CVNA Options History — May 2025

In May 2025, CVNA traded between $10.08 and $13.02. ATM implied volatility averaged 59.3%, placing in the 20.7% IV rank vs the trailing year. The 30-day expected move averaged 17.2%. IV traded below realized volatility by 12.4% (HV 20d: 71.8%). Max pain ranged from $8.00 to $10.40. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.87.

Notable Days

2025-05-01: Highest Volume — 3,590,725 contracts
2025-05-08: Largest IV drop — 29.2% change
2025-05-01: Highest IV Rank — 48.4%
2025-05-01: Largest Expected Move — 29.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.63	$10.08	$13.02	$10.08	$13.02
Max Pain	$9.53	$8.00	$10.40	$8.00	$10.40
ATM IV	59.3%	49.3%	83.2%	83.2%	50.1%
Expected Move	17.2%	14.1%	29.9%	29.9%	14.1%
HV 20d	71.8%	54.2%	137.3%	137.3%	54.2%
HV 60d	107.0%	103.8%	110.8%	107.3%	103.8%
IV Rank	20.7%	8.9%	48.4%	48.4%	9.9%
IV Percentile	31.3%	12.3%	80.6%	80.6%	13.5%
Term Structure	-1.1%	-4.2%	0.9%	-4.0%	-2.0%
VWIV	61.3%	49.4%	102.9%	97.9%	50.4%
Skew 25d	8.6%	4.5%	16.2%	14.3%	5.1%
Skew 10d	25.9%	12.6%	57.8%	30.3%	22.4%
Call IV 25d	55.5%	46.4%	77.5%	77.5%	47.7%
Put IV 25d	64.1%	52.7%	91.9%	91.9%	52.7%
Bid-Ask Spread %	35.73	26.55	48.38	30.63	40.22
Gamma HHI	0.14	0.07	0.70	0.19	0.27
Net GEX	89.0M	36.4M	226.0M	100.6M	181.0M
Net DEX	-2.43B	-3.38B	-1.79B	-2.00B	-3.38B
Net VEX	-8.8M	-10.1M	-7.2M	-7.5M	-10.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.87	0.36	1.71	0.42	0.98
Total Volume	1,811,240.476	890,950	3,590,725	3,590,725	1,414,625
Total OI	9,884,248.81	8,833,000	11,024,450	9,515,150	10,574,825

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
2025-05-01	$10.08	$8.00	83.2%	29.9%	137.3%	48.4%	97.9%	14.3%	-4.0%	100.6M	-2.00B	-7.5M	0.42	30.63	2,534,075	1,056,650	4,819,500	4,695,650
2025-05-02	$10.28	$8.20	81.0%	29.1%	102.9%	45.9%	102.9%	16.2%	-4.2%	43.9M	-2.49B	-8.1M	0.68	27.12	575,500	390,075	5,413,650	5,126,500
2025-05-05	$10.44	$8.80	80.4%	20.9%	98.2%	45.2%	82.5%	11.4%	-2.1%	37.6M	-1.89B	-7.9M	1.65	26.55	337,700	557,550	4,604,775	4,335,450
2025-05-06	$10.37	$8.80	79.7%	21.2%	98.5%	44.4%	71.6%	15.1%	-1.8%	36.4M	-1.79B	-8.0M	0.99	29.69	447,975	442,975	4,708,075	4,474,250
2025-05-07	$10.41	$8.80	81.0%	21.1%	98.5%	45.9%	77.5%	12.8%	-3.7%	39.6M	-1.86B	-7.9M	1.71	36.06	677,600	1,160,775	4,905,775	4,628,275
2025-05-08	$11.54	$8.80	57.3%	16.2%	69.6%	18.3%	61.2%	8.7%	0.1%	92.2M	-3.06B	-7.6M	1.25	39.65	1,588,925	1,988,875	5,150,950	5,095,050
2025-05-09	$10.79	$8.80	54.3%	15.5%	66.6%	14.8%	55.7%	10.3%	-0.2%	226.0M	-1.81B	-7.2M	0.69	42.29	1,720,200	1,188,275	5,132,950	5,559,775
2025-05-12	$11.15	$8.80	53.8%	15.0%	66.9%	14.2%	55.1%	8.1%	-1.7%	53.1M	-1.90B	-7.6M	0.45	48.38	1,028,425	462,275	4,357,100	4,475,900
2025-05-13	$11.76	$9.20	50.9%	14.8%	67.9%	10.8%	51.5%	8.1%	0.4%	79.5M	-2.67B	-8.1M	0.44	39.52	1,513,325	673,250	4,592,450	4,657,725
2025-05-14	$12.22	$9.20	53.6%	15.3%	67.9%	14.0%	53.5%	5.5%	-0.4%	92.0M	-3.30B	-8.8M	0.68	40.84	1,646,575	1,121,025	4,923,350	4,858,175
2025-05-15	$11.89	$9.20	51.6%	14.4%	67.2%	11.6%	51.3%	5.6%	-2.2%	77.6M	-2.84B	-9.2M	0.75	42.57	1,047,050	789,075	5,318,850	5,307,900
2025-05-16	$11.95	$10.00	49.3%	14.2%	67.3%	8.9%	50.1%	6.6%	0.6%	128.6M	-2.91B	-9.2M	0.49	42.19	1,367,825	667,400	5,498,900	5,525,550
2025-05-19	$12.14	$10.40	51.4%	14.7%	58.4%	11.4%	53.3%	6.0%	-0.0%	76.6M	-2.34B	-9.4M	1.24	30.14	420,650	520,575	4,558,250	4,601,125
2025-05-20	$12.06	$10.40	52.3%	14.9%	55.4%	12.5%	51.2%	6.0%	0.8%	70.0M	-2.20B	-9.4M	0.49	32.22	1,229,125	599,000	4,720,375	4,793,725
2025-05-21	$11.75	$10.40	53.7%	15.4%	56.6%	14.1%	55.5%	7.2%	-0.3%	49.8M	-1.83B	-9.5M	1.24	32.44	507,975	632,350	4,826,050	5,021,950
2025-05-22	$12.09	$10.40	52.9%	15.2%	54.6%	13.2%	57.9%	7.3%	0.9%	84.0M	-2.24B	-9.7M	1.15	30.32	599,675	692,200	5,002,750	5,210,075
2025-05-23	$12.25	$10.40	52.8%	15.0%	54.6%	13.0%	56.0%	6.9%	0.8%	96.6M	-2.47B	-9.9M	1.12	32.06	467,825	522,300	5,010,275	5,447,775
2025-05-27	$12.51	$10.40	52.9%	14.6%	54.7%	13.2%	51.7%	6.5%	-2.5%	89.8M	-2.44B	-9.4M	0.96	36.81	727,000	695,625	4,447,225	4,975,275
2025-05-28	$12.81	$10.40	51.9%	14.6%	54.7%	12.0%	50.1%	4.5%	0.6%	113.9M	-2.84B	-9.5M	0.48	32.20	1,880,200	894,450	4,538,425	5,260,750
2025-05-29	$12.75	$10.40	51.8%	14.5%	54.9%	11.9%	49.4%	8.5%	-1.6%	99.3M	-2.83B	-10.1M	0.36	38.47	917,875	331,225	4,943,650	5,470,200
2025-05-30	$13.02	$10.40	50.1%	14.1%	54.2%	9.9%	50.4%	5.1%	-2.0%	181.0M	-3.38B	-10.1M	0.98	40.22	714,450	700,175	5,051,275	5,523,550