CVNA Options History — November 2025

In November 2025, CVNA traded between $11.73 and $14.89. ATM implied volatility averaged 63.6%, placing in the 25.0% IV rank vs the trailing year. The 30-day expected move averaged 18.4%. IV traded below realized volatility by 19.8% (HV 20d: 83.4%). Max pain ranged from $12.40 to $12.80. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 1.49.

Notable Days

  • 2025-11-06: Highest Volume — 2,216,400 contracts
  • 2025-11-24: Largest IV drop — 7.5% change
  • 2025-11-21: Highest IV Rank — 30.6%
  • 2025-11-21: Largest Expected Move — 19.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.01$11.73$14.89$13.21$14.89
Max Pain$12.44$12.40$12.80$12.40$12.80
ATM IV63.6%57.4%68.7%59.9%57.4%
Expected Move18.4%17.0%19.9%17.6%17.2%
HV 20d83.4%61.3%88.8%85.4%61.3%
HV 60d62.0%59.5%64.5%59.5%64.5%
IV Rank25.0%17.1%30.6%21.4%17.1%
IV Percentile48.1%37.7%54.8%46.4%37.7%
Term Structure-0.9%-3.9%0.4%0.0%0.4%
VWIV66.1%56.8%72.2%65.5%59.2%
Skew 25d10.5%6.7%13.0%11.4%6.7%
Skew 10d24.3%19.5%28.8%21.4%19.8%
Call IV 25d58.5%53.1%63.6%53.5%54.2%
Put IV 25d69.0%61.0%76.2%64.9%61.0%
Bid-Ask Spread %45.1536.0851.2543.8836.08
Gamma HHI0.050.040.070.050.04
Net GEX2.7M-37.2M59.7M11.2M59.7M
Net DEX-696.0M-2.69B797.6M-907.6M-2.69B
Net VEX-14.6M-15.2M-13.9M-15.2M-14.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.490.643.591.231.00
Total Volume1,258,193.421602,2502,216,4001,495,0001,106,925
Total OI12,636,405.26310,768,17513,699,17511,939,72511,814,025

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$13.21$12.4059.9%17.6%85.4%21.4%65.5%11.4%0.0%11.2M-907.6M-15.2M1.2343.88669,975825,0255,243,1006,696,625
2025-11-04$12.58$12.6063.6%18.9%86.6%25.6%64.4%7.8%0.4%-13.9M-162.3M-15.2M0.8944.89820,650733,3255,404,6507,127,675
2025-11-05$12.44$12.6063.4%18.6%86.4%25.4%68.6%9.1%0.4%-13.5M-142.6M-14.8M1.7347.59434,825751,7505,379,2257,106,825
2025-11-06$11.73$12.4066.6%19.0%88.3%29.2%67.2%11.2%-0.8%-37.2M797.6M-14.1M1.5548.95869,3001,347,1005,601,4257,252,225
2025-11-07$12.19$12.4065.6%19.1%85.6%28.0%65.6%10.3%-0.2%-14.0M112.5M-14.7M1.6139.22489,775789,4005,848,7007,350,750
2025-11-10$13.01$12.4063.4%18.0%88.8%25.4%64.8%10.4%-0.5%12.8M-933.2M-14.8M0.8751.25474,350410,3505,403,2257,098,150
2025-11-11$13.11$12.4061.2%17.5%88.4%22.9%56.8%10.7%0.3%13.2M-997.1M-15.0M1.1047.37437,900483,6005,495,6757,318,575
2025-11-12$13.19$12.4061.6%17.7%87.6%23.3%64.1%9.1%-0.0%17.2M-1.12B-15.0M1.5042.98549,625827,1255,677,9257,483,700
2025-11-13$12.78$12.4062.7%18.0%87.5%23.4%66.4%10.4%0.4%-6.5M-514.8M-14.7M1.4846.29447,125663,4255,826,3257,661,250
2025-11-14$12.74$12.4063.8%18.2%86.4%24.8%63.0%9.9%-0.8%-26.0M-379.5M-14.6M2.0947.50395,575824,8255,897,6007,801,575
2025-11-17$12.83$12.4065.9%18.9%86.1%27.3%66.3%8.9%-3.6%91.6K-598.0M-14.5M1.8947.38470,550890,3505,606,0257,391,575
2025-11-18$12.81$12.4067.6%19.3%83.5%29.3%70.3%11.8%-2.2%-7.0M-454.1M-14.4M1.7646.86218,000384,2505,573,3757,536,975
2025-11-19$13.13$12.4065.0%18.6%78.5%26.2%72.2%11.9%-0.8%5.6M-839.5M-14.4M3.5951.12272,575978,9005,600,2007,589,125
2025-11-20$12.45$12.4068.1%19.7%79.8%29.9%70.7%12.0%-3.9%-29.7M98.2M-14.0M1.7849.77510,725909,5255,639,9257,768,300
2025-11-21$12.50$12.4068.7%19.9%77.3%30.6%69.4%12.5%-2.9%-19.0M-9.7M-13.9M1.5251.10647,625985,0005,695,6507,833,100
2025-11-24$13.34$12.4063.6%18.8%81.2%24.5%69.0%13.0%-0.0%11.6M-937.4M-14.0M0.8537.81611,525518,8004,334,1256,434,050
2025-11-25$13.91$12.4061.8%18.3%82.7%22.3%66.9%11.3%-2.0%34.1M-1.52B-14.5M0.6439.66673,225430,3254,542,7256,553,075
2025-11-26$14.39$12.4058.2%17.0%83.3%18.1%64.8%11.2%-1.1%53.1M-2.03B-14.7M1.2138.24475,425576,9254,783,3506,720,900
2025-11-28$14.89$12.8057.4%17.2%61.3%17.1%59.2%6.7%0.4%59.7M-2.69B-14.7M1.0036.08553,975552,9504,888,1006,925,925