Home Options TLTReports

TLT

iShares 20+ Year Treasury Bond ETFClose $87.05EOD only

Max Pain

$86.50

Next expiry Apr 22, 2026

Expected Move

±$0.52

0.6% from close

Price Gap

-0.55

Distance to max pain

IV Rank

Low premium

P/C OI

0.60

Slightly call-heavy

Consensus

7.0/10

Range bias

Published snapshot: Apr 20, 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 20, 2026 close

TLT Flow Report

Analysis based on market close April 21, 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); +1 spot 0.1% from MP; +0.5 VIX 20

Watch next session: Monitor 83–84 call flow and vol/IV; Track changes in long-dated put OI (2027 $82); Watch spot vs gamma_flip (85) and VIX moves

Flow Summary

Net premium: +$3.3M bullish

P/C volume ratio: 0.92

P/C OI ratio: 0.60

Order flow and concentrated short-dated call prints combined with large positive GEX point to a short-term bullish/pinning bias, unless spot drops below ~82 or put demand accelerates.

Notable Prints

TLT 2026-04-24 $83.50 Call

Vol: 5,724

OI: 144

Vol/OI: 39.8x

IV: 35.6%

Notional: ~$1.9M

Intent: buy OTM calls (short-term upside/spec)

Dual read: could be dealer sell/roll hedges

Read-through: upside squeeze/pinning near 83-84

TLT 2026-04-24 $84.00 Call

Vol: 4,451

OI: 149

Vol/OI: 29.9x

IV: 31.7%

Notional: ~$1.2M

Intent: buy calls for upside exposure

Dual read: dealer delta sell possible

Read-through: concentrated pin zone 83-84

TLT 2026-04-29 $86.50 Call

Vol: 4,816

OI: 167

Vol/OI: 28.8x

IV: 11.9%

Notional: ~$323K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

TLT 2026-04-24 $83.00 Call

Vol: 3,789

OI: 206

Vol/OI: 18.4x

IV: 39.5%

Notional: ~$1.5M

Intent: buy calls (pinning flow)

Dual read: block trade hedged by sells

Read-through: short-term bullish

TLT 2026-05-04 $83.00 Put

Vol: 2,374

OI: 184

Vol/OI: 12.9x

IV: 13.9%

Notional: ~$12K

Intent: short-dated protection/sell flow

Dual read: cheap put sell or block buy

Read-through: limited downside demand near 83

Institutional Positioning

Call additions: Large short-dated call prints concentrated 82.5–84.5 (24Apr) and 86.5 (29Apr); heavy buy flow into calls.

Put additions: Put OI sits below spot; long-dated 82.0 (Apr2027) positions read as tail/portfolio protection rather than short-term directional bets.

GEX/DEX consistency: Positive GEX (+$588M) and DEX inflows align with call buying and potential dealer delta support.

OI clusters: OI clusters around 82–84 strikes (short-dated) and a large long-dated put block at 82.0 (2027).

Hedging evidence: Collar-like mix: short-dated calls versus longer-dated protective puts, consistent with institutional hedging and delta management.

Max pain context: Spot near MP; flow and GEX increase pin risk into the 82–84 band, though low vol, expiry mechanics and other liquidity drivers could also explain clustering.

Signal vs Noise

~Signal: concentrated short-dated call prints at 82.5–84.5 with high vol/oi imply informed buying.

~Signal: large 2027 82 put OI indicates long-duration tail protection, not immediate directional positioning.

~Noise: isolated tiny May 83 put print (low IV/last) not material.

~Noise: single-day high-IV small-lot intraday calls at 75/77 expiries likely retail/speculative.

Key Conclusions

📌Increased pin risk in 82–84 into weekly expiries; low vol and expiry mechanics remain alternative explanations.

🔁Protective positioning: short-dated call exposure paired with long-dated puts suggests range-bound hedging.

📈Bullish flow signal: net positive GEX and concentrated short-dated call buys point to dealer delta support that can sustain price.

How to Use These Reports

This flow reflects the market close on April 21, 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.