Gray Television Inc. (GTN)

GTN trades at $5.88, 17.6% above the near-term max pain of $5 expiring Sep 19, 2025 (33 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($2.5-$8), signaling increased put positioning or downside protection. Key magnetic zone at 5 where 5 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for GTN shows a downward trend from 8 to 2.5, indicating bearish sentiment or hedging activity. The 122% spread signals divergent expectations across timeframes. Most levels below 5.88 may cap rallies. Strong magnetic level at 5 (5 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.