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TLT

iShares 20+ Year Treasury Bond ETFClose $85.74EOD only

Max Pain

$84.50

Next expiry May 29, 2026

Expected Move

±$0.49

0.6% from close

Price Gap

-1.24

Distance to max pain

IV Rank

Low premium

P/C OI

0.73

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 28, 2026 close

End-of-day snapshot

This page reflects TLT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 28, 2026 close

TLT Directional Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 17, 2026. A newer directional report is available for May 26, 2026.

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Outlook

Bullish bias: dealer long-gamma and net bullish flow with concentrated put OI near $86 imply pinning and a tilt higher for TLT over the next 1–2 weeks; a decisive break below $86 would flip dealer positioning and accelerate selling.

Confidence:

9 / 10

High base score from aligned GEX/flow, tight spot-to-MP distance, and concentrated put OI.

Supports: Dealer long-gamma, concentrated put OI at $86, net bullish flow
Conflicts: Low IV reduces option premium for directional trades but break <86 flips gamma and could trigger rapid downside

📌Max pain and dealer gamma concentrate at $86 — near-term pin

⬆️Net bullish flow and +$1.0B GEX support upside toward ~88 inside 1–2 weeks

⚠️Low IV vs VIX ~17 makes protection cheaper but also compresses option-paid hedging returns

Regime Classification

Vol Regime

Low

IV is low/cheap vs historical and VIX (~17), suggesting muted option premia

Gamma Regime

Pinning

Pinning regime: dealers net long gamma with a flip point ≈ $86 where gamma becomes short

Flow Regime

Bullish

Net premium accumulation and buy flow supporting spot above the market pin

Spot vs Max Pain

Above

Spot sits modestly above MP (~1.2%)—favors continuation above the $86 pin while flows persist

Thesis duration: Multi-week — Persistent dealer positioning and concentrated OI imply sustained pinning absent a large exogenous shock

Price Range Forecast

Next 2 days

$86.61$87.53

Expect range ~86.00–87.53 with pin support at $86

Next 1 week

$86.38$87.76

Push toward ~87.76 if flows continue; resistance ~88.39

Next 2 weeks

$85.75$88.39

Upside to 88.39–88.80 unless break <86 triggers gamma flip and rapid selling

Key Levels

Max pain pins: $86 (2026-04-17); $86 (2026-04-20); $86 (2026-04-22)

EM guardrails: 2d $86.61/$87.53; 1w $86.38/$87.76

Support: $86.00 · $85.75 · $85.00

Resistance: $88.39 · $89.00 · $90.00

Gamma flip: ~$86.00 — Approx — based on put OI concentration of 112,717 (1.2% below spot)

Structural: Near-term: 86.00 (gamma flip/pin) / 87.53; 1w pivot 86.38 / 87.76; resistance 88.39 / 89 / 90; deeper support 85.75

Dealer Positioning (GEX/DEX)

GEX: $+1.0B

DEX: +178.0M shares

Gamma flip: ~$86 (Approx — based on put OI concentration of 112,717 (1.2% below spot))

NTM gamma: GEX ~ +$1.0B; dealers net long gamma with a flip near $86 (put OI concentration ~112.7k)

IV Analysis

IV vs VIX: TLT IV is cheap vs VIX ~17 — option premia compressed, making directional exposure (and buying protection) relatively inexpensive

Term structure: Front-months flat to slightly upward sloping; no major event kinks in the 2-week window

Skew: Put-heavy skew near $86 — trade idea: sell upside dispersion or buy protective puts below 86 to guard against a gamma flip

Flow Analysis

Net premium: Net premium large bullish (~$10.44M); low put/call volume and OI ratios align with bullish/pinning regime.

Directional prints: 8.4 call 87.5 OTM 2026-04-24 — Heavy near-term buy pressure at 87.5 (45k vol, high vol/oi) — reads as call accumulation/buying. 8.4 call 88 OTM 2026-04-22 — Large 88.0 call flow (26k vol, big OI) — supports short-term upside/pinning near resistance. 6.4 call 87.5 OTM 2026-04-20 — Very high intraday volume at front-week 87.5 (29k vol, vol/oi 17) — aggressive short-dated call buying.

Unusual: 16.8 call 115 OTM 2027-02-19 — Massive vol/oi spike with tiny OI — likely directional sweep or structured buy long-dated call exposure. 30.9 put 60 OTM 2026-07-17 — Elevated IV on deep OTM put buys — tail-hedge or speculative downside protection. 39.8 call 84 ITM 2026-04-17 — Same-day 84 call with very high IV — volatility-driven/urgent short-cover or event flow.

Risks & Catalysts

!Break and close below $86 flipping dealer gamma to short and accelerating sell-off

!Macro shock / rates repricing causing VIX/IV spike

!Large dealer delta hedging flows amplifying moves

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-08 $85.50/$83.50 put spread Why now: Bullish/pinning flow, concentrated call buying and large put OI near 85–87 compresses IV; use defined-risk premium sale for multi-week decay.	Break-and-close <86 would flip dealer gamma and accelerate selling; keep defined risk.
Bull call spread	Moderate	Buy 2026-05-08 $88.00/$89.00 call spread Why now: Heavy call buying at 87.5 and dealer long-gamma tilt favors upside; defined-risk debit suits multi-week horizon; strikes available 86–90.	IV rise from macro shock could widen calls; limited loss by width.
Cash-secured put	Moderate-Strong	Sell 2026-05-15 $85.00 cash-secured put Why now: Put OI and dealer positioning suggest pinning; collecting premium fits buy-and-hold tilt; universe shows weekly expiries and strikes 82–88.	Macro repricing could gap below strike; allocate cash to cover assignment.
Bullish risk reversal	Moderate	Buy 2026-05-22 $89.00 call / sell 2026-05-22 $84.50 put Why now: Call accumulation and dealer long-gamma provide asymmetry; funding with short put leverages bullish bias with defined tail risk; strikes available 84–90.	Short put exposes to sizable downside if dealer gamma flips; keep strikes conservative.
Long call	Moderate-Weak	Buy 2026-05-08 $88.50 call Why now: Concentrated call buying and short-term bullish lean; simple asymmetric exposure for multi-week move.	Premium decay and IV compression if move stalls; size accordingly.

Top Plays

Sell May 8 $85.50/$83.50 put spread

Sell 2026-05-08 $85.50/$83.50 put spread

Collect decay while downside is capped; benefits from IV compression and subdued downside flow.

Why this play: Highest edge from premium sale into concentrated put OI and dealer long-gamma pinning near 86; defined-risk tail if pin holds.

Credit: $0.21-$0.25

Max loss: $1.75

BE: $85.25

Mgmt: Close or roll if TLT closes below 86 or spread reaches 50-75% of max gain; keep position size limited to defined loss.

Income/defined-risk traders wanting multi-week bullish bias.

Buy May 8 $88/$89 call spread

Buy 2026-05-08 $88.00/$89.00 call spread

Low-cost, defined-risk upside exposure aligned with dealer long-gamma; profitable if pin resolves higher.

Why this play: Directly captures observed call accumulation and upside tilt with limited debit risk.

Debit: $0.18-$0.21

Max loss: $0.21

BE: $88.21

Mgmt: Trim or take profits on 30-50% of max gain; cut if TLT closes below 86 or IV spikes against you.

Directional bulls preferring capped risk with leverage.

Buy May 8 $88.50 call

Buy 2026-05-08 $88.50 call

Direct upside exposure with limited loss; benefits from continuation of call-led rally.

Why this play: Simple asymmetric upside play to ride concentrated call buying without short put tail risk.

Debit: $0.22-$0.27

Max loss: $0.27

BE: $88.77

Mgmt: Sell into strength or if IV collapses; stop-loss near invalidation at 86.

Speculative directional traders seeking one-legged upside.

Watchlist Triggers

Entry Triggers

IFIF TLT stays >86.00 for 2 consecutive sessions or re-tests 86.00 and holds same day → THEN enter s1: sell 2026-05-08 85.50/83.50 put spread within entry range 0.21–0.25, size per defined-risk rules

IFIF TLT breaks and closes above 88.39 → THEN enter s2: buy 2026-05-08 88.00/89.00 call spread within entry range 0.18–0.21, size per defined-risk rules

Adjustment Triggers

ADJIF s1 or s2 reaches 50% of that leg's max gain (max gain = credit received for short spread or theoretical max profit for long spread) or TLT closes >89.00 → THEN trim half that leg or take profits (for long s2) / buy back or roll s1 to wider strikes or later expiry per risk rules

Exit Triggers

EXITIF TLT closes below 86.00, OR 30‑day ATM IV >40% OR 30‑day ATM IV rises >50% vs its 20‑day average, OR a macro shock occurs (Fed hike ≥50bp, US CPI m/m surprise >0.5%, or comparable systemic event) → THEN close/cover s1 and s2, cease adding risk and reassess; do not reference undefined legs

Tactical Summary

Bullish multi‑week tilt: concentrated put OI near 86 supports selling premium (s1) and selective call longs (s2). 86.00 is the critical gamma pivot; breaches below 86 trigger exits per above IV/macro rules.

How to Use These Reports

This directional reflects the market close on April 17, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.