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CMG

Chipotle Mexican Grill, Inc.Close $30.54EOD only

Max Pain

$31.50

Next expiry Jun 26, 2026

Expected Move

±$1.16

3.8% from close

Price Gap

+0.96

Distance to max pain

IV Rank

Low premium

P/C OI

1.26

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 22, 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 22, 2026 close

CMG Flow Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.7% from MP; +0.5 VIX 19

Watch next session: Monitor put activity; Track spot vs gamma flip at $25

Flow Summary

Net premium: -$5.4M bearish

P/C volume ratio: 2.32

P/C OI ratio: 1.25

Heavy put flow and negative GEX dominate. Despite a few deep OTM call prints, the net premium and volume ratios are bearish. Spot below mean price and falling market backdrop align with dealer hedging for downside.

Notable Prints

CMG 2026-07-10 $35.00 Call

Vol: 1,180

OI: 367

Vol/OI: 3.2x

IV: 42.5%

Notional: ~$12K

Intent: Bullish speculation or short squeeze bet

Dual read: Bearish: could finance put buying

Read-through: Minor call buying amid heavy put activity

CMG 2026-07-02 $29.50 Put

Vol: 446

OI: 144

Vol/OI: 3.1x

IV: 39.1%

Notional: ~$10K

Intent: Bearish speculation targeting further downside

Read-through: High vol/oi suggests aggressive put buyer

CMG 2026-08-21 $30.00 Put

Vol: 205

OI: 104

Vol/OI: 2.0x

IV: 44.1%

Notional: ~$33K

Intent: Bearish positioning into Aug expiration

Dual read: Institutional hedging

Read-through: Downside protection or directional bet

CMG 2026-12-18 $60.40 Put

Vol: 200

OI: 116

Vol/OI: 1.7x

IV: 0.0%

Notional: ~$280K

Intent: Deep downside protection or bearish directional bet

Dual read: Could be part of a risk reversal

Read-through: Significant premium spent on long-dated put

CMG 2026-08-21 $27.50 Put

Vol: 193

OI: 114

Vol/OI: 1.7x

IV: 44.8%

Notional: ~$15K

Intent: Bearish speculation on smaller drop

Dual read: Short put for premium income

Read-through: Low strike put with moderate volume

Institutional Positioning

Call additions: Minimal; some OTM call at $35 (7/10) but negligible.

Put additions: Heavy put additions at strikes $29.50 (7/2), $30 (8/21), $27.50 (8/21), $40 (7/17) – high vol/OI ratios.

GEX/DEX consistency: Consistent: GEX -$23.9M (short gamma) and DEX +20.5M (long delta) imply dealers short gamma & long delta, needing to sell into strength – bearish.

OI clusters: Put OI concentrated 19.2% below spot (~$29-30); gamma flip at $25.

Hedging evidence: Put spreads/defensive puts across Jul-Dec expirations; $40 put OI 267 suggests hedge.

Max pain context: Spot below MP, pinning upward but bearish flow counteracts.

Signal vs Noise

~Signal: Persistent put flow, negative net premium, high put/call ratios, dealer negative gamma and long delta.

~Noise: Isolated OTM call print ($35) likely negligible; low-confidence prints with small OI.

Key Conclusions

📉Institutions aggressively adding puts – bearish bias across near-term expirations.

⚠️Dealer positioning (short gamma, long delta) risky; selling pressure on rallies.

🔍Spot below MP and gamma flip at $25 – potential acceleration lower.

How to Use These Reports

This flow reflects the market close on June 23, 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.