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CMG

Chipotle Mexican Grill, Inc.Close $37.22EOD only

Max Pain

$34.00

Next expiry Aug 7, 2026

Expected Move

±$1.55

4.2% from close

Price Gap

-3.22

Distance to max pain

IV Rank

Low premium

P/C OI

0.72

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jul 31, 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

Jul 31, 2026 close

CMG Flow Report

Analysis based on market close June 16, 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 June 16, 2026. A newer flow report is available for June 26, 2026.

View latest report

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +1 VIX 16

Watch next session: CMG 2026-06-18 $37.20 Put; CMG 2026-06-18 $38.00 Put

Flow Summary

Net premium: -$6.9M bearish

P/C volume ratio: 0.84

P/C OI ratio: 1.07

Heavy put buying dominates with net premium -$6.9M, negative gamma, and high IV near-term puts. DEX positive suggests dealers delta-hedged calls, but overall bearish flow. Spot at max pain. Bearish bias unless price holds above gamma flip.

Notable Prints

CMG 2026-06-18 $37.20 Put

Vol: 1,354

OI: 403

Vol/OI: 3.4x

IV: 111.7%

Notional: ~$880K

Intent: Bearish speculation or hedge

Dual read: Hedging downside risk

Read-through: Bearish sentiment near expiry

CMG 2026-06-18 $38.00 Put

Vol: 1,304

OI: 431

Vol/OI: 3.0x

IV: 113.7%

Notional: ~$939K

Intent: Bearish bet

Dual read: Hedge

Read-through: Similar to $37.20 put

CMG 2026-06-18 $48.00 Put

Vol: 355

OI: 150

Vol/OI: 2.4x

IV: 232.8%

Notional: ~$543K

Intent: Extreme bearish speculation

Dual read: Lottery ticket

Read-through: High IV indicates fear

CMG 2026-06-18 $45.00 Put

Vol: 625

OI: 270

Vol/OI: 2.3x

IV: 201.6%

Notional: ~$834K

Intent: Bearish

Dual read: Hedge

Read-through: Consistent with other puts

CMG 2026-06-18 $34.50 Call

Vol: 352

OI: 183

Vol/OI: 1.9x

IV: 52.0%

Notional: ~$2K

Intent: Bullish speculation

Dual read: Cheap upside bet

Read-through: Low risk if wrong

Institutional Positioning

Call additions: Modest call at $34.50 (vol/OI 1.9), negligible

Put additions: Heavy puts at $37.20/$38 (vol/OI 3.4/3.0) and $45/$48 (2.3/2.4)

GEX/DEX consistency: GEX -$9.4M vs DEX +23.6M consistent with put hedging

OI clusters: Put OI concentration at $37.20/$38 and $60.40 Dec; call OI light

Hedging evidence: Long-dated $60.40 Dec put and $48/$45 puts could indicate tail hedge

Max pain context: Put OI 23.3% below spot suggests MP lower than current

Signal vs Noise

~Real signal: concentrated put buying at $37.20/$38 with high vol/OI

~Noise: low-volume call at $34.50 and small puts at $33

Key Conclusions

How to Use These Reports

This flow reflects the market close on June 16, 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.