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CMG

Chipotle Mexican Grill, Inc.Close $32.28EOD only

Max Pain

$31.50

Next expiry Jun 26, 2026

Expected Move

±$0.68

2.1% from close

Price Gap

-0.78

Distance to max pain

IV Rank

Low premium

P/C OI

1.30

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Jun 25, 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 25, 2026 close

CMG Flow Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 5.8% from MP; +0.5 VIX 18

Watch next session: $25.00; $36.00 call strike

Flow Summary

Net premium: -$2.4M bearish

P/C volume ratio: 0.74

P/C OI ratio: 1.29

Net premium -$2.4M; put/call vol ratio 0.74 (call-heavy flow) but OI ratio 1.29 (put-heavy positioning). Unusual prints: 637x front-week $32.50 puts, 421x $36 calls. Gamma pinning positive $21.4M; spot above MP. Mixed flows suggest short-term call buying against persistent put open interest.

Notable Prints

CMG 2026-06-26 $32.50 Put

Vol: 637

OI: 229

Vol/OI: 2.8x

IV: 76.6%

Notional: ~$1K

Intent: Bearish speculation or hedge at low cost near expiration

Dual read: Possible closing of short put positions

Read-through: Expects drop or protection against decline

CMG 2026-12-18 $31.60 Put

Vol: 413

OI: 181

Vol/OI: 2.3x

IV: 40.9%

Notional: ~$109K

Intent: Long-term bearish bet or portfolio hedge

Read-through: Bearish sentiment extending to year-end

CMG 2026-07-02 $36.00 Call

Vol: 421

OI: 229

Vol/OI: 1.8x

IV: 36.7%

Notional: ~$1K

Intent: Speculative bullish bet on near-term upside

Dual read: Could be part of a call spread

Read-through: Expects short-term upward movement

CMG 2026-07-02 $33.00 Put

Vol: 382

OI: 208

Vol/OI: 1.8x

IV: 33.0%

Notional: ~$15K

Intent: Bearish or hedging position before expiration

Dual read: May be paired with call to form a strangle

Read-through: Uncertainty around weekly expiration

CMG 2026-12-18 $60.40 Put

Vol: 200

OI: 116

Vol/OI: 1.7x

IV: 0.0%

Notional: ~$280K

Intent: Large directional bet or protective put on deep ITM strike

Dual read: Possible part of a collar or bear spread

Read-through: Strong bearish view or hedging at high strike

Institutional Positioning

Call additions: Moderate call volume (P/C vol 0.74) with weekly $36C unusual (421 vol).

Put additions: Heavy put OI build; weekly $32.5P vol/oi 2.8, Dec $31.6P vol/oi 2.3.

GEX/DEX consistency: Positive GEX ($21.4M) and DEX (+20M) consistent with pinning.

OI clusters: Put OI concentrated ~25% below spot near $32.5; call OI likely higher.

Hedging evidence: Short-dated puts (weekly, monthly) suggest downside hedging.

Max pain context: Spot above MP; pinning may drag lower.

Signal vs Noise

~Put OI build vs light volume divergence – real bearish signal

~Weekly $32.5P and Dec $31.6P high vol/oi ratios – real activity

~Positive GEX/DEX – real pinning support

~Negative net premium – real selling pressure

~Regime 'Mixed' – noise; conflicting short-term signals

Key Conclusions

⚠️Spot above MP; expect pin to pull lower

🛡️Put-heavy OI suggests bearish positioning

📌Positive gamma pinning may contain upside

How to Use These Reports

This flow reflects the market close on June 26, 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.