Home Options TLTReports

TLT

iShares 20+ Year Treasury Bond ETFClose $85.76EOD only

Max Pain

$84.50

Next expiry Jun 1, 2026

Expected Move

±$0.61

0.7% from close

Price Gap

-1.26

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 29, 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 29, 2026 close

TLT Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

6.5 / 10

base 5; +1 GEX positive (pinning); -1 GEX/flow contradict (net premium -$8.7M); +1 spot 0.8% from MP; +0.5 VIX 18.4

Watch next session: New call premium or OI buildup at $87.00–$88.00 (near-term pin/gex concentrations).; Put flow and premium movement at $86.00 / $86.50 (pin/gamma flip area) — watch for dealer-induced buying or put-heavy selling

Flow Summary

Net premium: -$8.7M — slight bearish premium at aggregate level

P/C volume ratio: 0.59 — call-dominant today (calls outvolume puts ~41% more)

P/C OI ratio: 0.61 — OI skewed modestly to calls (moderate call lean in positioning)

Flow is mixed: intraday and near-term activity skew toward calls (notably at $87/$88) while aggregated premium is modestly negative (-$8.7M), indicating some larger put premium flows elsewhere or heavier put purchases at other strikes/expirations. Dealers sit with large positive GEX (+$1.3B) and concentrated gamma around $86–$87, which tends to magnetize spot near those strikes unless significant directional put demand materializes.

Notable Prints

TLT260422C00087000 CALL $87.00 exp 2026-04-22

Vol: 4,373

OI: 300

Vol/OI: 14.6x

IV: 9.9%

Notional: ~$271,126

Intent: Directional call buying / short-dated bullish exposure into next-week expirations

Dual read: Fresh buys (bullish) OR dealer/issuer selling to create short-dated negative gamma (could be overwritten existing shares).

Read-through: High relative volume at the $87 strike (near the pin) reinforces near-term call demand and adds to dealer gamma concentration at $87, increasing pinning pressure there.

TLT260422P00087000 PUT $87.00 exp 2026-04-22

Vol: 3,066

OI: 280

Vol/OI: 10.9x

IV: 7.8%

Notional: ~$101,178

Intent: Protective puts or short-dated hedges (buyers of downside protection) or part of a two-sided strategy around the expiry

Dual read: Bought puts (bearish/hedge) OR sold puts to facilitate call buys (synthetic structures).

Read-through: Paired high activity in both the $87 call and put suggests expiry-sensitive positioning/straddling around the gamma flip; not pure directional flow but increases dealer hedging dynamics at the pin.

TLT260508C00092500 CALL $92.50 exp 2026-05-08

Vol: 5,577

OI: 301

Vol/OI: 18.5x

IV: 13.4%

Notional: ~$33,462

Intent: Long-dated directional call accumulation (bullish out-of-the-money call buying)

Dual read: Fresh speculative call buys (bullish) OR small structured buys into larger packages (e.g., call spreads financed elsewhere).

Read-through: High volume vs small OI indicates new long speculative positioning targeting higher rates move (low IV environment makes long calls cheaper), but not large institutional notional vs overall market.

TLT260420C00088000 CALL $88.00 exp 2026-04-20

Vol: 4,621

OI: 994

Vol/OI: 4.6x

IV: 8.4%

Notional: ~$55,452

Intent: Near-term directional call buying at one tick above spot (bullish tilt into the 4/20 expiry)

Dual read: Fresh long calls (bullish) OR covered call issuance by dealers hedging inventory.

Read-through: Adds to the cluster of short-dated call demand at $87–$88; supports short-term upside friction and dealer delta buying if calls are bought.

TLT260422C00090000 CALL $90.00 exp 2026-04-22

Vol: 601

OI: 181

Vol/OI: 3.3x

IV: 12.5%

Notional: ~$2,404

Intent: Speculative OTM call interest — small-sized directional exposure

Dual read: Spec buys (bullish) OR small spread leg in structures.

Read-through: Minor in notional terms; confirms tendency for some participants to buy cheap OTM upside, but not market-moving by itself.

Institutional Positioning

Call additions: $87.00-$88.00 near-term strikes (heavy volume) and structural call OI wall out at $92-$110 (large OI anchors); longer-dated OTM call buying at $92.50 (5/8) shows speculative/income strategy activity.

Put additions: Notable put OI concentrated at $86.00 (111,992 OI) and $85.00 (49,803 OI) — evidence institutions maintain protective put exposure around the gamma flip and max pain levels.

GEX/DEX consistency: Yes — positive Total GEX (+$1.3B) and concentrated near-term GEX at $87.00 (+$294.2M) align with call-heavy intraday flow and the pinning regime, even though net premium is slightly negative.

OI clusters: $86.00 put cluster (111,992 OI) and $86.00/$87.00 call clusters (90,797 / 78,581 OI) create a tight pin/wall around $86–$87; larger call walls at $90–$100 and structural $92–$110 act as upside resistance by volume.

Hedging evidence: Dealers are likely long gamma around $86–$87 and will buy/sell duration to hedge short-dated call activity; presence of large put OI at $86 suggests protective positioning from institutions and dealer delta hedging concentrated within the gamma flip band.

Max pain context: Max pain is flat near $86–$86.50 across expirations; combined with large GEX at $87 and dealer positive gamma, market structure favors pinning near the $86–$87 zone absent a decisive directional flow.

Signal vs Noise

~Paired high volume at $87 call and $87 put (4/22) looks expiry-sensitive (straddle/roll or gamma harvesting) — likely short-dated positioning rather than pure directional conviction.

~Large relative volume on May $92.50 calls (5,577 vol vs 301 OI) is new speculative/position initiation in small notional (~$33k) and may be part of spreads — treat as low conviction on its own.

~Many tiny notional prints (e.g., long-dated $115 calls, $115 IV high) are thin speculative flow / structured legs — not clear directional drivers.

~Dealer inventory adjustments are probable given concentrated GEX near the pin; some call prints may be market-maker rebalancing rather than pure client directional buys.

Key Conclusions

📌Pin & gamma concentration between $86.00 and $87.00 — dealers have +$1.3B GEX with largest single GEX at $87.00 (+$294.2M). Expect pinning pressure around spot.

📈Near-term flow shows call dominance (P/C vol 0.59) with concentrated activity at $87/$88 — short-dated bullish tilt that would induce dealer delta buying and support spot if sustained.

⚖️Aggregate net premium is slightly negative (-$8.7M) indicating offsetting put demand elsewhere — overall flow is mixed; watch whether puts re-accelerate into $86 support to invalidate the bullish tilt.

🧭Key levels to monitor: support band $86.00 / $86.50 / $87.00 (gamma flip / max pain / gex); resistance at $88.00 and the structural call wall beginning ~$92.00.

🔎High vol-to-OI prints at near-term strikes (especially $87 call/put) are likely expiry/hedge related — interpret paired call+put activity as gamma/expiry flows rather than unequivocal directional conviction.

How to Use These Reports

This flow reflects the market close on April 14, 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.