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CMG

Chipotle Mexican Grill, Inc.Close $32.49EOD only

Max Pain

$31.50

Next expiry Jun 26, 2026

Expected Move

±$1.29

4.0% from close

Price Gap

-0.99

Distance to max pain

IV Rank

100

High premium

P/C OI

1.05

Balanced positioning

Consensus

6.0/10

Bearish tilt

Published snapshot: Jun 18, 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 18, 2026 close

CMG Flow Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.0% from MP; +1 VIX 17

Watch next session: CMG 2026-07-10 $31.00 Call; CMG 2026-07-10 $31.00 Put

Flow Summary

Net premium: -$4.8M bearish

P/C volume ratio: 0.86

P/C OI ratio: 1.26

Mixed flow with bearish lean: net premium negative, put OI elevated, but call volume exceeds puts. Unusual prints show high activity in near-term $31 strikes. Negative gamma and spot below MP suggest downward pressure. Watch for confirmation via increased put volume or break below $25 gamma flip.

Notable Prints

CMG 2026-07-10 $31.00 Call

Vol: 668

OI: 137

Vol/OI: 4.9x

IV: 39.5%

Notional: ~$66K

Intent: Straddle leg, bullish

Dual read: Short if sold

Read-through: High vol/oi, new position

CMG 2026-07-10 $31.00 Put

Vol: 535

OI: 118

Vol/OI: 4.5x

IV: 37.3%

Notional: ~$64K

Intent: Straddle leg, bearish

Dual read: Hedge if protective

Read-through: Paired with call, expected move

CMG 2026-07-02 $32.00 Call

Vol: 831

OI: 281

Vol/OI: 3.0x

IV: 41.4%

Notional: ~$32K

Intent: Bullish gamma

Dual read: Spread component

Read-through: Near-term call buying

CMG 2026-06-26 $31.50 Call

Vol: 423

OI: 187

Vol/OI: 2.3x

IV: 43.3%

Notional: ~$9K

Intent: Bullish gamma

Dual read: Spread component

Read-through: Short-dated call

CMG 2026-12-18 $60.40 Put

Vol: 200

OI: 116

Vol/OI: 1.7x

IV: 0.0%

Notional: ~$280K

Intent: Bearish hedge

Dual read: Closing trade

Read-through: Deep ITM, low IV

Institutional Positioning

Call additions: High vol/oi at $31C Jul10 (4.9x), $32C Jul2 (3x), $31.5C Jun26 (2.3x)

Put additions: High vol/oi at $31P Jul10 (4.5x), $40P Jul17 (1.5x)

GEX/DEX consistency: GEX -25.4M (short gamma), DEX +20.1M (long delta) — inconsistent, dealers hedge both ways

OI clusters: Put OI concentration 143,928 at ~$25 (18.1% below spot) as gamma flip level

Hedging evidence: High IV Jul17 $40P suggests tail hedging

Max pain context: Spot below max pain, pinning expected toward higher strikes

Signal vs Noise

~High vol/oi on near-dated calls is real flow from aggressive call buyers

~Negative net premium and negative GEX confirm dealer short gamma vulnerability

~Ignore Dec18 $60.4P with 0% IV — likely stale or data error

Key Conclusions

⚠️Dealers short gamma with -$25.4M GEX; spot below MP and DEX positive — pinning risk

🐻Net premium negative despite call volume surge; put additions signal hedging bias

How to Use These Reports

This flow reflects the market close on June 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.