(BNO)
Max Pain By Strike
BNO trades at $29.55, 5.5% above the near-term max pain of $28 expiring Sep 19, 2025 (12 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is stable across expirations ($23-$32), indicating stable market expectations. High dispersion in max pain levels suggests competing forces and potential volatility.
Max Pain By Expiry
Max pain for BNO shows stable levels around 27.80, reflecting balanced market expectations. The 32% spread signals divergent expectations across timeframes. Most levels below 29.55 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 19, 2025 | 28 | -1.55 (-5.25%) |
| Oct 17, 2025 | 29 | -0.55 (-1.86%) |
| Jan 16, 2026 | 27 | -2.55 (-8.63%) |
| Apr 17, 2026 | 23 | -6.55 (-22.17%) |
| Jan 15, 2027 | 32 | 2.45 (8.29%) |