ProShares - Ultra Gold (UGL)
ProShares - Ultra Gold Max Pain By Strike
UGL trades at $34.39, 7.5% above the near-term max pain of $32 expiring Sep 19, 2025 (30 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is rising across expirations ($20-$32), reflecting growing call interest at higher strikes. Key magnetic zone at 29 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.
ProShares - Ultra Gold Max Pain By Expiry
Max pain for UGL shows an upward trend from 20 to 32, suggesting bullish positioning in longer-dated options. The 44% spread signals divergent expectations across timeframes. Most levels below 34.39 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 | 32 | -2.39 (-6.94%) |
| Oct 17, 2025 | 28.75 | -5.64 (-16.39%) |
| Dec 19, 2025 | 30 | -4.39 (-12.75%) |
| Jan 16, 2026 | 29.25 | -5.14 (-14.93%) |
| Mar 20, 2026 | 23.5 | -10.89 (-31.66%) |
| Apr 17, 2026 | 20 | -14.39 (-41.84%) |