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CMGChipotle Mexican Grill, Inc.

Options Analysis Report•RETAIL-EATING PLACES
Market Cap $48.1B|NYSE
● 2026-08-28$38.03
NEUTRAL
Analysis: 2026-08-27 EOD data
1Y -8.9%YTD +1.4%7D +0.0%
18,612
30D
±9.5%
7%

CMG Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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CMG Gamma Walls

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Value

Is IV priced right?

6.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 69.0% — elevated vs history

<1.05x

IV/HV 0.71x — IV ≤ HV

Sector Relative≤50%

Sector percentile 60% — above sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 36.8% — normal range

<80%

Effective IV 53.5% (ATM 36.8% + spread 8.3% + bias) — good value

<3.0%

Total drag 14.87% (spread 8.34% + slippage 6.53%) — high friction

≥5.0

Vega efficiency 0.71 (vega 0.591 / spread 8.34%) — spread drag

Sentiment

Bullish or bearish?

6.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +15%, Raw: +10%)
|net sentiment| ≥25%

Conviction-weighted: +15% (bullish) — Raw: +10%

≥15%

|OI skew| 14.5% — balanced

Same sign, |vol skew| ≥10%

Vol skew +10.1%, OI skew +14.5% — aligned

≥2/3 conditions

0-DTE 19%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +4%, ATM: -20%, OTM: +20% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 46% — neutral vs sector

Activity

Unusual activity?

2.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 2.5% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -14.8% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 18% — quiet vs sector

≥30%

Large trade volume 22% — mixed

≥60%

Aggressive execution 28% — patient

≥30

Conviction +15 (bullish) — mixed

Liquidity

Can I trade efficiently?

4.8
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 8.3% — wide

≥10,000

OI 758,340 — deep

≥500

Volume 18,612/day — active

≤$0.50

$0.42 to cross — cheap

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 62% — wider than sector

≥100 contracts

Depth 575.5999999999999 contracts (bid:264.4 ask:311.2) — deep

<1.0%

Avg slippage 6.53% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -14.8% — contango

<30 or >70

IV percentile 69% — neutral

≥10pts kink

IV kink -1.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 3.80 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No events detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +15% @ 58% consistency — unclear

≥40 composite score

Score 52 (ITM 20% + inst 22%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV cheap, bullish flow
Long Puts5.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.1
bullishIV too cheap, bullish flow
Covered Call4.4
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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