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TLT

iShares 20+ Year Treasury Bond ETFClose $87.07EOD only

Max Pain

$86.50

Next expiry Apr 20, 2026

Expected Move

±$0.46

0.5% from close

Price Gap

-0.57

Distance to max pain

IV Rank

100

High premium

P/C OI

0.61

Slightly call-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Apr 17, 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 17, 2026 close

TLT Flow Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 10, 2026. A newer flow report is available for April 17, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; +1 pinning GEX (+$528.5M) supports pin; -1 mixed flow / net premium negative (-$12.4M)

Watch next session: Short-dated 4/13-4/17 call flow at $86.50-$87.00 (will show if call prints are directional); Put premium and volume at $85.00-$86.00 (protective puts that would confirm bearish tilt)

Flow Summary

Net premium: -$12.4M bearish

P/C volume ratio: 0.61 — call-dominant by volume

P/C OI ratio: 0.63 — moderate call lean in positioning

Volume shows short-dated call demand (heavy prints at the $87 area) while premium flow overall is negative driven by outsized put premium at multiple strikes (notably $115, $96, $94 and near-term $86/$85). Dealers sit with large positive GEX (+$528.5M) creating a pinning environment around ~$86-$87 even as institutions appear to be buying downside protection — net effect is mixed: short-dated call activity can keep spot pinned, but larger-put premium bias points to institutional risk-off positioning.

Notable Prints

TLT 2026-04-13 $87.00 Call

Vol: 24,843

OI: 1,811

Vol/OI: 13.7x

IV: 8.3%

Notional: ~$4,650,076

Intent: Fresh short-dated directional call buying / gamma scalping (dealer hedging)

Dual read: Aggressive buyers (bullish) OR market-makers selling/writing calls and delta-hedging (neutral/pin)

Read-through: High short-dated call flow at $87 is consistent with pin attempts around $86-$87; given low IV (8.3%) and huge vol/OI this is meaningful and likely to force dealer hedging that buys underlying into intraday dips.

TLT 2026-04-13 $86.00 Put

Vol: 6,137

OI: 1,566

Vol/OI: 3.9x

IV: 9.0%

Notional: ~$2,164,430

Intent: Protective put buying or directional put accumulation

Dual read: Risk-hedge (long bond positions buying protection) OR aggressive put sellers being opened (less likely given net premium flows)

Read-through: Significant near-the-money put flow aligns with institutional hedging. This contributes to net negative premium and is consistent with dealers being long gamma near spot.

TLT 2026-04-13 $86.50 Call / Put (dual activity)

Vol: 4,087

OI: 1,450

Vol/OI: 2.8x

IV: 8.2%

Notional: ~$~98k (call) / ~$1,589,228 (put at nearby strikes from premium flow)

Intent: Short-dated call buying (4/13 $86.50 call vol) vs heavy put flow across 4/13-4/15 strikes — mixed trades (straddle-like rebalancing or separate hedges)

Dual read: Could be spread/structure (call buys with put buys elsewhere) or independent directional bets

Read-through: Dual activity centered at $86.50/$86.00 indicates concentrated positioning around gamma flip (~$86). Matches GEX pinning behavior; net premium still skewed to puts.

TLT 2026-04-15 $85.50 Put

Vol: 2,529

OI: 664

Vol/OI: 3.8x

IV: 10.5%

Notional: ~$1,732,048 (aggregate premium flow at prox strike $81/$85 shown in top premiums)

Intent: Protective/portfolio hedging (near-term puts just below spot)

Dual read: Hedging (protective) or speculative short-dated put buying (bearish)

Read-through: Concentrated put volume just below spot reinforces institutional demand for downside protection; likely to keep dealers positioned to buy into weakness.

TLT 2026-05-08 $87.00 Call

Vol: 7,222

OI: 2,418

Vol/OI: 3.0x

IV: 10.7%

Notional: ~$? (top premium flow shows meaningful longer-dated call presence at $87 ~$0.79*7,222*100 ≈ $569k)

Intent: Front-month call accumulation further out (possible directional or spread leg for roll)

Dual read: Directional call buy or part of multi-leg positioning (calendar/spread)

Read-through: Adds to call-side demand at $87 across expirations; supports continued dealer pinning if follow-through occurs.

Institutional Positioning

Call additions: $86.50-$87.00 short-dated calls (4/13-4/17) and some 5/8 $87.00 activity — concentrated near-the-money call demand that pressures dealers to hedge by buying spot

Put additions: Material put premium bought at $86.00 (4/13) and $85.50 (4/15), plus larger premium flow at further strikes ($94, $96, $115 in top premium list) indicating protective or outright bearish positioning

GEX/DEX consistency: Yes — large positive GEX (+$528.5M) and concentrated near-term positive GEX nodes at $87.00/$87.50/$86.50 are consistent with pinning; dealer gamma exposure will amplify short-dated call flow impact despite net negative premium.

OI clusters: Major call OI cluster out at $95-$110 (structural wall) and near-term clusters: calls around $92.00 (7,659 OI) and $87.50-$88.00; puts clustered at $85.00 (11,461 OI) and $82.00/$81.00 — these create a near-term pin/magnet between $85-$87 and a longer-term call cap above $95.

Hedging evidence: Clear evidence of hedging: significant near-the-money put buys (4/13 $86, 4/15 $85.50) consistent with protective positions; limited evidence of widespread collars but the mix of short calls + puts indicates some structures and rolling hedges.

Max pain context: Max pain pins at $86 across expirations and a flat MP trend align with dealer gamma concentration and the observed activity — market is primed to stay near $86-$87 unless a large directional block breaks the pin.

Signal vs Noise

~Very high short-dated call volume at $87 (4/13) may be dealer gamma-driven flow (market-maker write/hedge) rather than pure directional conviction — treat as mixed until followed by price action.

~Top premium negatives at distant strikes (e.g., $115 put flow) are likely portfolio protection or structured hedges rather than outright directional bets on immediate move.

~Some call activity in May expirations (5/8 $87) could be roll/extension from near-term positions rather than fresh directional buys.

~Low IV and pinning regime increases likelihood that flows represent gamma scalping and hedger activity rather than pure directional flow.

Key Conclusions

⚖️Mixed flow: short-dated call volume is large but net premium is negative (-$12.4M) — balance favors protection/puts with local pinning around $86-$87.

📌Pin zone confirmed: dealers' positive GEX (+$528.5M) and GEX concentration at $87.00/$86.50 support a price magnet near $86-$87.

🛡️Institutions are buying downside protection at $86.00 and $85.50 (4/13-4/15) — suggests risk-off hedging of long bond exposure.

🔁Large 4/13 $87 call print is meaningful in volume (24,843) but low IV and high GEX imply dealer hedging may be primary driver — watch for price to confirm.

🧭Key levels to monitor: support ~$86.00 (max pain & put cluster), secondary support ~$85.00 (put OI cluster), resistance range ~$95-$110 (call OI wall) with near-term resistance at ~$87.00 (GEX pin)

How to Use These Reports

This flow reflects the market close on April 10, 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.

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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.