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TLT

iShares 20+ Year Treasury Bond ETFClose $82.07EOD only

Max Pain

$82.50

Next expiry Sep 4, 2026

Expected Move

±$0.48

0.6% from close

Price Gap

+0.43

Distance to max pain

IV Rank

Low premium

P/C OI

0.71

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Sep 3, 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

Sep 3, 2026 close

TLT Flow Report

Analysis based on market close June 5, 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 June 5, 2026. A newer flow report is available for June 29, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +0.5 VIX 22

Watch next session: Monitor price action near 80 gamma flip; Watch for gamma squeeze if spot moves up

Flow Summary

Net premium: -$6.9M bearish

P/C volume ratio: 1.39

P/C OI ratio: 0.75

Heavy put flow and negative gamma signal bearish pressure on TLT. Outsize call buying at 85.5 suggests hedging against short positions or a speculative upside bet. Breakdown below 80 would confirm bearish trend.

Notable Prints

TLT 2026-06-12 $81.50 Call

Vol: 13,908

OI: 300

Vol/OI: 46.4x

IV: 25.0%

Notional: ~$5.3M

Intent: Bull gamma

Read-through: Bounce

TLT 2026-07-02 $83.50 Put

Vol: 13,187

OI: 510

Vol/OI: 25.9x

IV: 11.0%

Notional: ~$567K

Intent: Bearish

Read-through: Down

TLT 2026-08-21 $77.00 Put

Vol: 31,830

OI: 2,037

Vol/OI: 15.6x

IV: 14.4%

Notional: ~$477K

Intent: Hedge

Read-through: Tail risk

TLT 2026-06-12 $85.50 Call

Vol: 50,708

OI: 3,980

Vol/OI: 12.7x

IV: 9.3%

Notional: ~$1.4M

Intent: Aggr bull

Read-through: Expiry

TLT 2026-07-10 $86.00 Call

Vol: 4,323

OI: 516

Vol/OI: 8.4x

IV: 10.2%

Notional: ~$298K

Intent: Bull

Read-through: Buy

Institutional Positioning

Call additions: Calls at 81.5/85.5 with vol/oi >10: bullish bets

Put additions: Puts at 83.5/77/81: hedging & bearish

GEX/DEX consistency: GEX -469M vs DEX +179M: hedging divergence

OI clusters: Largest OIs: $81 put (6K), $85.5 call (4K); gamma flip $80

Hedging evidence: Puts low IV, high volumes: tail hedges

Max pain context: Spot at MP; pin expected

Signal vs Noise

~High vol/oi calls signal bullish positioning

~Net premium negative & put/call ratio>1 confirms bearish flow

~Large put volume with low IV is hedging, not directional

Key Conclusions

🔥Calls at 81.5/85.5 with vol/oi>10: bullish bets

🛡️Heavy puts at 83.5/81 with low IV: tail hedges

⚠️Negative GEX & bearish flow regime signal downside risk

How to Use These Reports

This flow reflects the market close on June 5, 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.