Calumet Inc. (CLMT)

CLMT trades at $18.75, 33.9% above the near-term max pain of $14 expiring Oct 17, 2025 (19 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($13-$20), signaling increased put positioning or downside protection. Key magnetic zone at 15 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for CLMT shows a downward trend from 20 to 13, indicating bearish sentiment or hedging activity. The 44% spread signals divergent expectations across timeframes. Most levels below 18.75 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.