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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 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 0.2% from MP; +1 VIX 17

Flow Summary

Net premium: +$23.9M bullish

P/C volume ratio: 0.40

P/C OI ratio: 0.76

Large call buying dominated flow, with a 50k lot in 2027 $100 calls and 66k in near-term $85 calls. Net premium +$24M, put/call volume ratio 0.40. GEX +$651M, DEX +192M shares. Bullish regime with pinning gamma suggests support near current levels.

Notable Prints

TLT 2027-05-21 $100.00 Call

Vol: 50,227

OI: 118

Vol/OI: 425.6x

IV: 13.7%

Notional: ~$3.4M

Intent: Speculative long-shot bet on bond rally

Dual read: Possible hedge for short bond position

Read-through: Aggressive bullish on bonds

TLT 2026-05-29 $79.00 Call

Vol: 9,510

OI: 102

Vol/OI: 93.2x

IV: 28.3%

Notional: ~$5.3M

Intent: Bullish on near-term bond strength

Read-through: Expects rates to drop

TLT 2026-05-29 $78.00 Call

Vol: 3,402

OI: 154

Vol/OI: 22.1x

IV: 32.4%

Notional: ~$2.2M

Intent: Similar bullish bet, slightly deeper ITM

Read-through: Confident in bond rally

TLT 2026-05-29 $77.00 Call

Vol: 1,700

OI: 202

Vol/OI: 8.4x

IV: 36.5%

Notional: ~$1.3M

Intent: Rolling or adding to bullish position

Read-through: Reinforces bullish view

TLT 2026-05-27 $80.00 Call

Vol: 1,061

OI: 140

Vol/OI: 7.6x

IV: 22.3%

Notional: ~$481K

Intent: Short-term bullish play near expiry

Read-through: Expects minor bond gain

Institutional Positioning

Call additions: Aggressive long-dated call buying (2027 $100C, 2026 $85C, $79C) signals bullish bond view.

Put additions: Modest put activity at $79-$82, likely hedging long call positions.

GEX/DEX consistency: GEX +$651M, DEX +192.8M shares; bullish flow consistent with positive gamma.

OI clusters: Largest put OI cluster ~5.5% below spot (~$79-$80) provides support.

Hedging evidence: Long-dated put adds at $79 and $82 suggest downside hedges on bull positions.

Max pain context: Spot near MP; positive gamma pinning expected; bias for price to stay near current levels.

Signal vs Noise

~Real signal: 2027 $100C vol/OI 425x and 2026 $85C vol 66k indicate institutional bullish conviction.

~Noise: smaller OTM call spreads and single prints likely retail speculation.

Key Conclusions

📈Institutional call buying suggests bullish bond thesis

⚠️Hedging via puts indicates caution on downside

📌Gamma pinning near MP supports range-bound trade

How to Use These Reports

This flow reflects the market close on May 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.