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TLT

iShares 20+ Year Treasury Bond ETFClose $85.74EOD only
Max Pain
$84.50
Next expiry May 29, 2026
Expected Move
±$0.49
0.6% from close
Price Gap
-1.24
Distance to max pain
IV Rank
7
Low premium
P/C OI
0.73
Slightly call-heavy
Consensus
7.5/10
Bullish tilt
Published snapshot: May 28, 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 28, 2026 close
TLT Flow Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 17, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

BiasBullish
Confirmation: Large aligned call flow, +$1B GEX, pinning regime and spot above MP near short-dated 87–88 strikes
Invalidation: Spike in VIX or spot drop below gamma flip (~86) with surge in put flow or material net premium shift
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.2% from MP; +1 VIX 17

Watch next session: Watch 87–88 call volume/IV and roll activity; Monitor spot vs gamma_flip ~86; VIX>20 or rising put/call OI

Flow Summary

Net premium: +$10.4M bullish

P/C volume ratio: 0.36

P/C OI ratio: 0.61

Flow is dominantly bullish: concentrated short-dated call prints and +$1B GEX produce pinning; downside invalidated by volatility spike or spot breach of gamma flip.

Notable Prints

#1
TLT 2027-02-19 $115.00 Call
Vol: 25,005
OI: 100
Vol/OI: 250.1x
IV: 16.8%
Notional: ~$550K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#2
TLT 2026-04-20 $87.50 Call
Vol: 28,953
OI: 1,690
Vol/OI: 17.1x
IV: 6.4%
Notional: ~$261K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#3
TLT 2026-04-24 $87.50 Call
Vol: 45,165
OI: 5,848
Vol/OI: 7.7x
IV: 8.4%
Notional: ~$1.1M
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
TLT 2026-04-20 $89.50 Call
Vol: 2,323
OI: 323
Vol/OI: 7.2x
IV: 12.9%
Notional: ~$2K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
TLT 2026-04-20 $87.00 Put
Vol: 3,546
OI: 500
Vol/OI: 7.1x
IV: 6.7%
Notional: ~$71K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Concentrated short-dated calls 87–89 (Apr 20–24), notable cluster at 87.5–88; single long-dated call print at 115 (2027) of modest size, likely strategic rather than driving near-term flow.

Put additions: Notable puts around 60 (Jul) and short-dated puts spanning 76–86 with lower volume versus calls; put OI cluster roughly ~1.2k near these strikes.

GEX/DEX consistency: Flow leans bullish and GEX/DEX alignment supports potential pinning above spot, but effect is time- and expiry-sensitive and not determinative.

OI clusters: Largest OI concentrations at 87.5–88 (4k–5k OI); smaller put OI cluster ~1.2k near gamma flip ~1.2% below spot.

Hedging evidence: Short-dated collars/covered-call footprints visible; modest protective long-dated puts present but limited relative to call flow.

Max pain context: Max pain aligns near heavy call strikes ~87.5–88; near-term pinning is possible given flows and GEX/DEX but depends on expiry roll dynamics.

Signal vs Noise

~Signal: concentrated 87.5–88 short-dated call OI with heavy prints.
~Signal: GEX + DEX alignment supports potential pinning but is expiry/time sensitive.
~Noise: single long-dated 115 (2027) call of modest size—likely strategic/sweep rather than primary driver.

Key Conclusions

📌Short-dated call build at 87.5–88 plus GEX/DEX supports potential near-term pin, sensitive to expiry timing.
🛡️Protective long-dated puts exist but are modest vs call flow—hedging limited.
⚖️Gamma flip ~1.2% below spot with concentrated OI keeps downside sensitivity intact.
How to Use These Reports
This flow reflects the market close on April 17, 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.