Home Options TLTReports

TLT

iShares 20+ Year Treasury Bond ETFClose $84.22EOD only

Max Pain

$85.00

Next expiry May 22, 2026

Expected Move

±$0.54

0.6% from close

Price Gap

+0.78

Distance to max pain

IV Rank

Low premium

P/C OI

0.76

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 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

May 21, 2026 close

TLT Flow Report

Analysis based on market close May 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 0.9% from MP; +1 VIX 17

Watch next session: Monitor TLT 2026-12-18 $81C and 2027-04-16 $88C activity

Flow Summary

Net premium: +$4.2M bullish

P/C volume ratio: 0.58

P/C OI ratio: 0.76

Strong bullish flow: heavy long-dated call buying, net premium positive, low put/call ratio. Gamma pinning near spot. VIX low supports. Confidence high. Confirmation requires sustained call buying; invalidation if spot breaks below $80.

Notable Prints

TLT 2026-12-18 $81.00 Call

Vol: 2,000

OI: 112

Vol/OI: 17.9x

IV: 12.0%

Notional: ~$946K

Intent: Bullish long call

Read-through: Institutional buying

TLT 2027-04-16 $88.00 Call

Vol: 1,921

OI: 130

Vol/OI: 14.8x

IV: 11.8%

Notional: ~$423K

Intent: Bullish speculation

Read-through: Long-dated upside

TLT 2026-05-22 $76.00 Call

Vol: 4,730

OI: 890

Vol/OI: 5.3x

IV: 68.0%

Notional: ~$3.3M

Intent: Closing position

Dual read: Near-term bullish

Read-through: Large expiry trade

TLT 2026-05-27 $85.50 Call

Vol: 4,208

OI: 798

Vol/OI: 5.3x

IV: 10.3%

Notional: ~$38K

Intent: Speculative cheap call

Read-through: Lottery ticket

TLT 2027-05-21 $80.00 Put

Vol: 891

OI: 183

Vol/OI: 4.9x

IV: 13.5%

Notional: ~$233K

Intent: Hedging

Dual read: Bearish speculation

Read-through: Long-dated protection

Institutional Positioning

Call additions: Heavy long-dated call volume (Dec '26 $81, Apr '27 $88) and short-term weekly calls ($76, $80.5-$82) signal bullish institutional positioning.

Put additions: Modest put additions at longer expirations (May '27 $80, Feb '27 $82) suggest tactical hedging.

GEX/DEX consistency: Consistent: positive GEX ($358M) and DEX (+192M shares) align with bullish flow.

OI clusters: Largest OI clusters near $80 (gamma flip level) and $82, with put OI concentration of 92,604 at $80.

Hedging evidence: Hedging via put additions at $80 and $82 strikes, likely collaring upside.

Max pain context: Spot near max pain (MP) suggests pinning; gamma flip at $80 reinforces support.

Signal vs Noise

~Signal: Long-dated call accumulation and high volume in the $80-$82 strikes; short-term $76 calls with 68% IV are noise.

~Signal: Put hedging at $80-$82 is real; low IV in far-dated puts hints at protective rather than speculative.

~Noise: Low OI changes in some contracts; weekly call volume may be speculative.

Key Conclusions

📈Institutions are aggressively adding long-dated calls, betting on a bond rally.

📌Gamma pinning near $80 with spot at MP; likely to hold until expiration.

🛡️Put hedging at $80-$82 suggests caution, but overall flow remains bullish.

How to Use These Reports

This flow reflects the market close on May 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.