Ermenegildo Zegna N.V. (ZGN)

ZGN trades at $10.37, 38.3% above the near-term max pain of $7.5 expiring Oct 17, 2025 (13 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 3 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for ZGN shows a downward trend from 7.5 to 2.5, indicating bearish sentiment or hedging activity. The 114% spread signals divergent expectations across timeframes. Most levels below 10.37 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.