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CMG

Chipotle Mexican Grill, Inc.Close $31.69EOD only

Max Pain

$31.50

Next expiry Jun 26, 2026

Expected Move

±$0.80

2.5% from close

Price Gap

-0.19

Distance to max pain

IV Rank

Low premium

P/C OI

1.31

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 24, 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 24, 2026 close

CMG Flow Report

Analysis based on market close June 24, 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; +1 spot 0.6% from MP; +0.5 VIX 19

Watch next session: Put-call volume ratio; Gamma flip level; Unusual print follow-through

Flow Summary

Net premium: -$3.8M bearish

P/C volume ratio: 0.58

P/C OI ratio: 1.31

Mixed flow: negative net premium and high put OI, but aggressive call buying in deep OTM $40 strike suggests speculative bullish positioning. Negative gamma leans bearish short-term; DEX positive provides support.

Notable Prints

CMG 2026-08-21 $40.00 Call

Vol: 1,049

OI: 105

Vol/OI: 10.0x

IV: 46.9%

Notional: ~$33K

Intent: Speculative bullish bet on upside

Dual read: Could be part of a ladder or long call spread

Read-through: Aggressive bullish sentiment

CMG 2026-12-18 $60.40 Put

Vol: 200

OI: 116

Vol/OI: 1.7x

IV: 0.0%

Notional: ~$280K

Intent: Bearish hedge or outright put purchase

Dual read: May be covering a short call position

Read-through: Bearish sentiment or downside protection

Institutional Positioning

Call additions: Aug 21 $40 call: 1049 vol, 10x OI, bullish speculation

Put additions: Dec 18 $60.40 put: 200 vol, 1.7x OI, downside hedge

GEX/DEX consistency: Negative GEX (-$13.6M) vs positive DEX (+19.8M shares) shows mixed dealer stance

OI clusters: Put OI concentration 21.1% below spot (143.9K contracts)

Hedging evidence: Put print likely institutional hedge; call print speculative

Max pain context: Spot at MP ($60.40), gamma flip at $25 suggests pin action

Signal vs Noise

~Unusual call volume (10x OI) is real bullish signal

~Put OI concentration below spot is real hedging signal

~Small net premium (-$3.8M) is noise given large OI

Key Conclusions

🐂CMG: Aug 21 $40 call surge signals upside speculation despite bearish bias

⚠️Put OI cluster below spot suggests hedging pressure, but spot at MP limits downside

How to Use These Reports

This flow reflects the market close on June 24, 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.