Invesco National AMT-Free... (PZA)
Invesco National AMT-Free Municipal Bond ETF Max Pain By Strike
PZA trades at $23.11, 5.0% above the near-term max pain of $22 expiring Oct 17, 2025 (11 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is rising across expirations ($14-$22), reflecting growing call interest at higher strikes. Key magnetic zone at 22 where 2 expirations converge.
Invesco National AMT-Free Municipal Bond ETF Max Pain By Expiry
Max pain for PZA shows an upward trend from 14 to 22, suggesting bullish positioning in longer-dated options. The 44% spread signals divergent expectations across timeframes. Most levels below 23.11 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 |
|---|---|---|
| Oct 17, 2025 | 22 | n/a (n/a) |
| Nov 21, 2025 | 15 | n/a (n/a) |
| Jan 16, 2026 | 22 | n/a (n/a) |
| Apr 17, 2026 | 14 | n/a (n/a) |