TLT
iShares 20+ Year Treasury Bond ETFClose $85.30EOD onlyThis page reflects TLT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 8, 2026. A newer flow report is available for May 26, 2026.
View latest reportFlow Verdict
Watch next session: Put/call flow at $87 strikes (volume or fresh OI) — would reinforce pinning vs directional tilt; Any sustained premium inflow >$5M into calls between $88–95 (would weaken bearish read)
Flow Summary
Net premium: -$18.0M bearish (net premium into puts)
P/C volume ratio: 0.73 — call-dominant by volume but not extreme
P/C OI ratio: 0.61 — OI skewed toward calls (longer-term call positioning), but today's premium and unusual prints show put buying
Notable Prints
Read-through: Significant short-dated-to-mid-dated put demand 4% below spot — meaningful-sized notional for options market that signals institutional hedging or directional bearish stance into May.
Read-through: Concentrated put flow within the next month at $85.50 confirms downside hedging demand clustered under spot; combined with other puts this builds defensive pressure around mid-80s.
Read-through: High activity at the April-15 ITM put (strike equals prominent near-term MP/gamma flip) suggests either repositioning into the short-dated expiry or active hedging that could enforce pinning if dealers hedge delta.
Read-through: Large volume but relatively modest notional given strike distance; likely structured flow (tail hedging or block trade) rather than immediate signal for near-term directional pressure.
Institutional Positioning
Call additions: Large existing call OI concentrated $90–$110 (e.g., $100 OI=129,886; $110 OI=128,407; $90 OI=123,133) — shows structural call presence at higher strikes rather than new short-dated call buying near spot.
Put additions: Fresh put flow concentrated in the mid-80s to low-80s across expirations (notable prints at $87.00, $85.50, $83.50) — institutions adding shorter to mid-dated puts as downside protection or directional exposure.
GEX/DEX consistency: Mixed — GEX is strongly positive (+$1.3B) which supports pinning near $86–87, while flow shows net put premium (bearish). That contradiction implies dealers are long gamma and will hedge into moves, reinforcing the pin even as institutions buy protection.
OI clusters: $87.00 call cluster (54,236 OI) and $88.00 call cluster (30,143 OI) create a near-spot call concentration; put OI concentration exists at $86.00 (8,501 average across chains) and $85.50 (9,342 near-term puts) forming a put floor — combined these create a tight pin zone around $86–87.
Hedging evidence: Clear protective put activity (Apr/May expiries at $85.5–87.0 and longer-dated puts at $81.00) — suggests institutions are hedging long bond exposure rather than large directional shorting. Minimal evidence of widespread collars in the near-chain, but put-heavy premium indicates hedging pressure.
Max pain context: Max pain is flat ~ $86 across expirations and multiple near-term MPs at $86.00–$86.50; with GEX concentration (+$338.9M at $87.00) the structure favors pinning around $86–87 even as puts are being bought.
Signal vs Noise
Key Conclusions
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