(XES)

XES trades at $69.87, 5.9% above the near-term max pain of $66 expiring Sep 19, 2025 (16 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($55-$99), signaling increased put positioning or downside protection. Key magnetic zone at 68 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for XES shows a downward trend from 99 to 55, indicating bearish sentiment or hedging activity. The 62% spread signals divergent expectations across timeframes. Most levels below 69.87 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.