(TBT)
Max Pain By Strike
TBT trades at $36.44, 7.2% above the near-term max pain of $34 expiring Sep 19, 2025 (34 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is rising across expirations ($34-$38), reflecting growing call interest at higher strikes. Key magnetic zone at 34 where 2 expirations converge.
Max Pain By Expiry
Max pain for TBT shows an upward trend from 34 to 38, suggesting bullish positioning in longer-dated options. The 11% spread signals divergent expectations across timeframes. Most levels below 36.44 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 | 34 | -2.44 (-6.68%) |
| Oct 17, 2025 | 38 | 1.56 (4.30%) |
| Dec 19, 2025 | 36 | -0.44 (-1.19%) |
| Jan 16, 2026 | 34 | -2.44 (-6.68%) |
| Mar 20, 2026 | 35 | -1.44 (-3.94%) |
| Jan 15, 2027 | 36 | -0.44 (-1.19%) |