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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

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

CMG Flow Report

Analysis based on market close April 2, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 2, 2026. A newer flow report is available for April 6, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; +1 negative GEX/flow alignment; +0.5 spot at max pain resistance; -0.5 mixed net premium; +0.5 large protective put OI

Watch next session: $33.00 Put OI (38.4K) for signs of selling pressure; Flow into $34-$35 calls for a breakout attempt

Flow Summary

Net premium: -$6.4M (slightly bearish)

P/C volume ratio: 0.80 — moderate put lean

P/C OI ratio: 1.07 — slight put lean in positioning

Flow remains mixed with a bearish tilt, anchored by persistent negative GEX and massive put OI at $33. The market is positioned for resistance at $33-$34, with a clear support target near $27.50-$28.00. Spot at max pain creates a standoff.

Notable Prints

CMG 4/24/26 $34 Put

Vol: 720

OI: 124

Vol/OI: 5.8x

IV: 36.9%

Notional: ~$23.9K

Intent: Directional hedge or speculative downside bet

Dual read: Bought (bearish, expecting a move below $34 by late April) or sold (bullish, expecting a hold above $34)

Read-through: This is a near-term, at-the-money put purchase. Given the negative GEX and spot pinned at max pain, buying downside protection is the more likely intent, reinforcing the $33-$34 resistance zone.

CMG 12/18/26 $35.60 Call

Vol: 600

OI: 110

Vol/OI: 5.5x

IV: 50.4%

Notional: ~$19.9K

Intent: Long-dated directional call buying

Dual read: Bought (bullish breakout over time) or sold as part of a covered call/ratio spread

Read-through: This is a longer-term, slightly OTM call. The elevated IV (~50%) and significant volume relative to OI suggest fresh buying. This could be a strategic, longer-term bullish bet, acknowledging near-term resistance but targeting a breakout into year-end.

CMG 4/10/26 $34.50 Call

Vol: 487

OI: 138

Vol/OI: 3.5x

IV: 36.7%

Notional: ~$16.9K

Intent: Short-term directional upside bet or hedge

Dual read: Bought (bullish breakout) or sold (neutral/bearish, capping upside near $34.50)

Read-through: This is a near-term, OTM call. With spot at $33.16 and negative GEX, selling calls to collect premium is a plausible institutional play. This flow likely represents a cap on near-term upside, aligning with the resistance narrative.

CMG 4/17/26 $34 Put

Vol: 720

OI: 254

Vol/OI: 2.8x

IV: 40.5%

Notional: ~$24.5K

Intent: Directional hedge or speculative downside bet

Dual read: Bought (bearish) or sold (bullish)

Read-through: Similar to the 4/24 $34P, this reinforces the $34 area as a key resistance/hedge level for mid-April. The clustering of put activity at $34 across multiple expiries is notable.

Institutional Positioning

Call additions: Minimal near-term. Some longer-dated call interest at $35.60 (Dec 2026) and OTM strikes like $40, $45, $50.

Put additions: Dominant feature remains the massive OI clusters at $33 (38.4K), $27.50 (35.7K), and $28 (32.2K). New flow adds to the $34 put wall across April expiries.

GEX/DEX consistency: Yes — strongly consistent. Negative GEX (-$40.6M) aligns with heavy put OI, creating a pro-cyclical (trending) regime that can amplify moves away from the $33 Gamma Flip point.

OI clusters: Major Put Walls: $33 (38.4K OI), $27.50-$28.00 (67.9K OI combined), $34 (growing across April). Major Call Wall: $40 (20.6K OI). The $33 put wall is the primary near-term magnet/resistance.

Hedging evidence: Yes, overwhelming. The enormous OI in $27.50-$28.00 puts, far below spot, is a clear sign of large-scale, longer-dated protective positioning. The $33 and new $34 put flow represents nearer-term hedging.

Max pain context: Spot ($33.16) is exactly at the near-term max pain ($33). This creates a gravitational pin, but the negative GEX and massive put OI at this level suggest any break below could be swift.

Signal vs Noise

~The $60.40 Put for Dec 2026 (Vol 200, IV 0.0%): This is a data error or a very illiquid strike adjustment. Disregard entirely.

~Premium flow at extreme strikes ($71, $3125, $3130, etc.): These are almost certainly data artifacts, box spreads, or synthetic positions for financing. They represent zero directional intent for CMG's underlying price.

~IV spike in May 1st expiry (54.0%): Likely due to proximity to estimated earnings (Apr 29). Flow in this expiry may be earnings-related volatility positioning, not pure directional bets.

Key Conclusions

⚖️Spot is pinned at the $33 max pain/Gamma Flip, creating a standoff between pinning forces and negative GEX.

🛡️Massive protective put OI at $27.50-$28.00 defines a major support target, while $33-$34 acts as layered resistance.

📉Negative GEX (-$40.6M) creates a pro-cyclical regime; a break below $33 could accelerate selling.

📅Long-dated call buying (Dec $35.60C) suggests some strategic bullish bets are being placed for a breakout later in the year.

How to Use These Reports

This flow reflects the market close on April 2, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.