SPDR Bloomberg Convertibl... (CWB)
SPDR Bloomberg Convertible Securities ETF Max Pain By Strike
CWB trades at $85.72, pinned near the near-term max pain of $85 expiring Sep 19, 2025 (24 days). Price stability likely with balanced options positioning at this level. Max pain is stable across expirations ($77-$85), indicating stable market expectations. Key magnetic zone at 85 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.
SPDR Bloomberg Convertible Securities ETF Max Pain By Expiry
Max pain for CWB shows stable levels around 81.20, reflecting balanced market expectations. The 10% spread suggests strong consensus on fair value. Most levels below 85.72 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 19, 2025 | 85 | -0.72 (-0.84%) |
| Oct 17, 2025 | 78 | -7.72 (-9.01%) |
| Jan 16, 2026 | 81 | -4.72 (-5.51%) |
| Apr 17, 2026 | 77 | -8.72 (-10.17%) |
| Dec 18, 2026 | 85 | -0.72 (-0.84%) |