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TLT

iShares 20+ Year Treasury Bond ETFClose $84.68EOD only

Max Pain

$83.50

Next expiry May 27, 2026

Expected Move

±$0.75

0.9% from close

Price Gap

-1.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.76

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

TLT Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; +1 GEX positive (pinning); -1 GEX/flow contradict (net premium negative); +1 spot 0.8% from MP

Watch next session: Activity and OI change at $87.00-$87.50 calls (pin magnet area); Net premium direction and incremental put flow at $85.00-$86.00

Flow Summary

Net premium: -$12.4M bearish (net premium into puts)

P/C volume ratio: 0.84 — modest call tilt on volume (calls traded more than puts)

P/C OI ratio: 0.61 — OI skew toward calls (positioning longer calls than puts)

Mixed flow: trading session shows larger put premium (net premium negative) even though volume and OI are call-leaning. Dealers sit with large positive GEX (+$987.3M) and concentrated gamma near $86-$87, which creates pinning behavior. Short-term reads: intraday call buying around $87 is visible but is being offset by larger premium into puts at other strikes, leaving an overall neutral-to-slight bearish read until one side clearly dominates.

Notable Prints

TLT 2026-04-13 $87.00 Call

Vol: 5,768

OI: 1,343

Vol/OI: 4.3x

IV: 9.4%

Notional: ~$121,128

Intent: Directional call buying / short-dated bullish exposure into the pin (fresh long calls or call spreads concentrated at the pin)

Dual read: Could be fresh long-call speculation (bullish) or dealer-facilitated sell/overwrite against existing stock positions (neutral); last price $0.21 suggests retail-size notional but concentrated activity at gamma flip.

Read-through: Reinforces short-term support/pin pressure at $86-$87 — buyers willing to pay for upside into upcoming expiries, increasing positive local gamma for dealers at the flip (~$86).

TLT 2026-04-15 $87.50 Call

Vol: 908

OI: 170

Vol/OI: 5.3x

IV: 9.9%

Notional: ~$14,528

Intent: Supplemental directional call buying (higher-strike lean) or roll/finish of spreads into 4/15 expiry

Dual read: Could be leg of a call spread (bullish but capped) or fresh outright call purchases (bullish)

Read-through: Adds to short-dated call concentration above spot and lines up with GEX pinning at $87.00-$87.50.

TLT 2026-05-15 $66.00 Put

Vol: 2,363

OI: 154

Vol/OI: 15.3x

IV: 32.8%

Notional: ~$2,363

Intent: Long-tail downside hedge/speculation (cheap deep-OTM protection or structured tail purchase)

Dual read: Could be cheap speculation on a rate shock or part of a multi-legged position (deep OTM protective put for longer-dated exposure)

Read-through: Not likely to move spot near-term; signals some institutional/structured players adding deep-protection at very low cost — emphasis on tail-risk protection rather than directional near-term positioning.

TLT 2026-04-13 $85.50 Put

Vol: 1,764

OI: 651

Vol/OI: 2.7x

IV: 10.2%

Notional: ~$7,056

Intent: Short-term protective put buying into expiries or leg of a collar

Dual read: Could be protective puts for bond holdings (defensive) or part of a spread (bearish stance)

Read-through: Consistent with sellers picking up protection just below spot — supports the notion of modest downside demand around $85-$86.

TLT 2026-04-15 $85.00 Put

Vol: 4,169

OI: 2,074

Vol/OI: 2.0x

IV: 11.3%

Notional: ~$16,676

Intent: Meaningful short-dated protective put accumulation or speculative bearish exposure near-money

Dual read: Probably protective (institutional hedging) or directional put buys (bearish)

Read-through: This is the largest notional among near-the-money puts in unusual list — supports downside interest around $85 and feeds dealer hedging that can create spot support in the $85-$86 area.

Institutional Positioning

Call additions: Concentrated 4/13–4/15 call activity at $87.00 and $87.50 (GEX concentration +$225.5M at $87.00; near-term call OI clusters: $87.00 49,397 OI, $87.50 27,384 OI). Also structural call OI wall out at $95-$110 (large, long-term call interest).

Put additions: Incremental put accumulation at near-money strikes $85.00–$86.50 (notable $85.00 put OI 11,425 and $86.00 put OI 8,609), plus isolated deep-tail puts (e.g., $66.00 exp 2026-05-15 and $60.00 long-dated) suggesting hedging for extreme moves.

GEX/DEX consistency: Yes — large positive GEX (+$987.3M) clustered around $86-$87 aligns with observed short-dated call activity and creates a pinning regime; dealers are long gamma and will buy on dips / sell into rallies around these levels.

OI clusters: $87.00 call cluster (~49,397 OI) and $88.00/$87.50 call clusters create a near-term call magnet; put clusters at $85.00 (11,425 OI), $86.00 (8,609 OI) and structural put floor at $80 create visible support bands.

Hedging evidence: Yes — evidence of protective put buying at $85.00 and $85.50 across nearby expiries and cheap long-dated tail puts (e.g., $66.00, $60.00) — consistent with institutions hedging duration/rate exposure rather than aggressive directional shorting.

Max pain context: Max Pain concentrated around $86 (flat across expirations). Combined with heavy GEX concentration at $86-$87, dealers are incentivized to nudge/hold spot near $86–$87 into expiries.

Signal vs Noise

~Deep OTM long-dated puts ($66.00, $60.00) — likely tail hedges or cheap speculation; not a near-term directional signal.

~Small notional call prints at $87.50 and similar may be legs of spreads — when seen alone they can overstate bullish intent.

~Discrepancy between call-heavy OI clusters and net negative premium indicates some premium flows are larger notional but low-frequency; some premium swings reflect expiration/roll dynamics rather than fresh directional bets.

~Large structural call OI out at $95-$110 is long-term positioning and unlikely to impact intraday/weekly action inside the ±10% band except by creating longer-term resistance.

Key Conclusions

🔁Pinning regime: Dealer gamma concentrated at ~$86–$87 (GEX +$987.3M) — expect spot to gravitate toward $86–$87 into near-term expiries.

⚖️Mixed flow: volume favors calls (P/C vol 0.84) but net premium is negative (-$12.4M) — competing signals mean conviction is moderate, not strong.

🛡️Protective put interest concentrated at $85.00–$86.00 (notable 4/15 $85.00 and 4/13 $85.50 flow) — institutions are buying downside protection near spot.

📌Key short-term levels to watch: support at $86.00 (max pain/gamma flip) and $85.00 (put OI concentration); resistance around $87.00–$88.00 (GEX concentrations) with structural call supply starting near $95.

👀Watch whether put premium accumulates further (confirming bearish tilt) or if call buying around $87 can flip net premium and push spot above $88 — that will decide direction.

How to Use These Reports

This flow reflects the market close on April 9, 2026.

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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.

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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.