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TLT

iShares 20+ Year Treasury Bond ETFClose $86.49EOD only

Max Pain

$86.50

Next expiry Apr 13, 2026

Expected Move

±$0.50

0.6% from close

Price Gap

+0.01

Distance to max pain

IV Rank

Low premium

P/C OI

0.63

Slightly call-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 10, 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

Apr 10, 2026 close

TLT Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for April 10, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; +1 GEX positive/pinning; -1 GEX/flow contradict (puts bought but dealers long gamma); +1 spot near MP (0.5% from MP)

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

Today shows institutional put demand (net premium negative, heavy premium at mid-range strikes) while the market structure (GEX +$1.3B, gamma flip near $86) is pinning TLT inside the $86–87 band. That creates a mixed read: smart money buying protection or bearish exposure around 82–87, but dealer positioning and concentrated call OI (90–110) act as a price magnet/wall preventing a quick downside.

Notable Prints

TLT260522P00083500 PUT $83.50 exp 2026-05-22

Vol: 9,625

OI: 165

Vol/OI: 58.3x

IV: 13.8%

Notional: ~$404,250

Intent: Directional put buying / long-tail protection (multi-week expiry)

Dual read: Aggressive buyer (bearish) or buyer of protection against rate move (hedge for bond holders)

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.

TLT260508P00085500 PUT $85.50 exp 2026-05-08

Vol: 7,471

OI: 409

Vol/OI: 18.3x

IV: 13.1%

Notional: ~$500,557

Intent: Protective puts / directional put accumulation into early May

Dual read: Hedge for long bond exposure or speculative bearish put purchase

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.

TLT260415P00087000 PUT $87.00 exp 2026-04-15

Vol: 3,839

OI: 197

Vol/OI: 19.5x

IV: 11.2%

Notional: ~$195,789

Intent: Short-dated protective or speculative puts on the April roll

Dual read: Directional near-term bearish bet or rollover/expiration positioning into Apr 15

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.

TLT260930C00110000 CALL $110.00 exp 2026-09-30

Vol: 25,000

OI: 4,217

Vol/OI: 5.9x

IV: 17.6%

Notional: ~$300,000

Intent: Tail call accumulation / speculative long-dated call buying

Dual read: Long-dated bullish conviction or cheap tail hedge against rate moves (low notional relative to long-dated OI)

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

~Several prints tied to the April 15 expiry (e.g., TLT260415P00087000 and other Apr15 puts) may reflect expiration rolls or short-dated hedges — treat as mixed directional signal until repeated over multiple expirations.

~Large long-dated call volume at $110 (TLT260930C00110000) likely structured/tail hedging rather than immediate bullish signal due to strike distance and modest notional relative to OI.

~Dealer gamma-driven hedging: with GEX +$1.3B dealers are long gamma and will hedge by selling into rallies/buying into dips; some flow therefore reflects market-maker inventory adjustments rather than pure directional positioning.

Key Conclusions

📌Pin risk is high — GEX concentrated at $87.00 (+$338.9M) with gamma flip ~ $86, so expect spot to be magnetized to $86–87 in the near term.

🛡️Net premium is negative (–$18.0M) with notable puts printed at $87.00, $85.50 and $83.50 — institutions buying protection into April/May.

⚖️Flow vs structure conflict — institutional put buying (bearish premium) vs dealer long-gamma pinning (limits near-term downside).

👀Watch next session for additional put premium at $86–87 or fresh call premium >$88; further put accumulation would increase downside risk once gamma influence eases.

🧭Key actionable levels: downside pressure likely to slow near supports $86.50 / $86.00 / $85.50; resistance/pin area $87.00 / $87.50 / $88.00 (all within expected move bounds).

Read the Flow analysis for TLT for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.