CMG wheel: cash-secured put & covered-call yields
Chipotle Mexican Grill, Inc. · Consumer discretionary · $35.17 close on Nov 12, 2026
What the Nov 12, 2026 close says about CMG
At 34.3% implied volatility, the options market is pricing a one-standard-deviation move of about $3.79 (10.8%) in CMG by Dec 18, 2026, 36 days out.
Selling the $33.60 put (−0.31Δ) for $0.79 means assignment would leave a cost basis of $32.81, 6.7% below the $35.17 close.
The 64-day 0.30Δ put pays 0.9× the premium of the 36-day one for 1.8× the time — more premium per day on the 36-day contract ($0.022 vs $0.011).
At 0.30Δ on the Dec 18 expiry the put yields 2.35% on its strike and the call 2.13% on spot: puts pay 1.1× what calls do on CMG this session.
Moving down to the $32.40 put (−0.21Δ) buys 3.4% more room below spot and keeps 70% of the 0.30Δ premium.
Open interest in the stored window totals 101,918 contracts; the largest single line is the $40 call expiring Jan 15 with 14,339 (14.1% of the window).
By options volume CMG ranks #162 of 679 names in our universe.
Near-the-money options volume (3.0k) is 949% above its 5-session average.
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 | $33.60 | −0.31 | $0.79 Nov 12 | $79.00 | $3,360 | 2.35% | 23.8% | $32.81 | 330 | 13 |
| 0.20Δ | $32.40 | −0.21 | $0.55 Nov 12 | $55.00 | $3,240 | 1.70% | 17.2% | $31.85 | 1,996 | 1,208 |
Snapshot #9338 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Cash secured | Period yield | Annualized | Breakeven | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $32.50 | −0.25 | $0.70 Nov 12 | $70.00 | $3,250 | 2.15% | 12.3% | $31.80 | 12,448 | 43 |
| 0.20Δ | Unavailable1 | |||||||||
Snapshot #9338 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ strike · annualized = yield × 365 ÷ 64
Covered calls on CMG
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | $37.60 | 0.30 | $0.75 Nov 12 | $75.00 | 2.13% | 21.6% | 9.04% | 91.7% | 749 | 67 |
| 0.20Δ | $38.80 | 0.21 | $0.47 Nov 12 | $47.00 | 1.34% | 13.5% | 11.66% | 118.2% | 5,263 | 144 |
Snapshot #9338 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 36
| Target | Strike | Δ | Last trade | Premium / contract | Yield on spot | Annualized | If called | If called, ann. | OI | Volume |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30Δ | Unavailable2 | |||||||||
| 0.20Δ | $40 | 0.22 | $0.60 Nov 12 | $60.00 | 1.71% | 9.7% | 15.44% | 88.1% | 14,339 | 128 |
Snapshot #9338 · session 2026-11-12 · captured 22:01 UTC · 15-min delayed · yield = premium ÷ spot · if called = (premium + strike − spot) ÷ spot · annualized × 365 ÷ 64
CMG volatility, dividends and liquidity
- Implied volatility (ATM, ≈30 days)
- 34.3%session 2026-11-12
- IV rank / IV percentile
- Unavailable3
- Next earnings
- Unavailable4
- Next ex-dividend
- None announcedchecked Nov 9, 2026
- Open interest, stored window
- 101,918 contractssession 2026-11-12
- Largest open-interest line
- $40 call · Jan 15 · 14,339
- Bid/ask spread
- Unavailable5
- Options liquidity rank
- #162 of 679 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 0.20Δ traded this session
- No contract near 0.30Δ traded this session
- We are building our own daily implied-volatility history (34 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.