(BTF)
Max Pain By Strike
BTF trades at $17.36, 44.7% above the near-term max pain of $12 expiring Sep 19, 2025 (18 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($9-$55), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.
Max Pain By Expiry
Max pain for BTF shows a downward trend from 55 to 9, indicating bearish sentiment or hedging activity. The 200% spread signals divergent expectations across timeframes. Levels distributed around 17.36. 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 | 12 | -5.36 (-30.88%) |
| Oct 17, 2025 | 9 | -8.36 (-48.16%) |
| Dec 19, 2025 | 20 | 2.64 (15.21%) |
| Jan 16, 2026 | 55 | 37.64 (216.82%) |
| Mar 20, 2026 | 19 | 1.64 (9.45%) |