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TLT

iShares 20+ Year Treasury Bond ETFClose $84.68EOD only

Max Pain

$83.50

Next expiry May 27, 2026

Expected Move

±$0.75

0.9% from close

Price Gap

-1.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.76

Slightly call-heavy

Consensus

7.5/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

TLT Flow Report

Analysis based on market close May 26, 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); +0.5 spot 1.3% from MP; +1 VIX 17

Watch next session: $80-82 support; $85-87 resistance; VIX direction

Flow Summary

Net premium: +$12.8M bullish

P/C volume ratio: 0.64

P/C OI ratio: 0.73

Dominant bullish flow: $12.8M net premium, call-heavy unusual prints at $82-88.5, positive $1B GEX, low VIX (17). Aggressive short-dated call buying and put selling reinforce pinning above gamma flip at $80.

Notable Prints

TLT 2026-05-29 $82.00 Call

Vol: 11,308

OI: 375

Vol/OI: 30.1x

IV: 26.7%

Notional: ~$3.6M

Intent: bull

Read-through:

TLT 2026-06-03 $84.50 Put

Vol: 4,191

OI: 148

Vol/OI: 28.3x

IV: 11.8%

Notional: ~$151K

Intent: bear

Read-through:

TLT 2026-06-03 $85.00 Put

Vol: 4,284

OI: 270

Vol/OI: 15.9x

IV: 12.2%

Notional: ~$244K

Intent: bear

Read-through:

TLT 2026-06-03 $88.50 Call

Vol: 4,140

OI: 316

Vol/OI: 13.1x

IV: 14.1%

Notional: ~$12K

Intent: spec

Read-through:

TLT 2026-05-29 $82.50 Call

Vol: 9,211

OI: 751

Vol/OI: 12.3x

IV: 22.1%

Notional: ~$2.4M

Intent: bull

Read-through:

Institutional Positioning

Call additions: Aggressive call buying at 82/82.5 (May 29) and 87.5 (Jun26)

Put additions: Short-term puts at 84.5/85 (Jun3) and long-dated 79/80 (2027)

GEX/DEX consistency: GEX +$1B, DEX +186M shares, both bullish, consistent

OI clusters: Largest OI: 85P 1042, 80P 983, 82.5C 751

Hedging evidence: Long-dated puts at 79/80 indicate institutional hedging

Max pain context: Spot above MP, gamma pinning supports upside drift

Signal vs Noise

~Heavy 82C (30x OI) and 82.5C (12x) volume is bullish signal

~Near-term 84.5/85 put volume (28x,16x OI) may be noise/hedging

~Long-dated 79/80 put volume (4x,2.5x) is signal of institutional hedging

~Low put/call ratio (0.64 vol,0.73 OI) confirms bullish flow

Key Conclusions

📈Institutions piling into 82-82.5 calls pre-expiry, strong bullish tilt

⚠️Near-term 84.5/85 put activity suggests short-term hedging

🛡️Long-dated 79/80 puts indicate institutional downside protection

How to Use These Reports

This flow reflects the market close on May 26, 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.