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TLT

iShares 20+ Year Treasury Bond ETFClose $84.80EOD only

Max Pain

$86.00

Next expiry May 15, 2026

Expected Move

±$0.51

0.6% from close

Price Gap

+1.20

Distance to max pain

IV Rank

High premium

P/C OI

0.66

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 13, 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 13, 2026 close

TLT Flow Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.7% from MP; +1 VIX 17

Watch next session: $80 gamma flip; call vs put volume

Flow Summary

Net premium: +$13.8M bullish

P/C volume ratio: 0.60

P/C OI ratio: 0.67

Heavy call buying dominates, especially near-term strikes $80-82.5, with net premium +$13.8M and low put/call ratio. Negative GEX suggests dealer hedging but overall flow bullish. Regime confirms bullish trend with low volatility.

Notable Prints

TLT 2026-06-26 $84.00 Put

Vol: 28,179

OI: 557

Vol/OI: 50.6x

IV: 10.6%

Notional: ~$2.3M

Intent: Bearish hedge or speculation on decline

Dual read: Could be a put write for premium if bullish on bonds

Read-through: Expects downside risk by June 26

TLT 2026-05-22 $81.50 Call

Vol: 9,295

OI: 257

Vol/OI: 36.2x

IV: 22.6%

Notional: ~$3.3M

Intent: Bullish directional play on short-term spike

Dual read: May be closing a short call or opening long call

Read-through: Anticipates bond price rise above $81.50 by May 22

TLT 2026-05-22 $80.50 Call

Vol: 4,650

OI: 130

Vol/OI: 35.8x

IV: 27.2%

Notional: ~$2.1M

Intent: Bullish momentum chase

Dual read: Possible call overwriting by institution

Read-through: Expects upside to $80.50+ by May 22

TLT 2026-05-20 $82.00 Call

Vol: 8,147

OI: 231

Vol/OI: 35.3x

IV: 20.8%

Notional: ~$2.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

TLT 2026-05-20 $82.50 Call

Vol: 8,110

OI: 236

Vol/OI: 34.4x

IV: 17.7%

Notional: ~$2.1M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: May20 $82/$82.5C, May22 $80/$81/$81.5C, Aug21 $83C

Put additions: Jun26 $84P (vol 28k vs OI 557), Jun26 $82.5P

GEX/DEX consistency: Contradiction: GEX -$701M bearish, DEX +176M shares bullish

OI clusters: Largest OI: $84 put 557, $81 call 327, $82 call 236

Hedging evidence: Large put volumes Jun26 suggest downside hedging; negative GEX implies dealer hedging amplifying moves.

Max pain context: Spot at MP (~$80 area), low VIX 17, pinning likely.

Signal vs Noise

~Signal: Unusual prints with vol/OI >30 (e.g., $84P, $81.5C, $80.5C) indicate real positioning.

~Noise: Regular call flow on May22 $80C and $82C (vol/OI 14-18) is less notable.

~Signal: Negative GEX vs bullish flow suggests potential for sharp moves.

Key Conclusions

📈Heavy call buying in near-term strikes signals bullish bias, but negative GEX may amplify any move.

🛡️Unusual put buying at $84 Jun26 (50.6x OI) indicates institutional hedging against downside risk.

📌Spot at max pain with low VIX suggests potential pinning near $80 into expiry.

How to Use These Reports

This flow reflects the market close on May 14, 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.