Max pain is the price where the total value of all open calls and puts would be lowest at expiration, so option buyers as a group would lose the most. Some traders watch it as a level the stock may drift toward near expiration, because option sellers, often market makers, hedge their positions in ways that can pull the price toward heavily traded strikes. It is a theory, not a guarantee.

As of the Nov 4, 2026 close, max pain for Chipotle Mexican Grill options about one week from expiration was $29.29. The chart above shows the exact max pain for each expiration date.

Chipotle Mexican Grill closed above its near-term max pain on 6 of the last 20 trading days. On Nov 4, 2026 it closed at $35.19, 20.2% above max pain of $29.29.

Over the last 20 trading days, near-term max pain for Chipotle Mexican Grill ranged from $29.00 to $32.50. It went from $31.93 on Oct 8, 2026 to $29.29 on Nov 4, 2026. See the CMG max pain history for a longer view.

Chipotle is a leading fast-casual, Mexican-inspired restaurant chain operator, generating $11.9 billion in sales across 3,983 company-operated US locations, 104 international units primarily in Canada and Europe, and 14 licensed stores largely operated in the Middle East at the end of 2025.