CVNA Options History — September 2025

In September 2025, CVNA traded between $14.30 and $15.70. ATM implied volatility averaged 51.3%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 14.4%. IV traded above realized volatility by 15.8% (HV 20d: 35.5%). Max pain ranged from $12.80 to $14.90. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.74.

Notable Days

2025-09-19: Highest Volume — 1,980,950 contracts
2025-09-29: Largest IV spike — 13.8% change
2025-09-30: Highest IV Rank — 28.2%
2025-09-29: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.90	$14.30	$15.70	$14.66	$15.04
Max Pain	$14.61	$12.80	$14.90	$12.80	$14.90
ATM IV	51.3%	46.7%	65.8%	49.7%	65.8%
Expected Move	14.4%	13.6%	15.8%	14.9%	15.5%
HV 20d	35.5%	29.5%	42.0%	38.6%	42.0%
HV 60d	46.1%	43.7%	49.7%	49.1%	46.1%
IV Rank	11.2%	5.9%	28.2%	9.5%	28.2%
IV Percentile	28.0%	13.5%	51.2%	23.4%	51.2%
Term Structure	3.3%	-1.8%	13.6%	0.5%	2.1%
VWIV	50.9%	47.0%	54.9%	52.8%	54.8%
Skew 25d	6.9%	5.3%	8.6%	5.7%	5.9%
Skew 10d	16.9%	11.8%	36.5%	12.8%	12.9%
Call IV 25d	48.0%	43.2%	64.7%	47.5%	64.7%
Put IV 25d	54.9%	50.3%	72.7%	53.2%	70.6%
Bid-Ask Spread %	50.86	30.22	56.49	30.22	56.49
Gamma HHI	0.06	0.04	0.11	0.05	0.04
Net GEX	79.4M	27.6M	159.4M	65.9M	54.9M
Net DEX	-2.53B	-4.32B	-1.54B	-2.41B	-2.00B
Net VEX	-15.6M	-16.3M	-14.3M	-15.5M	-15.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.74	0.29	1.45	1.45	1.31
Total Volume	1,199,239.286	478,050	1,980,950	968,100	1,051,225
Total OI	12,216,170.238	10,195,325	14,172,900	12,023,925	10,685,025

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
2025-09-02	$14.66	$12.80	49.7%	14.9%	38.6%	9.5%	52.8%	5.7%	0.5%	65.9M	-2.41B	-15.5M	1.45	30.22	395,325	572,775	6,175,325	5,848,600
2025-09-03	$14.43	$12.80	49.1%	14.2%	36.8%	8.7%	54.1%	5.3%	0.1%	41.4M	-2.05B	-15.1M	0.52	52.96	837,350	433,075	6,269,375	6,103,550
2025-09-04	$14.87	$14.80	48.3%	14.0%	37.9%	7.8%	49.9%	6.3%	0.1%	95.3M	-2.77B	-15.5M	1.06	51.97	279,375	297,525	6,529,000	6,300,475
2025-09-05	$14.67	$14.80	49.0%	14.0%	38.3%	8.6%	47.0%	7.4%	0.7%	71.1M	-2.41B	-15.0M	0.42	52.80	1,096,700	459,050	6,526,750	6,354,100
2025-09-08	$14.97	$14.80	47.6%	13.7%	37.3%	7.0%	49.4%	6.2%	0.1%	82.9M	-2.81B	-14.5M	0.71	48.59	629,525	447,175	5,891,300	6,081,500
2025-09-09	$14.97	$14.80	46.7%	13.6%	37.2%	5.9%	47.9%	7.1%	0.7%	87.2M	-2.82B	-14.5M	0.75	54.30	273,575	204,475	6,032,450	6,187,575
2025-09-10	$14.63	$14.80	47.8%	13.6%	38.2%	7.2%	50.4%	7.6%	-0.2%	57.6M	-2.30B	-14.3M	0.52	55.38	1,193,725	625,775	6,100,500	6,234,825
2025-09-11	$14.30	$14.80	46.9%	13.6%	38.3%	6.1%	48.3%	6.3%	0.9%	40.4M	-2.01B	-15.7M	0.86	52.71	890,550	764,450	6,736,025	6,586,400
2025-09-12	$14.47	$14.80	49.5%	14.2%	36.9%	9.2%	49.9%	6.8%	-0.4%	83.7M	-2.36B	-16.3M	0.78	55.75	789,875	616,000	7,076,000	6,863,475
2025-09-15	$14.58	$14.80	50.2%	14.4%	36.4%	10.1%	49.9%	7.4%	-1.3%	89.2M	-2.62B	-16.0M	0.95	52.07	271,025	256,975	6,671,575	6,534,875
2025-09-16	$14.53	$14.80	51.4%	14.8%	34.2%	11.4%	50.6%	8.0%	-1.8%	84.7M	-2.47B	-16.0M	1.18	55.60	259,550	305,500	6,745,250	6,619,125
2025-09-17	$15.12	$14.80	47.9%	13.7%	32.6%	7.3%	49.7%	8.0%	0.7%	142.4M	-3.49B	-16.1M	0.39	53.75	1,211,950	468,575	6,858,925	6,725,025
2025-09-18	$15.09	$14.80	49.1%	14.0%	32.1%	8.7%	51.2%	6.8%	1.8%	159.4M	-3.40B	-16.3M	0.52	48.38	1,248,275	648,700	6,959,050	6,822,275
2025-09-19	$15.59	$14.80	49.2%	14.1%	33.3%	8.9%	48.7%	6.3%	-0.0%	129.7M	-4.32B	-16.3M	0.45	51.23	1,363,750	617,200	7,083,250	7,089,650
2025-09-22	$15.66	$14.80	49.4%	14.3%	29.5%	9.1%	51.6%	6.6%	13.6%	92.6M	-2.72B	-16.2M	0.76	41.22	322,150	243,500	5,168,425	5,026,900
2025-09-23	$15.13	$14.80	50.6%	14.6%	31.7%	10.5%	51.1%	8.1%	12.6%	59.2M	-2.08B	-15.7M	0.29	48.93	962,825	275,350	5,260,750	5,147,225
2025-09-24	$14.94	$14.80	51.9%	15.0%	31.6%	12.0%	51.9%	5.7%	11.9%	58.2M	-1.88B	-15.5M	0.51	53.48	473,275	242,225	5,432,450	5,245,475
2025-09-25	$14.88	$14.80	55.1%	15.3%	31.6%	15.8%	53.3%	7.1%	12.2%	57.9M	-1.79B	-15.5M	0.77	49.56	883,825	678,525	5,592,825	5,285,775
2025-09-26	$14.70	$14.80	56.7%	14.7%	31.5%	17.6%	52.0%	7.2%	13.4%	27.6M	-1.54B	-15.4M	0.89	52.24	499,375	442,475	5,914,100	5,474,575
2025-09-29	$15.70	$14.80	64.5%	15.8%	38.9%	26.7%	54.9%	8.6%	0.9%	85.3M	-2.86B	-16.2M	0.47	50.51	1,121,975	529,500	5,094,025	5,205,800
2025-09-30	$15.04	$14.90	65.8%	15.5%	42.0%	28.2%	54.8%	5.9%	2.1%	54.9M	-2.00B	-15.7M	1.31	56.49	455,300	595,925	5,205,475	5,479,550