Home Options TLTReports

TLT

iShares 20+ Year Treasury Bond ETFClose $83.02EOD only

Max Pain

$84.00

Next expiry May 20, 2026

Expected Move

±$0.55

0.7% from close

Price Gap

+0.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.77

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 19, 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 19, 2026 close

TLT Flow Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer flow report is available for May 19, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.6% from MP; +0.5 VIX 18

Watch next session: 80 gamma flip; 82 resistance; 78.5 support

Flow Summary

Net premium: -$40.3M bearish

P/C volume ratio: 1.62

P/C OI ratio: 0.66

TLT shows persistent bearish flow: net premium -$40M, high put volume ratio 1.62, and extreme put buys (e.g., 41k $45P, 79k $81P). Negative gamma (-$772M) and spot below gamma flip at 80 suggest downside vulnerability. Large call OI may cap upside, reinforcing bearish tilt.

Notable Prints

TLT 2027-03-19 $45.00 Put

Vol: 41,196

OI: 451

Vol/OI: 91.3x

IV: 28.6%

Notional: ~$165K

Intent: Bearish hedge/speculation

Dual read: Tail risk protection

Read-through: Extreme bearish

TLT 2026-05-29 $81.00 Put

Vol: 79,075

OI: 2,505

Vol/OI: 31.6x

IV: 14.6%

Notional: ~$1.3M

Intent: Directional bearish bet

Dual read: Hedge

Read-through: Bearish

TLT 2026-05-22 $84.00 Call

Vol: 35,884

OI: 1,205

Vol/OI: 29.8x

IV: 11.6%

Notional: ~$1.4M

Intent: Bullish call buying

Dual read: Short call?

Read-through: Mixed

TLT 2026-05-18 $83.50 Call

Vol: 2,834

OI: 112

Vol/OI: 25.3x

IV: 9.6%

Notional: ~$122K

Intent: Bullish

Dual read: Part of spread

Read-through: Mixed

TLT 2026-05-22 $85.00 Call

Vol: 66,381

OI: 3,011

Vol/OI: 22.1x

IV: 10.4%

Notional: ~$597K

Intent: Bullish

Dual read: Speculative OTM

Read-through: Mixed

Institutional Positioning

Call additions: Modest call buying at 84-85 May strikes, but dwarfed by put flow.

Put additions: Heavy put additions: 2027 $45 put (91x OI) and 2026 $81 put (31x OI).

GEX/DEX consistency: Mixed: negative GEX (-$772M) indicates dealers short gamma; positive DEX (+197M shares) long delta.

OI clusters: Put OI concentration at $80 (4.4% below spot, gamma flip level).

Hedging evidence: Deep OTM put buys (2027 $45, 2026 $81) point to tail hedging.

Max pain context: Spot below max pain; potential pin near $81-$82.

Signal vs Noise

~Real signal: sustained put accumulation at $81 and $45 strikes signals institutional hedging.

~Noise: high call volume at $84-85 is likely speculative given bearish flow.

Key Conclusions

🛡️Institutions hedging downside with deep OTM puts.

⚠️Negative gamma exposes TLT to sharp moves.

How to Use These Reports

This flow reflects the market close on May 15, 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.