You have to follow these steps to meter with it:
How to use/meter Manual & M42 Lenses on all Pentax DSLRs (K-1, K-3, K-5, K-30, etc) - PentaxForums.com
To simplify it a bit, first, enable the custom function that allows use of the aperture ring, and then stop-down meter in M mode to get the correct shutter speed.
Adam
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