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TLT

iShares 20+ Year Treasury Bond ETFClose $83.91EOD only

Max Pain

$85.00

Next expiry May 22, 2026

Expected Move

±$0.67

0.8% from close

Price Gap

+1.09

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

TLT Flow Report

Analysis based on market close May 20, 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 0.5% from MP; +1 VIX 17

Watch next session: 83.5; 84; 80

Flow Summary

Net premium: +$14.0M bullish

P/C volume ratio: 0.65

P/C OI ratio: 0.78

Heavy call accumulation and positive gamma pinning support upside. Market context favorable. Regime confirms bullish flow. Key levels: $83.5, $84, $80.

Notable Prints

TLT 2026-06-05 $93.00 Call

Vol: 1,707

OI: 177

Vol/OI: 9.6x

IV: 21.5%

Notional: ~$2K

Intent: Speculative open

Dual read: Close hedge

Read-through: Bullish

TLT 2026-12-18 $97.00 Call

Vol: 4,536

OI: 527

Vol/OI: 8.6x

IV: 14.0%

Notional: ~$168K

Intent: Long-term bullish

Dual read: Hedge for short

Read-through: Bullish

TLT 2026-05-27 $89.00 Call

Vol: 888

OI: 104

Vol/OI: 8.5x

IV: 18.0%

Notional: ~$888

Intent: Speculative open

Dual read: Covering

Read-through: Bullish

TLT 2026-05-20 $84.00 Call

Vol: 29,450

OI: 4,365

Vol/OI: 6.8x

IV: 2.3%

Notional: ~$29K

Intent: Closing

Dual read: Rolling

Read-through: Neutral

TLT 2026-05-22 $80.00 Call

Vol: 3,523

OI: 648

Vol/OI: 5.4x

IV: 36.5%

Notional: ~$1.4M

Intent: Open ITM call

Dual read: Exercise

Read-through: Bullish

Institutional Positioning

Call additions: Heavy call buying on near-dated strikes (84C 5/20 29.4k, 83.5C 5/22 18.5k, 80C 5/22 3.5k) and longer-dated 97C 12/18 4.5k

Put additions: Large put buying on 83.5P 5/20 (36.6k) and 83P 5/27 (3.1k), likely hedging or rolling

GEX/DEX consistency: Consistent: +$51.9M GEX, +191.4M DEX, bullish flow, spot at MP

OI clusters: Largest OI at 83.5C/83.5P clusters and 84C; gamma flip at 80

Hedging evidence: Puts at 83.5P on expiry date suggest hedging/collar activity; deep OTM calls may be buy-writes

Max pain context: Spot at max pain, pinning expected with positive gamma

Signal vs Noise

~Signal: Large put volume at 83.5 on expiry (likely hedging). Noise: High vol on 84C with low IV (2.3%)—likely closing or small positions

~Signal: Consistent call buying across multiple expiries indicates bullish tilt. Noise: Some cheap OTM calls (93C, 89C) may be lottery tickets

~Signal: GEX/DEX alignment and net positive premium confirm institutional flow. Noise: Isolated prints with low OI (<1k) are not trend-setting

Key Conclusions

🟢Institutions adding calls aggressively across strikes, especially near-dated 84C and 83.5C, signaling bullish bias

🟡Large put volume on 83.5P expiry suggests hedging or rolling, not outright bearish

📌Positive gamma and spot at max pain imply pinning near current levels

How to Use These Reports

This flow reflects the market close on May 20, 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.