Telefónica S.A. (TEF)

TEF trades at $5.37, 7.4% above the near-term max pain of $5 expiring Sep 19, 2025 (8 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($2.5-$7.5), signaling increased put positioning or downside protection. Key magnetic zone at 5 where 3 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for TEF shows a downward trend from 7.5 to 2.5, indicating bearish sentiment or hedging activity. The 100% spread signals divergent expectations across timeframes. Most levels below 5.37 may cap rallies. Strong magnetic level at 5 (3 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.