CVNA Options History — March 2025

In March 2025, CVNA traded between $6.59 and $8.84. ATM implied volatility averaged 74.7%, placing in the 50.4% IV rank vs the trailing year. The 30-day expected move averaged 24.3%. IV traded below realized volatility by 18.3% (HV 20d: 93.0%). Max pain ranged from $7.60 to $8.80. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 1.00.

Notable Days

2025-03-07: Highest Volume — 4,665,400 contracts
2025-03-06: Largest IV spike — 13.8% change
2025-03-10: Highest IV Rank — 76.6%
2025-03-10: Largest Expected Move — 31.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$7.75	$6.59	$8.84	$8.74	$8.37
Max Pain	$8.04	$7.60	$8.80	$8.80	$8.00
ATM IV	74.7%	62.7%	92.0%	62.7%	87.2%
Expected Move	24.3%	18.9%	31.8%	18.9%	24.9%
HV 20d	93.0%	71.0%	106.2%	72.3%	104.6%
HV 60d	74.2%	63.7%	82.4%	63.7%	82.0%
IV Rank	50.4%	32.2%	76.6%	32.2%	69.4%
IV Percentile	59.4%	34.5%	83.3%	34.5%	82.1%
Term Structure	3.1%	-4.3%	16.8%	1.2%	-1.5%
VWIV	86.1%	66.1%	112.4%	66.1%	87.7%
Skew 25d	10.2%	7.2%	14.9%	7.2%	10.0%
Skew 10d	22.4%	10.4%	45.1%	18.0%	20.0%
Call IV 25d	69.8%	60.8%	85.9%	60.8%	85.9%
Put IV 25d	80.0%	68.0%	97.5%	68.0%	95.9%
Bid-Ask Spread %	25.24	15.38	34.43	28.31	24.71
Gamma HHI	0.10	0.04	0.26	0.07	0.05
Net GEX	-15.0M	-45.0M	23.1M	-6.9M	17.0M
Net DEX	178.6M	-998.2M	1.23B	-41.6M	-610.2M
Net VEX	-5.6M	-6.9M	-4.6M	-5.3M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.00	0.41	2.41	0.41	0.47
Total Volume	2,000,389.286	556,775	4,665,400	1,547,225	1,826,200
Total OI	9,803,708.333	8,134,475	11,788,550	8,134,475	9,359,800

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
2025-03-03	$8.74	$8.80	62.7%	18.9%	72.3%	32.2%	66.1%	7.2%	1.2%	-6.9M	-41.6M	-5.3M	0.41	28.31	1,093,525	453,700	3,770,050	4,364,425
2025-03-04	$8.72	$8.80	66.7%	20.6%	72.0%	38.2%	77.8%	11.2%	-1.3%	-3.0M	-70.0M	-5.6M	0.69	26.07	2,186,000	1,505,175	4,191,800	4,491,800
2025-03-05	$8.60	$8.80	69.1%	21.0%	71.0%	41.9%	77.3%	9.5%	-0.1%	308.3K	-89.5M	-5.4M	0.41	25.73	1,013,725	418,250	4,059,475	4,739,675
2025-03-06	$7.56	$8.80	78.7%	24.4%	82.6%	56.5%	87.1%	11.8%	0.8%	-24.9M	679.1M	-5.1M	0.85	27.78	1,244,050	1,051,475	4,480,750	4,835,575
2025-03-07	$7.53	$8.40	82.5%	25.9%	81.8%	62.2%	94.9%	8.7%	-1.1%	-29.2M	625.2M	-5.3M	1.51	24.91	1,858,925	2,806,475	4,580,675	4,910,125
2025-03-10	$6.85	$8.10	92.0%	31.8%	85.8%	76.6%	112.4%	14.9%	-0.7%	-25.6M	929.9M	-5.2M	0.63	26.77	1,181,325	744,400	3,883,100	5,525,825
2025-03-11	$6.90	$8.00	83.9%	28.7%	85.1%	64.4%	102.0%	13.6%	2.1%	-29.4M	919.3M	-5.2M	0.64	34.43	1,121,425	714,350	4,087,275	5,692,400
2025-03-12	$7.14	$8.00	78.6%	26.9%	87.0%	56.2%	93.2%	10.8%	0.0%	-31.9M	773.8M	-5.6M	0.93	33.01	417,650	390,400	4,789,125	6,040,850
2025-03-13	$6.59	$8.00	77.9%	27.0%	89.3%	55.3%	95.0%	11.9%	-1.5%	-35.5M	1.23B	-4.9M	1.25	31.16	564,300	702,650	4,903,250	6,076,600
2025-03-14	$7.19	$7.80	71.1%	22.8%	96.7%	44.9%	79.2%	11.4%	-4.3%	-34.5M	640.9M	-5.3M	1.16	26.20	558,625	648,100	5,068,100	6,048,025
2025-03-17	$7.55	$7.80	69.3%	22.9%	96.3%	42.1%	82.1%	9.6%	-1.6%	-34.0M	285.8M	-5.3M	0.90	26.17	293,675	263,100	4,448,225	5,780,750
2025-03-18	$6.72	$7.80	76.4%	24.4%	101.9%	53.0%	85.1%	10.9%	-1.6%	-37.9M	1.05B	-4.6M	1.06	22.38	743,825	790,550	4,489,325	5,822,675
2025-03-19	$7.10	$7.60	75.7%	24.5%	105.7%	51.9%	89.9%	10.5%	-2.3%	-33.0M	635.0M	-5.0M	1.93	25.93	573,775	1,106,675	4,881,275	5,604,400
2025-03-20	$7.41	$7.60	73.0%	24.4%	99.8%	47.7%	84.3%	8.9%	0.5%	-45.0M	263.9M	-5.2M	2.41	28.38	1,018,000	2,448,400	5,014,575	5,816,375
2025-03-21	$7.75	$7.80	69.2%	23.4%	96.6%	42.0%	86.9%	8.4%	-0.9%	-10.3M	-347.1M	-5.6M	2.05	24.39	779,300	1,600,500	5,149,325	6,639,225
2025-03-24	$8.57	$7.80	67.2%	22.9%	103.4%	38.9%	80.5%	9.7%	13.0%	14.0M	-719.3M	-6.0M	0.69	22.02	977,700	676,875	3,500,675	4,752,975
2025-03-25	$8.84	$7.60	67.0%	23.0%	103.7%	38.7%	82.0%	7.8%	15.6%	23.1M	-998.2M	-6.5M	1.07	17.19	813,350	870,100	3,895,050	4,959,800
2025-03-26	$8.17	$7.80	69.6%	23.7%	106.2%	42.5%	81.2%	11.5%	16.7%	-2.1M	-307.8M	-6.2M	0.85	19.02	1,192,825	1,009,375	4,026,675	5,100,250
2025-03-27	$8.34	$7.80	73.4%	23.7%	106.1%	48.4%	80.7%	8.8%	14.3%	13.5M	-636.1M	-6.9M	0.62	20.01	1,325,925	817,850	4,733,125	5,182,250
2025-03-28	$8.13	$7.80	78.0%	24.8%	105.6%	55.4%	83.8%	7.5%	16.8%	718.4K	-461.3M	-6.8M	0.45	15.38	1,517,550	688,100	4,928,750	5,253,475
2025-03-31	$8.37	$8.00	87.2%	24.9%	104.6%	69.4%	87.7%	10.0%	-1.5%	17.0M	-610.2M	-6.9M	0.47	24.71	1,241,875	584,325	4,721,325	4,638,475