Alcoa Corporation (AA)

AA trades at $33.8, 4.0% above the near-term max pain of $32.5 expiring Oct 10, 2025 (4 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($30-$35), signaling increased put positioning or downside protection. Key magnetic zone at 30 where 7 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for AA shows a downward trend from 35 to 30, indicating bearish sentiment or hedging activity. The 16% spread signals divergent expectations across timeframes. Most levels below 33.8 may cap rallies. Strong magnetic level at 30 (7 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.