Feb. 4 at 7:51 PM
$CVNA is building a new put wall at 375 on the weekly options expiring Friday. OI started the day around 289 and put volume is over 2,300, showing heavy positioning in this Friday’s 375 puts. That suggests a lot of short-term traders are targeting that level. At the same time, some holders of ITM puts are closing or rolling, which leads dealers to unwind existing hedges and rebalance into new OTM exposure. That creates temporary buying pressure. When you look at the options mechanics, the price action makes sense — this bounce looks more like dealer hedging and positioning adjustments than real bullish conviction.
