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TLT

iShares 20+ Year Treasury Bond ETFClose $86.57EOD only

Max Pain

$86.50

Next expiry Apr 22, 2026

Expected Move

±$0.46

0.5% from close

Price Gap

-0.07

Distance to max pain

IV Rank

Low premium

P/C OI

0.60

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

TLT Flow Report

Analysis based on market close April 22, 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 0.3% from MP; +0.5 VIX 19

Watch next session: Monitor prints/execs at 83–85; Watch price reaction around 81–82 for breakdown or sustained support; Track VIX uptick and any surge in put prints/oi

Flow Summary

Net premium: +$12.4M bullish

P/C volume ratio: 0.62

P/C OI ratio: 0.62

Bullish short‑term bias: heavy near‑term call flow centered at 83–84 plus +$926M GEX and pinning gamma point to delta/gamma‑driven pinning/upside; a failure to clear 83–85 with rising IV or sizable put flow would flip bias toward downside.

Notable Prints

TLT 2026-04-24 $83.50 Call

Vol: 5,330

OI: 155

Vol/OI: 34.4x

IV: 27.7%

Notional: ~$1.8M

Intent:

Read-through:

TLT 2026-04-24 $84.00 Call

Vol: 6,030

OI: 267

Vol/OI: 22.6x

IV: 20.9%

Notional: ~$1.7M

Intent:

Read-through:

TLT 2026-04-22 $80.00 Call

Vol: 2,956

OI: 229

Vol/OI: 12.9x

IV: 67.2%

Notional: ~$2.0M

Intent:

Read-through:

TLT 2026-04-24 $84.50 Call

Vol: 2,008

OI: 199

Vol/OI: 10.1x

IV: 17.8%

Notional: ~$468K

Intent:

Read-through:

TLT 2026-04-22 $79.00 Call

Vol: 1,720

OI: 170

Vol/OI: 10.1x

IV: 75.0%

Notional: ~$1.3M

Intent:

Read-through:

Institutional Positioning

Call additions: Concentrated short-dated calls 79–84 strikes (Apr22/24) indicating aggressive buy flow

Put additions: Notable May29 87 put block and elevated put OI ~81k just below spot

GEX/DEX consistency: Flow appears bullish and aligns with positive GEX/DEX, but time-series flow and size thresholds (large same-day prints vs background) should be used to corroborate

OI clusters: Largest OI clusters 81–84 calls and put cluster ~87; put OI mass ~81,153 (~2% below spot)

Hedging evidence: Put OI concentration and modest IV skew are consistent with protective hedges/collars, though some call selling could be directional; compare IV term-structure and trade size to distinguish

Max pain context: Spot near max-pain levels; concentrated call buys may contribute to pinning around 81–84 but this is probabilistic, not certain — monitor intraday flow for confirmation

Signal vs Noise

~Signal: large same-day/near-term call prints (79–84) — directed bullish positioning

~Signal: positive GEX/DEX and concentrated prints reinforce dealer delta exposure, subject to persistence over time

~Noise: isolated small/distant OI (e.g. Apr29 92.5) and low-IV long-dated prints

~Noise/alt: put clusters may reflect protective hedges rather than pure bearish bets; use IV skew, trade size and time-series repeatability to filter

Key Conclusions

📌Short-dated call buying concentrated 79–84 may contribute to pinning there, probability moderate — watch for confirming intraday flow

⚠️Put OI just below spot could be protective hedging; gamma flip ~85 may trigger rapid dealer hedging if moves occur — ambiguous signal

How to Use These Reports

This flow reflects the market close on April 22, 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.