FIDELITY ENHANCED SMALL C... (FESM)

FESM trades at $37.01, 23.4% above the near-term max pain of $30 expiring Oct 17, 2025 (11 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($26-$30), signaling increased put positioning or downside protection. Key magnetic zone at 30 where 3 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for FESM shows a downward trend from 30 to 26, indicating bearish sentiment or hedging activity. The 14% spread signals divergent expectations across timeframes. Most levels below 37.01 may cap rallies. Strong magnetic level at 30 (3 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.