Option traders moderately bearish in Chipotle with shares down 3.21%

Option traders moderately bearish in Chipotle (CMG), with shares down $1.14 near $34.26. Options volume relatively light with 6660 contracts traded and calls leading puts for a put/call ratio of 0.22, compared to a typical level near 1.69. Implied volatility (IV30) is higher by 1.6 points near 48.14,and above the 52wk median, suggesting an expected daily move of $1.04. Put-call skew steepened, indicating increased demand for downside protection.