TLT

Watch next session: Monitor 2026-04-22 expirations (85.5P,86P,88.5C); Track GEX/delta changes and DEX outflows; Price action vs gamma_flip 85.0

Net premium: +$18.9M bullish

P/C volume ratio: 0.53

P/C OI ratio: 0.60

Call additions: Concentrated call buys around 86.5–92 expiries (notably 05-08) implying dealers carry bullish convexity exposure, though size is concentrated in few blocks.

Put additions: Notable short-dated puts 04-22 at 86/85.5 and 05-08 ~81.5 — appears defensive but could be hedges or directional depending on counterparty.

GEX/DEX consistency: GEX +$1.1B and DEX +162M are consistent with bullish gamma, but linkage to spot pinning is conditional — isolated prints or algos could produce similar metrics.

OI clusters: Largest OI clustered near 86–88 calls and put accumulation ~81–87; gamma flip estimated ~85 based on current OI profile.

Hedging evidence: Pattern resembles collar/hedged exposure (short-dated puts + further-out calls); IV muted, but execution mix suggests some flow-stuffing risk.

Max pain context: Spot sits near calculated max pain in mid-80s which supports pinning as one plausible outcome, but alternative explanations (isolated fills, algorithmic flow) remain possible.