ProShares - Ultra 20+ Yea... (UBT)
ProShares - Ultra 20+ Year Treasury Max Pain By Strike
UBT trades at $16.45, 2.8% above the near-term max pain of $16 expiring Sep 19, 2025 (31 days). Price stability likely with balanced options positioning at this level. Max pain is falling across expirations ($13-$80), signaling increased put positioning or downside protection. Key magnetic zone at 13 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.
ProShares - Ultra 20+ Year Treasury Max Pain By Expiry
Max pain for UBT shows a downward trend from 80 to 13, indicating bearish sentiment or hedging activity. The 245% spread signals divergent expectations across timeframes. Most levels below 16.45 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 | 16 | -0.45 (-2.77%) |
| Oct 17, 2025 | 15 | -1.45 (-8.84%) |
| Jan 16, 2026 | 13 | -3.45 (-21.00%) |
| Apr 17, 2026 | 13 | -3.45 (-21.00%) |
| Dec 18, 2026 | 80 | 63.55 (386.17%) |