Canadian National Railway (CNI)

CNI trades at $96.38, pinned near the near-term max pain of $95 expiring Oct 17, 2025 (12 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($90-$100), signaling increased put positioning or downside protection. Key magnetic zone at 95 where 2 expirations converge.

Max pain for CNI shows a downward trend from 100 to 90, indicating bearish sentiment or hedging activity. The 11% spread signals divergent expectations across timeframes. Most levels below 96.38 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.