VanEck Steel ETF (SLX)

SLX trades at $69.31, 38.6% above the near-term max pain of $50 expiring Sep 19, 2025 (30 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($50-$60), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SLX shows a downward trend from 60 to 50, indicating bearish sentiment or hedging activity. The 18% spread signals divergent expectations across timeframes. Most levels below 69.31 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.