Tenaris S.A. (TS)

TS trades at $35.84, 10.3% above the near-term max pain of $32.5 expiring Sep 19, 2025 (14 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($32.5-$95), signaling increased put positioning or downside protection. Key magnetic zone at 33 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for TS shows a downward trend from 95 to 32.5, indicating bearish sentiment or hedging activity. The 134% spread signals divergent expectations across timeframes. Levels distributed around 35.84. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.