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CMG

Chipotle Mexican Grill, Inc.Close $32.23EOD only

Max Pain

$32.40

Next expiry Jun 18, 2026

Expected Move

±$1.25

3.9% from close

Price Gap

+0.17

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.11

Slightly put-heavy

Consensus

5.0/10

Consensus signal

Published snapshot: Jun 12, 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

Jun 12, 2026 close

CMG Flow Report

Analysis based on market close June 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.0% from MP; +1 VIX 16

Watch next session: Monitor put OI changes

Flow Summary

Net premium: -$14.6M bearish

P/C volume ratio: 1.20

P/C OI ratio: 1.08

Heavy put buying at weekly expirations, net premium negative, put-call ratios elevated. Negative gamma suggests accelerated downside if spot declines.

Notable Prints

CMG 2026-06-18 $39.20 Put

Vol: 2,644

OI: 576

Vol/OI: 4.6x

IV: 96.9%

Notional: ~$2.3M

Intent: Bearish bet

Dual read: Hedge

Read-through: High vol/OI

CMG 2026-06-26 $36.00 Call

Vol: 904

OI: 249

Vol/OI: 3.6x

IV: 40.0%

Notional: ~$9K

Intent: Speculative

Read-through: OTM call, low cost

CMG 2026-06-18 $37.20 Put

Vol: 1,354

OI: 403

Vol/OI: 3.4x

IV: 50.0%

Notional: ~$880K

Intent: Bearish

Dual read: Roll

Read-through: New put

CMG 2026-06-18 $40.00 Put

Vol: 5,136

OI: 1,708

Vol/OI: 3.0x

IV: 125.4%

Notional: ~$4.8M

Intent: Aggressive bearish

Dual read: Hedge

Read-through: Largest volume

CMG 2026-06-18 $38.00 Put

Vol: 1,304

OI: 431

Vol/OI: 3.0x

IV: 100.4%

Notional: ~$939K

Intent: Bearish

Dual read: Hedge

Read-through: High IV

Institutional Positioning

Call additions: Minimal; only $36C 6/26 vol 904 (low OI).

Put additions: Heavy: $40P vol 5136, OI 1708; $39.2P, $37.2P, $38P active.

GEX/DEX consistency: Mixed: GEX -$2.4M (short gamma), DEX +23.2M (long delta); vulnerable to sharp moves.

OI clusters: Put OI: $40 (1708), $38 (431), $45 (270); call OI sparse. Gamma flip ~$25.

Hedging evidence: Aggressive put buying (vol>OI 3x), elevated IV (125%+); hedging or bearish bets.

Max pain context: Spot above MP; high put OI suggests resistance near $40; gamma flip at $25 signals downside risk.

Signal vs Noise

~Put surge at $40 strike is real signal: institutional flow + negative GEX.

~High put IV and vol/oi>3 confirm bearish hedging, not noise.

~Low OI call ($36C) is noise; likely retail/speculative.

~DEX +23.2M vs negative GEX suggests confusion; DEX may be stale or broader.

Key Conclusions

🔴Institutions loading puts at $40, $38; OI clusters act as resistance.

⚠️Negative GEX + high put IV = dealer hedging pressure; spot below $40 could accelerate decline.

📌Max pain unclear but put OI suggests $40; monitor gamma flip at $25.

How to Use These Reports

This flow reflects the market close on June 15, 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.