CVNA Options History — April 2025

In April 2025, CVNA traded between $6.70 and $9.70. ATM implied volatility averaged 99.7%, placing in the 70.9% IV rank vs the trailing year. The 30-day expected move averaged 29.1%. IV traded below realized volatility by 37.0% (HV 20d: 136.7%). Max pain ranged from $7.80 to $8.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 0.77.

Notable Days

2025-04-04: Highest Volume — 4,461,600 contracts
2025-04-09: Largest IV drop — 24.7% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 35.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.41	$6.70	$9.70	$8.47	$9.70
Max Pain	$7.88	$7.80	$8.00	$8.00	$8.00
ATM IV	99.7%	85.9%	127.4%	88.6%	87.4%
Expected Move	29.1%	23.5%	35.6%	24.5%	30.2%
HV 20d	136.7%	104.7%	151.5%	104.7%	138.6%
HV 60d	101.1%	80.0%	107.2%	81.8%	107.1%
IV Rank	70.9%	51.6%	100.0%	71.5%	53.4%
IV Percentile	90.3%	81.3%	100.0%	82.1%	82.5%
Term Structure	-3.9%	-9.7%	0.2%	-1.2%	-4.5%
VWIV	100.9%	82.9%	121.8%	85.9%	106.5%
Skew 25d	18.4%	10.0%	29.4%	13.4%	15.5%
Skew 10d	40.1%	18.8%	85.2%	22.4%	29.9%
Call IV 25d	90.2%	78.0%	114.6%	84.3%	79.1%
Put IV 25d	108.7%	90.2%	139.0%	97.7%	94.6%
Bid-Ask Spread %	26.15	18.59	33.17	18.59	26.69
Gamma HHI	0.08	0.05	0.15	0.05	0.15
Net GEX	26.3M	-28.8M	68.3M	24.7M	63.3M
Net DEX	-726.6M	-1.79B	658.1M	-703.2M	-1.47B
Net VEX	-6.8M	-7.5M	-5.9M	-6.9M	-7.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.25	1.39	1.39	0.74
Total Volume	1,946,223.81	804,975	4,461,600	1,326,425	1,997,875
Total OI	9,458,923.81	8,088,575	10,882,325	9,725,175	8,922,525

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
2025-04-01	$8.47	$8.00	88.6%	24.5%	104.7%	71.5%	85.9%	13.4%	-1.2%	24.7M	-703.2M	-6.9M	1.39	18.59	555,875	770,550	4,933,375	4,791,800
2025-04-02	$9.07	$8.00	87.2%	23.5%	107.4%	69.3%	82.9%	10.0%	-1.6%	54.7M	-1.35B	-7.4M	0.74	18.79	1,069,150	795,450	5,111,600	4,926,375
2025-04-03	$7.15	$8.00	105.5%	28.3%	129.8%	97.2%	99.0%	13.9%	-2.2%	-18.2M	525.7M	-6.1M	1.20	19.19	1,603,275	1,929,700	5,313,375	5,119,375
2025-04-04	$6.70	$7.80	122.7%	33.6%	131.6%	100.0%	117.9%	21.0%	-5.2%	-28.8M	658.1M	-6.0M	0.86	32.57	2,404,275	2,057,325	5,606,300	5,276,025
2025-04-07	$6.71	$7.80	120.6%	34.5%	127.5%	97.4%	113.4%	26.0%	-0.9%	-6.6M	269.4M	-5.9M	0.99	28.76	914,950	910,000	4,719,475	4,489,000
2025-04-08	$6.97	$7.80	127.4%	35.6%	128.2%	100.0%	121.8%	29.4%	-4.3%	-4.0M	150.7M	-6.0M	1.27	26.75	630,650	801,825	4,794,000	4,433,075
2025-04-09	$8.74	$7.80	95.9%	27.3%	151.1%	63.3%	100.3%	22.1%	0.2%	26.6M	-1.12B	-6.9M	0.97	33.17	740,150	715,875	4,883,850	4,636,100
2025-04-10	$8.04	$7.80	114.0%	31.0%	151.5%	84.4%	112.9%	28.0%	-7.3%	8.8M	-512.3M	-6.6M	1.21	32.78	655,500	793,450	4,919,150	4,744,150
2025-04-11	$8.21	$7.80	109.7%	29.7%	148.8%	79.4%	102.9%	20.4%	-9.7%	22.3M	-691.3M	-6.5M	0.67	26.73	734,525	495,025	4,999,850	4,782,600
2025-04-14	$8.21	$7.80	99.6%	28.0%	148.0%	67.6%	95.7%	18.3%	-0.6%	14.8M	-576.3M	-6.2M	0.60	31.14	1,510,575	912,200	4,483,700	4,207,225
2025-04-15	$8.55	$7.80	96.0%	27.3%	141.4%	63.4%	97.0%	17.0%	-2.7%	36.4M	-893.9M	-6.5M	1.23	32.75	1,321,000	1,622,725	5,084,175	4,829,600
2025-04-16	$8.26	$7.80	100.8%	28.9%	141.3%	69.1%	101.5%	18.7%	-4.3%	16.8M	-501.6M	-6.9M	0.58	27.73	1,234,050	712,200	5,253,100	5,311,175
2025-04-17	$8.44	$7.80	97.3%	28.1%	140.8%	64.9%	95.9%	18.9%	-5.0%	12.3M	-667.8M	-7.0M	0.47	31.58	1,175,425	553,300	5,304,375	5,346,650
2025-04-21	$7.85	$7.80	103.3%	30.8%	142.7%	72.0%	105.6%	18.4%	-4.4%	4.0M	-131.1M	-6.4M	0.25	18.92	1,670,950	421,100	4,151,200	3,937,375
2025-04-22	$8.48	$7.80	98.2%	29.8%	140.8%	65.9%	101.0%	17.8%	-5.2%	29.6M	-689.3M	-6.9M	0.75	23.08	920,525	687,400	4,457,525	4,055,325
2025-04-23	$8.85	$7.80	91.1%	28.6%	141.2%	57.7%	99.6%	16.8%	-5.7%	46.1M	-1.01B	-7.1M	0.70	22.24	639,625	447,875	4,604,650	4,176,550
2025-04-24	$9.37	$8.00	87.8%	27.1%	139.3%	53.8%	96.4%	13.5%	-4.4%	68.3M	-1.65B	-7.4M	0.36	28.01	1,599,850	570,150	4,794,650	4,321,950
2025-04-25	$9.51	$8.00	87.8%	27.4%	139.3%	53.9%	86.7%	16.4%	-6.4%	61.2M	-1.79B	-7.5M	0.29	23.46	1,764,575	507,475	4,953,900	4,534,525
2025-04-28	$9.66	$8.00	88.0%	28.3%	138.8%	54.2%	95.1%	13.4%	-2.5%	58.1M	-1.57B	-7.4M	0.44	21.64	843,875	375,425	4,591,050	4,070,300
2025-04-29	$9.69	$8.00	85.9%	28.7%	138.6%	51.6%	100.7%	18.6%	-3.2%	61.3M	-1.54B	-7.4M	0.52	24.59	530,975	274,000	4,588,800	4,177,600
2025-04-30	$9.70	$8.00	87.4%	30.2%	138.6%	53.4%	106.5%	15.5%	-4.5%	63.3M	-1.47B	-7.5M	0.74	26.69	1,147,275	850,600	4,616,150	4,306,375