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CMG

Chipotle Mexican Grill, Inc.Close $32.96EOD only
Max Pain
$33.00
Next expiry May 22, 2026
Expected Move
±$0.89
2.7% from close
Price Gap
+0.04
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.01
Balanced positioning
Consensus
6.0/10
Bearish tilt
Published snapshot: May 20, 2026 close
End-of-day snapshot

This page reflects CMG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 20, 2026 close
Max Pain — CMG
Data as of market close May 20, 2026
Open Directional Report

Nearest listed expiration 2026-05-22 shows max pain at $33.00 (0.04 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$33.00
Nearest expiry
Expected Move
±$0.89
±2.7%
Days to Expiry
2
Calendar days
Total Call OI
15,732
Nearest expiry
Total Put OI
18,449
Nearest expiry
P/C OI Ratio
1.17
Put-heavy
Spot Price
$32.96
Published close
Consensus
6.0/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-05-22
ExpirationMax Pain StrikeLast Updated
2026-05-08$33.005/8/2026, 11:09:40 PM
2026-05-15$32.505/15/2026, 11:11:56 PM
2026-05-22NextUpdated$33.005/20/2026, 11:10:53 PM
2026-05-29$32.505/20/2026, 11:10:53 PM
2026-06-05$33.005/20/2026, 11:10:53 PM
2026-06-12$33.005/20/2026, 11:10:53 PM
2026-06-18$35.605/20/2026, 11:10:53 PM
2026-06-26$34.005/20/2026, 11:10:53 PM
2026-07-17$35.005/20/2026, 11:10:53 PM
2026-09-18$37.505/20/2026, 11:10:53 PM
2026-12-18$48.005/20/2026, 11:10:53 PM
2027-01-15$40.005/20/2026, 11:10:53 PM
2027-03-19$37.505/20/2026, 11:10:53 PM
Selected expiration: 2026-05-22 at max pain $33.00.
CMG pain by strike for 2026-05-22 expiration
StrikeCall PainPut PainTotal Pain
2002118980021189800
211001934560019345700
239001565960015660500
2413001386830013869600
2520001207700012079000
25.526001118175011184350
2633001028675010290050
26.5425093920509396300
27555084975008503050
27.5715076057507612900
28905067141006723150
28.51125058271005838350
291375049401004953850
29.51650040627004079200
301955031865003206050
30.52515023946502419800
313270016283501661050
31.55070011434501194150
3269600760350829950
32.5105600420000525600
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures

Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.

How traders use it

It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.

What can break it

Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.

The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.