ProShares - UltraShort Technology (REW) Max Pain Analysis
Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.
ProShares - UltraShort Technology (REW) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $3.6M, listed on AMEX, carrying a beta of -2.37 to the broader market. ProShares UltraShort Technology seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Technology Select SectorSM Index. public since 2007-02-02.
Snapshot as of May 13, 2026.
- Spot Price
- $6.94
- Max Pain Strike
- $3.00
- Total OI
- 212
As of May 13, 2026, ProShares - UltraShort Technology (REW) max pain sits at $3.00, which is below the current spot price of $6.94 (56.8% away). Spot sits 56.8% below max pain - the gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the actual price path before any expiration pull. REW is a low-priced underlying (spot $6.94), where $0.50 or finer strike spacing increases the number of viable pin candidates and dampens the dominant-strike effect. Total open interest across the listed chain is comparatively thin (212 contracts), so single-strike pinning is less reliable than it is for high-OI names. REW is currently in positive dealer gamma ($1.1K), the regime that mechanically reinforces pinning by inducing dealers to buy weakness and sell strength near heavy-OI strikes. Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value, a gravitational reference rather than a price target.
REW Strategy Implications at the Current Max Pain Level
With spot 56.8% from the $3.00 max-pain level and ProShares - UltraShort Technology in a positive-gamma regime, where dealer hedging mechanically pulls spot toward heavy-OI strikes, strategy selection turns on cycle position and dealer positioning. Iron condors and credit spreads centered near the max-pain strike capture the typical end-of-cycle convergence when the regime supports pinning; ratio backspreads or directional debit structures fit names where catalyst flow is likely to overwhelm the hedging-driven pull. The gamma-exposure page shows the per-strike dealer book that determines whether hedging will reinforce or fight the pin.
Learn how max pain is reported and how to read the data →
Frequently asked REW max pain analysis questions
- What is the current REW max pain strike?
- As of May 13, 2026, ProShares - UltraShort Technology (REW) max pain sits at $3.00, which is 56.8% below the current spot price of $6.94. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. A 56.8% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.
- Does REW pin to its max pain strike at expiration?
- REW is currently in positive dealer gamma, the regime that mechanically reinforces pinning. Dealers hedging long-gamma books buy weakness and sell strength near high-OI strikes, which pulls spot toward those levels into expiration. Total open interest across REW (212 contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether REW actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
- How is REW max pain calculated?
- Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. REW put/call OI ratio is 0.01 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.