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 ($23.5-$35), 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 23.5 to 35, suggesting bullish positioning in longer-dated options. The 40% 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 | 35 | 0.61 (1.79%) |
| Jan 16, 2026 | 29.25 | -5.14 (-14.93%) |
| Mar 20, 2026 | 23.5 | -10.89 (-31.66%) |
| Apr 17, 2026 | 25 | -9.39 (-27.29%) |