null Option on ProShares Ultra Gold

UGL Etf  USD 35.39  0.18  0.51%   
ProShares Ultra's latest option contracts expiring on October 17th 2025 are carrying combined implied volatility of 0.24 with a put-to-call open interest ratio of 0.21 over 244 outstanding agreements suggesting investors are buying way more calls than puts on contracts expiring on October 17th 2025. The total put volume is at 8.0, with calls trading at the volume of 14.0. This yields a 0.57 put-to-call volume ratio.

Open Interest Against October 17th 2025 Option Contracts

The chart above shows ProShares Ultra's distribution of open interest by maturity on contracts that have not yet been settled. The area between the two highest points is the projection of the price at expiration. ProShares Ultra's open interest chart also provides vital information regarding the liquidity of an option. If there is no open interest for ProShares Ultra's option, there is no secondary market available for investors to trade.

ProShares Ultra Maximum Pain Price Across 2025-10-17 Option Contracts

ProShares Ultra's max pain occurs when market makers reach a net positive position across all options at a strike price where option holders stand to lose the most money. By contrast, option sellers may reap the most after selling more options than buying, causing them to expire worthless.

In The Money vs. Out of Money Option Contracts on ProShares Ultra

Analyzing ProShares Ultra's in-the-money options over time can help investors to take a profitable long position in ProShares Ultra regardless of its overall volatility. This is especially true when ProShares Ultra's options are deep in the money. These options can be identified using deltas that are over 0.75. Deep in-the-money ProShares Ultra's options could be used as guardians of the underlying stock as they move almost dollar for dollar with ProShares Ultra's stock while costing only a fraction of its price.

ProShares Ultra Gold In The Money Call Balance

When ProShares Ultra's strike price is surpassing the current stock price, the option contract against ProShares Ultra Gold stock is said to be in the money. When it comes to buying ProShares Ultra's options that are 'In the Money' or 'Out of the Money', the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
While 'out-of-the-money' option contracts written on ProShares Ultra Gold are typically viewed as the more aggressive, there are potential upsides to purchasing these types of options contracts. For one, the cost to buy an 'Out of the Money' option is lower than the cost to buy an 'In the Money' option. This cost-benefit is due to the fact that at the time of the purchase, 'Out of the Money' contracts have no intrinsic value. So, while the potential for a 100% loss is more significant, the cost and risk to enter the trade are lower.

ProShares Current Options Market Mood

ProShares Ultra's open interest and total value indicators provide investors with the necessary information to digest the overall options buildup for its expiring contracts. In addition, it helps ProShares Etf's traders understand whether a recent fall or rise in the market is unreasonable and if the time has come to take contrarian positions. These ratios are calculated based on options trading volumes and current open interest.

Put-to-Call Open Interest

Put-to-Call Volume

Unfortunately, most ProShares Ultra's options investors are not very successful. ProShares Ultra's option open interest and volume spread between outstanding puts and calls are regarded by many investors as reliable indicators of the overall future market direction.

Rule 16 of the current ProShares contract

Base on the Rule 16, the options market is currently suggesting that ProShares Ultra Gold will have an average daily up or down price movement of about 0.015% per day over the life of the 2025-10-17 option contract. With ProShares Ultra trading at USD 35.39, that is roughly USD 0.005309. If you think that the market is fully incorporating ProShares Ultra's daily price movement you should consider buying ProShares Ultra Gold options at the current volatility level of 0.24%. But if you have an opposite viewpoint you should avoid it and even consider selling them.
Purchasing ProShares Ultra options can give investors a meaningful hedge against losses and, therefore, could be used conservatively to decrease the volatility of your portfolio. However, many options could also amount to little more than gambling, significantly enhancing your overall portfolio risk. One simple example of these aggressive strategies is the sale of "uncovered" ProShares calls. Remember, the seller must deliver ProShares Ultra Gold stock to the call owner when a call is exercised.

ProShares Ultra Option Chain

When ProShares Ultra's strike price is surpassing the current stock price, the option contract against ProShares Ultra Gold stock is said to be in the money. When it comes to buying options that are ITM or OTM, the choice depends on your outlook for the underlying security, financial situation, and what you are trying to achieve.
ProShares Ultra's option chain is a display of a range of information that helps investors for ways to trade options on ProShares. In general, an option chain provides a helpful tool for investors to see all available option contracts, both puts, and calls, for ProShares. It also shows strike prices and maturity days for a ProShares Ultra against a given expiration period. The table below combines all the option information in the form of a chain but before you use it, remember that it entails significant risk and it is not for everyone.
Open IntStrike PriceCurrent SpreadLast Price
Call
UGL251017C00056250456.250.0 - 0.750.75Out
Call
UGL251017C00055000055.00.0 - 0.750.75Out
Call
UGL251017C00053750053.750.0 - 0.750.15Out
Call
UGL251017C00052500052.50.0 - 0.750.75Out
Call
UGL251017C00051250051.250.0 - 0.850.85Out
Call
UGL251017C00050000850.00.0 - 0.550.2Out
Call
UGL251017C00048750848.750.0 - 0.50.5Out
Call
UGL251017C0004750038447.50.15 - 0.350.15Out
Call
UGL251017C000462504846.250.0 - 0.40.4Out
Call
UGL251017C0004500026045.00.0 - 0.450.45Out
Call
UGL251017C00043250543.250.0 - 0.60.74Out
Call
UGL251017C00043000543.00.0 - 0.80.76Out
Call
UGL251017C00042750342.750.5 - 0.70.75Out
Call
UGL251017C000425001242.50.0 - 0.950.95Out
Call
UGL251017C000415001541.50.0 - 1.00.55Out
Call
UGL251017C000412503641.250.45 - 1.050.45Out
Call
UGL251017C00040500240.50.0 - 1.21.0Out
Call
UGL251017C00040250840.250.85 - 0.951.7Out
Call
UGL251017C0004000036940.00.9 - 1.050.98Out
Call
UGL251017C00039250539.250.0 - 1.22.27Out
Call
UGL251017C000390001839.01.1 - 1.251.2Out
Call
UGL251017C0003875044438.750.0 - 1.352.33Out
Call
UGL251017C000385003438.50.85 - 1.351.58Out
Call
UGL251017C000382504238.251.0 - 1.651.2Out
Call
UGL251017C000380004638.01.05 - 1.81.45Out
Call
UGL251017C00037750637.751.15 - 1.92.45Out
Call
UGL251017C0003750024737.51.3 - 1.651.75Out
Call
UGL251017C000372502437.251.6 - 1.751.91Out
Call
UGL251017C0003700017137.01.7 - 1.91.65Out
Call
UGL251017C000367504336.751.4 - 2.22.17Out
Call
UGL251017C0003650015936.51.85 - 2.42.24Out
Call
UGL251017C000362502636.251.95 - 2.11.85Out
Call
UGL251017C0003600019636.02.1 - 2.22.15Out
Call
UGL251017C0003575010035.752.2 - 2.32.0Out
Call
UGL251017C000355007835.52.1 - 2.452.3Out
Call
UGL251017C000352503435.252.15 - 2.752.39Out
Call
UGL251017C0003500014335.02.5 - 2.652.65In
Call
UGL251017C00034750834.752.6 - 2.752.2In
Call
UGL251017C000345001334.52.65 - 3.12.5In
Call
UGL251017C000340001434.02.65 - 3.52.65In
Call
UGL251017C000337506933.752.6 - 4.03.58In
Call
UGL251017C000335007733.53.0 - 3.83.7In
Call
UGL251017C000332501633.253.2 - 3.73.2In
Call
UGL251017C00033000233.03.4 - 4.13.6In
Call
UGL251017C000327502032.753.3 - 4.33.3In
Call
UGL251017C0003250011232.53.5 - 4.53.8In
Call
UGL251017C000320006732.03.7 - 4.84.5In
Call
UGL251017C0003175010731.754.1 - 4.74.5In
Call
UGL251017C000315001631.53.8 - 5.73.8In
Call
UGL251017C000312508031.254.8 - 5.95.0In
Call
UGL251017C000310008431.04.6 - 6.04.78In
Call
UGL251017C0003075017630.754.6 - 5.84.6In
Call
UGL251017C000305006030.54.8 - 6.34.8In
Call
UGL251017C000302505930.254.9 - 6.16.25In
Call
UGL251017C000300007130.05.6 - 6.95.95In
Call
UGL251017C000297504829.755.3 - 6.65.3In
Call
UGL251017C0002950022029.55.5 - 7.45.5In
Call
UGL251017C000292501229.255.6 - 7.55.6In
Call
UGL251017C000290001629.06.0 - 7.78.9In
Call
UGL251017C0002875054128.756.7 - 7.57.25In
Call
UGL251017C000285003628.56.4 - 8.26.4In
Call
UGL251017C00028250428.256.6 - 8.76.4In
Call
UGL251017C000280008528.06.9 - 8.67.47In
Call
UGL251017C00027750427.756.9 - 9.36.9In
Call
UGL251017C000275002027.57.3 - 9.27.3In
Call
UGL251017C00027250427.257.5 - 9.27.5In
Call
UGL251017C000270001527.07.7 - 9.88.8In
Call
UGL251017C00026750426.758.1 - 10.18.1In
Call
UGL251017C000265001226.58.2 - 10.28.2In
Call
UGL251017C000262504026.258.5 - 10.08.5In
Call
UGL251017C000257502425.758.9 - 10.98.9In
Call
UGL251017C00025500425.59.2 - 11.29.2In
Call
UGL251017C0002500014825.09.7 - 11.69.7In
Call
UGL251017C0002375011623.7511.0 - 12.811.0In
Call
UGL251017C000225006022.512.1 - 14.112.1In
Call
UGL251017C00021250821.2513.3 - 15.413.3In
Call
UGL251017C000200006820.014.5 - 16.114.5In
Call
UGL251017C00018750418.7515.8 - 18.015.8In
Call
UGL251017C00016250816.2518.3 - 19.919.43In
Call
UGL251017C000150001215.018.7 - 22.718.7In
Call
UGL251017C002250001225.00.0 - 0.00.0Out
Call
UGL251017C002150001215.00.0 - 0.00.0Out
Call
UGL251017C002000007200.00.0 - 0.00.0Out
Call
UGL251017C001950002195.00.0 - 0.00.0Out
Call
UGL251017C0019000096190.00.0 - 0.03.0Out
Call
UGL251017C0018500012185.00.0 - 0.00.0Out
Call
UGL251017C0018000065180.00.0 - 0.03.9Out
Call
UGL251017C001700003170.00.0 - 0.00.0Out
Call
UGL251017C001650009165.00.0 - 0.05.55Out
Call
UGL251017C001610002161.00.0 - 0.07.1Out
Call
UGL251017C0016000088160.00.0 - 0.06.2Out
Call
UGL251017C001570001157.00.0 - 0.08.1Out
Call
UGL251017C00155000111155.00.0 - 0.06.26Out
Call
UGL251017C001540004154.00.0 - 0.08.0Out
Call
UGL251017C001530009153.00.0 - 0.010.0Out
Call
UGL251017C0015200011152.00.0 - 0.00.0Out
Call
UGL251017C001510002151.00.0 - 0.011.4Out
Call
UGL251017C0015000055150.00.0 - 0.010.6Out
Call
UGL251017C001490004149.00.0 - 0.012.1Out
Call
UGL251017C001480004148.00.0 - 0.012.1Out
Call
UGL251017C001470007147.00.0 - 0.013.5Out
Call
UGL251017C001460008146.00.0 - 0.012.83Out
Call
UGL251017C0014500011145.00.0 - 0.013.9Out
Call
UGL251017C0014400010144.00.0 - 0.014.3Out
Call
UGL251017C001430001143.00.0 - 0.014.4Out
Call
UGL251017C0014200016142.00.0 - 0.015.6Out
Call
UGL251017C001410008141.00.0 - 0.00.0Out
Call
UGL251017C0014000029140.00.0 - 0.012.9Out
Call
UGL251017C001390002139.00.0 - 0.014.0Out
Call
UGL251017C001380002138.00.0 - 0.013.9Out
Call
UGL251017C001360003136.00.0 - 0.018.9Out
Call
UGL251017C0013500020135.00.0 - 0.016.5Out
Call
UGL251017C0013400020134.00.0 - 0.017.9Out
Call
UGL251017C001330004133.00.0 - 0.019.8Out
Call
UGL251017C001310005131.00.0 - 0.019.97Out
Call
UGL251017C0013000028130.00.0 - 0.019.4Out
Call
UGL251017C0012800019128.00.0 - 0.00.0Out
Call
UGL251017C0012700050127.00.0 - 0.024.35Out
Call
UGL251017C001260004126.00.0 - 0.025.8Out
Call
UGL251017C0012500020125.00.0 - 0.020.0Out
Call
UGL251017C0012400020124.00.0 - 0.00.0Out
Call
UGL251017C0012300044123.00.0 - 0.023.4Out
Call
UGL251017C0012200015122.00.0 - 0.00.0Out
Call
UGL251017C001210005121.00.0 - 0.00.0Out
Call
UGL251017C0012000019120.00.0 - 0.00.0Out
Call
UGL251017C0011900012119.00.0 - 0.00.0Out
Call
UGL251017C0011800055118.00.0 - 0.027.0Out
Call
UGL251017C001170003117.00.0 - 0.00.0Out
Call
UGL251017C001160004116.00.0 - 0.026.2Out
Call
UGL251017C00115000135115.00.0 - 0.033.5Out
Call
UGL251017C001140009114.00.0 - 0.00.0Out
Call
UGL251017C0011300010113.00.0 - 0.00.0Out
Call
UGL251017C0011200021112.00.0 - 0.00.0Out
Call
UGL251017C001110001111.00.0 - 0.00.0Out
Call
UGL251017C001100005110.00.0 - 0.00.0Out
Call
UGL251017C001090001109.00.0 - 0.031.6Out
Call
UGL251017C001080002108.00.0 - 0.00.0Out
Call
UGL251017C001070001107.00.0 - 0.00.0Out
Call
UGL251017C001060003106.00.0 - 0.00.0Out
Call
UGL251017C0010500010105.00.0 - 0.040.4Out
Call
UGL251017C001030008103.00.0 - 0.00.0Out
Call
UGL251017C001020002102.00.0 - 0.044.7Out
Call
UGL251017C0010000037100.00.0 - 0.046.28Out
Call
UGL251017C000950002995.00.0 - 0.00.0Out
Call
UGL251017C000900001590.00.0 - 0.00.0Out
Call
UGL251017C00085000285.00.0 - 0.00.0Out
Call
UGL251017C000800001780.00.0 - 0.00.0Out
Call
UGL251017C00075000175.00.0 - 0.00.0Out
Call
UGL251017C00060000360.00.0 - 0.00.0Out
 Put
UGL251017P00056250056.2520.0 - 21.820.0In
 Put
UGL251017P00055000055.019.1 - 20.219.1In
 Put
UGL251017P00053750053.7517.3 - 19.217.3In
 Put
UGL251017P00052500052.515.9 - 18.115.9In
 Put
UGL251017P00051250051.2514.9 - 16.914.9In
 Put
UGL251017P00050000050.013.4 - 15.613.4In
 Put
UGL251017P00048750048.7512.4 - 14.112.4In
 Put
UGL251017P00047500047.511.0 - 13.111.0In
 Put
UGL251017P00046250046.259.8 - 11.99.8In
 Put
UGL251017P00045000045.08.6 - 10.78.6In
 Put
UGL251017P00040000440.04.9 - 6.05.1In
 Put
UGL251017P00039500139.54.1 - 5.84.6In
 Put
UGL251017P000387501238.754.0 - 4.64.0In
 Put
UGL251017P00037250837.252.8 - 3.62.8In
 Put
UGL251017P000370001837.02.8 - 3.13.0In
 Put
UGL251017P00036250536.252.3 - 2.852.73In
 Put
UGL251017P00036000236.02.35 - 2.62.55In
 Put
UGL251017P000357501835.751.95 - 2.62.55In
 Put
UGL251017P000355002735.52.1 - 2.52.06Out
 Put
UGL251017P0003500011335.01.6 - 2.152.08Out
 Put
UGL251017P00034750234.751.65 - 2.01.9Out
 Put
UGL251017P00034500434.51.25 - 1.92.48Out
 Put
UGL251017P000342503734.251.35 - 1.651.5Out
 Put
UGL251017P00033750733.750.85 - 1.451.32Out
 Put
UGL251017P00033500133.50.0 - 1.71.7Out
 Put
UGL251017P000332501733.250.0 - 1.351.12Out
 Put
UGL251017P000330003333.00.0 - 1.11.1Out
 Put
UGL251017P00032750632.750.0 - 1.21.05Out
 Put
UGL251017P000325002832.50.7 - 0.91.83Out
 Put
UGL251017P0003200022232.00.0 - 0.80.75Out
 Put
UGL251017P000317505131.750.0 - 1.050.75Out
 Put
UGL251017P000312508531.250.0 - 0.60.8Out
 Put
UGL251017P000310003131.00.25 - 0.950.67Out
 Put
UGL251017P00030750930.750.0 - 0.60.95Out
 Put
UGL251017P00030500330.50.0 - 0.550.8Out
 Put
UGL251017P00030250530.250.0 - 0.40.8Out
 Put
UGL251017P0003000011130.00.25 - 0.40.35Out
 Put
UGL251017P00029750229.750.0 - 0.550.37Out
 Put
UGL251017P00029500229.50.0 - 0.50.6Out
 Put
UGL251017P00029250129.250.0 - 0.50.6Out
 Put
UGL251017P00029000129.00.0 - 0.50.5Out
 Put
UGL251017P000287501728.750.0 - 0.40.5Out
 Put
UGL251017P00028500528.50.0 - 0.250.45Out
 Put
UGL251017P00028250128.250.0 - 0.550.4Out
 Put
UGL251017P00028000928.00.0 - 0.50.35Out
 Put
UGL251017P00027750527.750.0 - 0.40.35Out
 Put
UGL251017P000275001327.50.05 - 0.450.3Out
 Put
UGL251017P00027250227.250.05 - 0.750.25Out
 Put
UGL251017P00027000827.00.05 - 0.750.25Out
 Put
UGL251017P000267504226.750.05 - 0.750.25Out
 Put
UGL251017P00026500126.50.05 - 0.750.25Out
 Put
UGL251017P000262501626.250.0 - 0.750.75Out
 Put
UGL251017P000260001026.00.0 - 0.750.2Out
 Put
UGL251017P000250004125.00.05 - 0.750.16Out
 Put
UGL251017P000237502423.750.0 - 0.750.75Out
 Put
UGL251017P000212501221.250.0 - 0.750.05Out
 Put
UGL251017P000200002820.00.0 - 0.750.75Out
 Put
UGL251017P000187501218.750.0 - 0.750.75Out
 Put
UGL251017P000175001217.50.0 - 0.750.75Out
 Put
UGL251017P00015000615.00.0 - 0.750.05Out
 Put
UGL251017P001630001163.00.0 - 0.023.82In
 Put
UGL251017P001550003155.00.0 - 0.019.85In
 Put
UGL251017P001490002149.00.0 - 0.013.4In
 Put
UGL251017P001470001147.00.0 - 0.013.26In
 Put
UGL251017P001450001145.00.0 - 0.011.15In
 Put
UGL251017P001420006142.00.0 - 0.013.21In
 Put
UGL251017P0014000022140.00.0 - 0.011.2In
 Put
UGL251017P001370008137.00.0 - 0.09.5In
 Put
UGL251017P001350001135.00.0 - 0.07.7In
 Put
UGL251017P001330004133.00.0 - 0.07.6In
 Put
UGL251017P001320005132.00.0 - 0.07.2In
 Put
UGL251017P001310001131.00.0 - 0.07.2In
 Put
UGL251017P001300007130.00.0 - 0.00.0In
 Put
UGL251017P0012800054128.00.0 - 0.05.9In
 Put
UGL251017P0012700034127.00.0 - 0.00.0In
 Put
UGL251017P0012500021125.00.0 - 0.03.8In
 Put
UGL251017P001240006124.00.0 - 0.00.0In
 Put
UGL251017P001230002123.00.0 - 0.00.0In
 Put
UGL251017P001210001121.00.0 - 0.00.0In
 Put
UGL251017P0012000028120.00.0 - 0.02.31In
 Put
UGL251017P001150004115.00.0 - 0.00.0In
 Put
UGL251017P001140001114.00.0 - 0.00.0In
 Put
UGL251017P001120002112.00.0 - 0.00.0In
 Put
UGL251017P001110001111.00.0 - 0.00.0In
 Put
UGL251017P001100003110.00.0 - 0.01.85In
 Put
UGL251017P001080002108.00.0 - 0.00.0In
 Put
UGL251017P0010700010107.00.0 - 0.00.0In
 Put
UGL251017P001050004105.00.0 - 0.01.03In
 Put
UGL251017P001040001104.00.0 - 0.00.0In
 Put
UGL251017P0010000010100.00.0 - 0.00.75In
 Put
UGL251017P00095000695.00.0 - 0.00.0In
 Put
UGL251017P00085000685.00.0 - 0.00.0In
 Put
UGL251017P00080000780.00.0 - 0.00.0In
 Put
UGL251017P00075000375.00.0 - 0.00.0In
 Put
UGL251017P00070000370.00.0 - 0.00.0In

When determining whether ProShares Ultra Gold is a strong investment it is important to analyze ProShares Ultra's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact ProShares Ultra's future performance. For an informed investment choice regarding ProShares Etf, refer to the following important reports:
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price.
You can also try the Money Managers module to screen money managers from public funds and ETFs managed around the world.
The market value of ProShares Ultra Gold is measured differently than its book value, which is the value of ProShares that is recorded on the company's balance sheet. Investors also form their own opinion of ProShares Ultra's value that differs from its market value or its book value, called intrinsic value, which is ProShares Ultra's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because ProShares Ultra's market value can be influenced by many factors that don't directly affect ProShares Ultra's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between ProShares Ultra's value and its price as these two are different measures arrived at by different means. Investors typically determine if ProShares Ultra is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares Ultra's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.