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CMG

Chipotle Mexican Grill, Inc.Close $32.80EOD only
Max Pain
$33.00
Next expiry May 22, 2026
Expected Move
±$0.66
2.0% from close
Price Gap
+0.20
Distance to max pain
IV Rank
14
Low premium
P/C OI
1.02
Balanced positioning
Consensus
6.0/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
CMG Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short premium
Invalidation: Spot breaks EM guardrails $31.78/$34.00
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 48.4% >> VIX 16.7, high stock-specific premium
Favorable?
Yes

Term structure: 0 DTE IV spike (16.8% ATM, skewed high), then normal contango from 1w out

📈GEX -$32.5M negative, dealer short gamma, supports trending
🎯Max pain $33, spot at MP, pin risk moderate

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-32.5M)

Gamma flip: ~$27.50 — Approx — based on put OI concentration of 61,563 (16.4% below spot)

OI concentrations: Put OI heavy below $28-29 (61.6K at 27.5), call wall $40-45; spot near $33 max pain

Verdict: Moderate; concentrated OI near support/resistance, but gamma flip at 27.5

Premium Opportunities

#1
Short strangle
Sell 2026-06-12 $31.00 put + sell $35.00 call
Sells OTM put and call to collect premium, betting price stays within $31.78-$34.00.
Credit: $0.81-$0.98
Max loss: Unlimited
BE: 30.02 / 35.98
Mgmt: Monitor gamma flip at $27.5; exit if spot breaks guardrails.
#2
Put credit spread
Sell 2026-06-18 $31.60/$30.80 put spread
Sells put spread to profit from sideways or upward move, limited downside.
Credit: $0.26-$0.31
Max loss: $0.49
BE: $31.29
Mgmt: Roll or close if spot nears $32.5 invalidation.
#3
Cash-secured put
Sell 2026-06-12 $32.00 cash-secured put
Sells cash-secured put to collect premium, obligated to buy stock if assigned.
Credit: $0.69-$0.85
Max loss: $31.15
BE: $31.15
Mgmt: Set buyback target at 50% profit; take assignment if below $32.

Risk Alerts

!Gamma flip at $27.5 based on put OI concentration
!0 DTE IV spike may indicate event risk not captured
How to Use These Reports
This theta reflects the market close on May 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.