Banco Santander S.A. (SAN)

SAN trades at $9.59, 37.0% above the near-term max pain of $7 expiring Sep 19, 2025 (31 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($7-$8), signaling increased put positioning or downside protection. Key magnetic zone at 7 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SAN shows a downward trend from 8 to 7, indicating bearish sentiment or hedging activity. The 13% spread signals divergent expectations across timeframes. Most levels below 9.59 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.