ProShares - UltraShort 20... (TBT)
ProShares - UltraShort 20+ Year Treasury Max Pain By Strike
TBT trades at $36.21, 6.5% above the near-term max pain of $34 expiring Sep 19, 2025 (30 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is stable across expirations ($34-$36), indicating stable market expectations. Key magnetic zone at 34 where 2 expirations converge.
ProShares - UltraShort 20+ Year Treasury Max Pain By Expiry
Max pain for TBT shows stable levels around 35.00, reflecting balanced market expectations. The 6% spread suggests strong consensus on fair value. Most levels below 36.21 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 | 34 | -2.21 (-6.10%) |
| Oct 17, 2025 | 36 | -0.21 (-0.58%) |
| Dec 19, 2025 | 35 | -1.21 (-3.34%) |
| Jan 16, 2026 | 34 | -2.21 (-6.10%) |
| Mar 20, 2026 | 35 | -1.21 (-3.34%) |
| Jan 15, 2027 | 36 | -0.21 (-0.58%) |