Home Options CMGReports

CMG

Chipotle Mexican Grill, Inc.Close $32.80EOD only

Max Pain

$33.00

Next expiry May 22, 2026

Expected Move

±$0.66

2.0% from close

Price Gap

+0.20

Distance to max pain

IV Rank

Low premium

P/C OI

1.02

Balanced positioning

Consensus

6.0/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

CMG Flow Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +1 VIX 17

Watch next session: Monitor $27.5 gamma flip; Watch put/call volume ratio reversal

Flow Summary

Net premium: -$5.3M bearish

P/C volume ratio: 0.97

P/C OI ratio: 1.01

Net put premium and concentrated put OI below spot exert bearish gamma pressure. Large put print at $32.5 suggests hedging. Near ATM call volume and spot at MP offer temporary support. Expect drift lower unless spot reclaims gamma flip.

Notable Prints

CMG 2026-05-29 $32.50 Put

Vol: 1,666

OI: 728

Vol/OI: 2.3x

IV: 33.5%

Notional: ~$75K

Intent: Bearish speculation on near-term drop

Dual read: Could be hedging a long position

Read-through: Expects downside by expiration

CMG 2026-05-29 $35.50 Call

Vol: 306

OI: 151

Vol/OI: 2.0x

IV: 40.6%

Notional: ~$1K

Intent: Lottery speculation on upside

Read-through: High risk bullish bet

CMG 2026-12-18 $31.20 Call

Vol: 300

OI: 177

Vol/OI: 1.7x

IV: 47.6%

Notional: ~$154K

Intent: Bullish speculation on recovery

Dual read: Could be part of a collar

Read-through: Long-term bullish view

CMG 2026-12-18 $60.40 Put

Vol: 200

OI: 116

Vol/OI: 1.7x

IV: 0.0%

Notional: ~$280K

Intent: Protective put on long stock

Dual read: Or bearish bet on long-term decline

Read-through: Large premium suggests hedging

CMG 2026-09-18 $32.50 Call

Vol: 1,061

OI: 704

Vol/OI: 1.5x

IV: 45.6%

Notional: ~$361K

Intent: Bullish directional bet

Dual read: May open a vertical spread

Read-through: Expects price rise by September

Institutional Positioning

Call additions: Sep $32.5 (1061 vol), Dec $31.2 (300 vol), next week $35.5 (306 vol)

Put additions: Next week $32.5 (1666 vol), Dec $60.4 (200 vol)

GEX/DEX consistency: Negative GEX (-$32.5M) and positive DEX (+22.3M shares) consistent with dealer hedging short gamma

OI clusters: Put OI concentration 61,563 contracts below spot (~$27.5); call OI building at $32.5 and $31.2

Hedging evidence: Dec $60.4 put suggests long-term downside hedge; next week $32.5 put may hedge near-term risk

Max pain context: Spot at max pain; pin action likely near $32.5-$33

Signal vs Noise

~Signal: Large Sep $32.5 call volume (1061 vol) with OI 704 indicates accumulation

~Signal: Negative net premium (-$5.28M) and put/call OI ratio >1 suggest bearish tilt

~Signal: Put OI concentration at $27.5 acts as key support

~Noise: Next week $35.5 call and $32.5 put may be day trading activity

~Noise: Dec $31.2 call volume moderate, not significant conviction

Key Conclusions

📈Accumulation of Sep $32.5 calls signals bullish positioning for fall earnings.

🛡️Deep OTM Dec $60.4 put hedge protects against downside tail risk.

⚠️Negative net premium and high put volumes suggest downside caution near term.

📊Max pain and contained VIX (16.7) support pinning at current levels.

How to Use These Reports

This flow reflects the market close on May 22, 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.