Travel + Leisure Co. (TNL)

TNL trades at $60.12, 14.5% above the near-term max pain of $52.5 expiring Aug 15, 2025 (-1 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($37.5-$99), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for TNL shows a downward trend from 99 to 37.5, indicating bearish sentiment or hedging activity. The 107% spread signals divergent expectations across timeframes. Most levels below 60.12 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.