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CMG

Chipotle Mexican Grill, Inc.Close $32.96EOD only
Max Pain
$33.00
Next expiry May 22, 2026
Expected Move
±$0.89
2.7% from close
Price Gap
+0.04
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.01
Balanced positioning
Consensus
6.0/10
Bearish tilt
Published snapshot: May 20, 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
May 20, 2026 close
CMG Theta Report
Analysis based on market close April 6, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness7.5 / 10
Sizing: Moderate
Primary: Sell put spreads near OI support with defined risk
Invalidation: Close below $33 gamma flip
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.5% from MP

IV Environment

IV Regime
High
IV vs VIX
IV 50.2% — very elevated, no VIX provided for comparison
Favorable?
Yes

Term structure: Humped at 2026-05-01 (58.1%), kink at 2026-04-10 (47.2%)

💰Rich IV (50.2%) favors premium sellers

Pin Risk Assessment

Spot vs MP: Above by 1.5% (spot $33.50 vs max pain $33.00)

GEX regime: Trending (GEX -$40.5M)

Gamma flip: ~$33.00 — Below $33, dealers amplify moves

OI concentrations: Put wall $33.00 (38,419 OI), call wall $35.00 (6,171 OI)

Verdict: Neutral — negative GEX suggests trending, but OI concentrations provide magnetic support

Premium Opportunities

#1
put spread
Sell $33.00/$30.00 put spread 2026-04-24 (18 DTE)
High IV regime; put OI wall at $33.00 provides support; defined risk below gamma flip
Credit: $0.40-$0.50
Max loss: $2.60
BE: $32.60
Mgmt: Close at 65% profit; exit if spot closes below $33.00
#2
iron condor
Sell $32.00/$30.00P x $35.00/$37.00C 2026-04-24 (18 DTE)
Expected move range ($31.18-$35.82) fits wings; GEX pin magnets at $34.00/$35.00 support call side
Credit: $0.80-$1.10
Max loss: $1.20
BE: 31.20/35.80
Mgmt: Close at 50% profit; adjust if either short strike tested
#3
cash-secured put
Sell $32.00 put 2026-04-24 (18 DTE)
High IV yields attractive premium; strike below gamma flip with OI support at $32.50 (6,959 OI)
Credit: $0.16-$0.19
Max loss: $31.84
BE: $31.84
Mgmt: Roll down/out if spot breaches $32.00; close at 80% profit
#4
covered call
Sell $35.00 call 2026-04-24 (18 DTE) against long stock
Call OI wall at $35.00 (6,171 OI) acts as resistance; high IV boosts premium
Credit: $0.11-$0.14
BE: Stock cost basis minus credit
Mgmt: Roll up/out if spot approaches $35.00; close at 80% profit

Risk Alerts

!Earnings on 2026-04-29 — close all short premium positions before announcement
!Gamma flip at $33 — breach could accelerate downward moves due to negative GEX
!IV term structure hump at 2026-05-01 (58.1%) — beware of volatility expansion
!Negative total GEX (-$40.5M) indicates trending regime, not pinning
!Unusual activity in $35.50 calls (2026-04-10) suggests near-term bullish bets
How to Use These Reports
This theta reflects the market close on April 6, 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.