CMG wheel: cash-secured put & covered-call yields
Chipotle Mexican Grill, Inc. · Consumer discretionary · $31.85 close on Sep 28, 2026
What the Sep 28, 2026 close says about CMG
At 50.0% implied volatility, the options market is pricing a one-standard-deviation move of about $4.72 (14.8%) in CMG by Oct 30, 2026, 32 days out.
Selling the $30 put (−0.30Δ) for $0.98 means assignment would leave a cost basis of $29.02, 8.9% below the $31.85 close.
At 0.30Δ on the Oct 30 expiry the put yields 3.27% on its strike and the call 2.70% on spot: puts pay 1.2× what calls do on CMG this session.
Moving down to the $29 put (−0.23Δ) buys 3.1% more room below spot and keeps 68% of the 0.30Δ premium.
Open interest in the stored window totals 109,950 contracts; the largest single line is the $28 put expiring Oct 30 with 47,688 (43.4% of the window).
By options volume CMG ranks #98 of 441 names in our universe.
The builder re-quotes every leg from the live chain when it opens; tracking is free to start.
Cash-secured puts on CMG
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $30 | −0.30 | $0.98 Sep 28 | $98.00 | $3,000 | 3.27% | 37.3% | $29.02 | 183 | 52 |
| 0.20Δ | $29 | −0.23 | $0.67 Sep 28 | $67.00 | $2,900 | 2.31% | 26.4% | $28.33 | 184 | 14 |
Snapshot #91 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable1 | |||||||||
| 0.20Δ | $27.50 | −0.20 | $0.70 Sep 28 | $70.00 | $2,750 | 2.55% | 11.5% | $26.80 | 5,111 | 10 |
Snapshot #91 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 81
Covered calls on CMG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $35 | 0.30 | $0.86 Sep 28 | $86.00 | 2.70% | 30.8% | 12.59% | 143.6% | 220 | 187 |
| 0.20Δ | $37 | 0.18 | $0.61 Sep 28 | $61.00 | 1.92% | 21.8% | 18.08% | 206.3% | 339 | 170 |
Snapshot #91 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 32
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $35.60 | 0.34 | $1.70 Sep 28 | $170.00 | 5.34% | 24.1% | 17.11% | 77.1% | 1,447 | 6 |
| 0.20Δ | $39.20 | 0.19 | $0.70 Sep 28 | $70.00 | 2.20% | 9.9% | 25.27% | 113.9% | 523 | 24 |
Snapshot #91 · session 2026-09-28 · captured 22:22 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 81
CMG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 50.0%session 2026-09-28
- IV rank / IV percentile
- Unavailable2
- Next earnings
- Unavailable3
- Next ex-dividend
- None announcedchecked Sep 28, 2026
- Open interest, stored window
- 109,950 contractssession 2026-09-28
- Largest open-interest line
- $28 put · Oct 30 · 47,688
- Bid/ask spread
- Unavailable4
- Options liquidity rank
- #98 of 441 optionable names by options volume
How these numbers are made
One end-of-day snapshot per session from a 15-minute-delayed feed. A premium is a contract’s last trade, used only if it printed that session, sits above intrinsic value and is in order with its neighbours; deltas are the feed’s own. Expiries are the first at least 30 and 60 days out, and nothing under 30 days is annualized. Not investment advice. Full methodology.
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (1 of 252 sessions so far); IV rank and percentile need a full year of it.
- Our data provider does not license announced earnings dates, and we do not publish estimates.
- Our data feed carries last trades, not live bid/ask quotes, so we cannot show a spread.