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TLT

iShares 20+ Year Treasury Bond ETFClose $85.65EOD only

Max Pain

$85.50

Next expiry Jun 3, 2026

Expected Move

±$0.37

0.4% from close

Price Gap

-0.15

Distance to max pain

IV Rank

Low premium

P/C OI

0.73

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

TLT Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

BiasNeutral

Confirmation: Sustained session(s) of net call premium inflow and front-week call volume pushing spot through $87.00 with dealer GEX contracting from +$1.3B (reducing pinning).

Invalidation: Repeated put premium dominance (net premium flipping >$5M bearish) with spot closing back below $86.50 and GEX remaining large positive (pinning) Specifically, a recurrence or increase in large-dated put aggressivity (e.g., multi-thousand-lot prints like the 2026-07-17 $55 puts) that shifts perceived tail hedging would further validate a bearish tilt.

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 18

Watch next session: Front-week (2026-04-17/04-24) call flow and whether $87.00 is cleared on volume; Net premium direction: follow if net premium shifts materially from

Flow Summary

Net premium: -$12.5M bearish

P/C volume ratio: 0.62

P/C OI ratio: 0.61

Deterministic metrics still report a modest bearish premium tilt, but adding the large July put print (TLT260717P00055000: Vol=10,000, OI=4,204) increases evidence of institutional tail-hedging. Call volume remains active in front/near-term strikes (notably $87.50 May-22 hit), supporting the existing dealer pin at $86$87. The overall picture is mixed: short-term call demand supports pinning while material long-dated put buying raises underlying bearish insurance demand.

Notable Prints

TLT260717P00055000

Vol: 10,000

OI: 4,204

Vol/OI: 2.4x

IV: 32.8%

Notional: ~$6K-$10K (cheap premium but large contract count)

Intent: Large-scale long-dated tail protection (protective puts) or structured selling against long bond exposure.

Dual read: Could be an allocator buying cheap long-dated downside protection or an options desk accumulating inventory as part of a larger bespoke hedge program.

Read-through: Raises genuine bearish insurance signal: while per-contract premium is small, 10,000-lot shows meaningful institutional demand for downside insurance and increases the odds of higher longer-dated put sensitivity in dealer books.

TLT260522C00087500

Vol: 504

OI: 168

Vol/OI: 3.0x

IV: 9.4%

Notional: ~$434 (last $0.86)

Intent: Front-week/month call demand likely aimed at maintaining upside coverage/pinning around $86$87; supports dealer short-delta hedging into the $87.00 GEX concentration.

Dual read: Could be a speculative directional buy or part of spread; last price ($0.86) and proximity to spot make it meaningful to dealer hedges.

Read-through: Reinforces short-term call pressure and dealer hedging that helps explain the strong GEX at $87.00 and persistent pinning.

TLT260508C00092000

Vol: 1,407

OI: 361

Vol/OI: 3.9x

IV: 13.5%

Notional: ~$8K

Intent: Medium-dated directional call accumulation (opening buys) at the 6% OTM 92 strike into May expiries.

Dual read: Could also be part of a call spread roll from nearer expiries; volume (1,407) vs OI (361, 3.9x) suggests fresh interest rather than simple roll.

Read-through: Represents meaningful upside optionality interest into May that, if continued, could force dealer delta adjustments above the $87 pin zone.

TLT260424C00094500

Vol: 2,034

OI: 162

Vol/OI: 12.6x

IV: 21.9%

Notional: ~$2K

Intent: Fresh speculative/off-index directional call buying or cheap lottery buys targeting a pop into the next week.

Dual read: Could be inventory fills or a cheap long shot; low last ($0.01) and small OI make opening buys most likely.

Read-through: Minimal directional weight for near-term moves but indicates speculative interest higher out in strike space.

TLT260508C00097000

Vol: 500

OI: 100

Vol/OI: 5.0x

IV: 20.5%

Notional: ~$1K

Intent: Unclear: mid-dated speculative calls or part of longer call accumulation.

Dual read: Could be either isolated lottery buys or a leg of a diagonal/ratio structure.

Read-through: Adds to the cluster of call interest in May expiries but small OI limits immediate impact.

Institutional Positioning

Call additions: Call accumulation visible across May expiries concentrated at $86.50$90 and structural call walls at $92$110. Notable mid‑term call flow (e.g., $92 May and $94.5/97 far OTM prints) suggests institutions buying upside optionality, but much of that flow is small-notional or speculative.

Put additions: Material evidence that institutions are buying long-dated downside protection: large TLT260717P00055000 (Vol=10,000, OI=4,204) points to explicit tail-hedging at $55 strikes. Front/near-term defensive positioning remains centered at $86.00 (111,327 OI) and $85.00 (49,776 OI).

GEX/DEX consistency: Flow additions are consistent with dealer positioning: large positive GEX (+$1.3B) and heavy GEX concentrations at $87.00/+515.6M imply dealers are long-gamma and pinning; front-call hits (e.g., $87.50 May) force delta hedging that reinforces the pin in the short run while long-dated put buying increases dealers' long-dated risk exposure.

OI clusters: Largest OI clusters remain at $86.00 (puts 111,327; calls 90,781) creating a strong magnet. Secondary clusters at $87.00/$88.00 (calls) and the structural call wall $92$110 are resistance bands further out. The July $55 put print does not create a near-term OI cluster around spot but signals incremental long-dated put concentration in dealer books.

Hedging evidence: Yes The July $55 put print significantly raises evidence of institutional hedging/insurance demand; combined with large front-week put OI at $86 and $85, the profile is defensive. Simultaneously, front-week call hits (notably the $87.50 May-22 at $0.86) are consistent with dealer short-delta hedging that pins spot near $86$87.

Max pain context: Max pain is effectively flat around $86 across expirations, consistent with dealer pinning and the GEX concentrations at $86–$87; positioning continues to reference that near-spot pin zone.

Signal vs Noise

~Far-OTM penny calls (e.g., TLT260424C00094500 at $0.01) look like lottery/speculative buys or dealer inventory fills — low notional and likely noise for near-term direction.

~Very far OTM long-dated puts (e.g., $55 strikes) are cheap tail protection or structured multi-month hedges and do not imply near-term downside pressure.

~Small-volume activity at high OI strikes (structural call wall $92–$110) is likely persistent positioning rather than fresh directional impetus; that creates resistance but is not an unusual flow signal.

~Several prints (e.g., 92.00/91.50 May calls) could be spread legs or roll activity — treat isolated OTM call hits as potential parts of diagonals unless continued follow-through appears.

Key Conclusions

🔁Flow is mixed but leans defensive: net premium = $-12.5M (bearish) while volume is call-biased (P/C vol 0.62); dealers remain long-gamma and are pinning $86–$87.

📌Watch $86.00–$87.00 as the short-term magnet — large put OI at $86 (111,327) and GEX concentration (+$515.6M at $87.00) make this the path of least resistance for spot in the next week.

🔭Pay attention to meaningful near-term call follow-through (87.50 and 92 strikes). If call flow persists and net premium flips positive, dealer hedging will shift and could clear $87.00 — otherwise pinning persists.

How to Use These Reports

This flow reflects the market close on April 15, 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.