Tenaris S.A. (TS)

TS trades at $36.38, 3.9% above the near-term max pain of $35 expiring Oct 17, 2025 (12 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($20-$95), signaling increased put positioning or downside protection. Key magnetic zone at 35 where 2 expirations converge.

Max pain for TS shows a downward trend from 95 to 20, indicating bearish sentiment or hedging activity. The 165% spread signals divergent expectations across timeframes. Levels distributed around 36.38. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.