	$1.65	$1.80	104.3%	24.4%	64.8%	11.2%	90.3%	2.8%	2.2%	-1.3M	-63.8M	-1.7M	0.25	7.06	1,743,175	430,925	7,810,300	6,327,500
2024-01-26	$1.67	$1.80	110.6%	24.1%	65.0%	14.6%	86.0%	3.8%	-4.4%	694.7K	-107.9M	-1.6M	0.32	9.91	1,149,850	372,675	8,280,575	6,370,725
2024-01-29	$1.77	$1.70	111.1%	23.9%	68.9%	14.8%	87.4%	-0.3%	-3.7%	6.0M	-238.2M	-1.7M	0.19	7.65	2,029,325	386,325	7,419,675	5,874,850
2024-01-30	$1.77	$1.70	110.3%	24.0%	68.2%	14.4%	86.0%	1.4%	-3.6%	8.2M	-251.6M	-1.7M	0.28	10.04	690,475	195,925	7,885,425	6,021,400
2024-01-31	$1.73	$1.70	112.3%	24.3%	60.7%	15.5%	86.2%	1.8%	-4.8%	6.7M	-206.7M	-1.7M	0.48	11.67	1,139,150	550,675	7,963,900	6,077,275