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TLT

iShares 20+ Year Treasury Bond ETFClose $86.28EOD only

Max Pain

$86.00

Next expiry Apr 17, 2026

Expected Move

±$0.39

0.5% from close

Price Gap

-0.28

Distance to max pain

IV Rank

100

High premium

P/C OI

0.61

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: Apr 16, 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 16, 2026 close

TLT Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

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

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.

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.

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.

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.

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.

Read the Flow analysis for TLT for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.