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TLT

iShares 20+ Year Treasury Bond ETFClose $85.06EOD only

Max Pain

$85.00

Next expiry Jun 8, 2026

Expected Move

±$0.46

0.5% from close

Price Gap

-0.06

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: Jun 5, 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

Jun 5, 2026 close

TLT Flow Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.4% from MP; +0.5 VIX 19

Watch next session: Put/call ratio; Unusual option activity; Gamma flip level

Flow Summary

Net premium: +$16.9M bullish

P/C volume ratio: 0.90

P/C OI ratio: 0.77

Bullish call buying dominates with unusual prints at $80-81 strikes. Net premium positive, low put/call ratio. Negative gamma adds volatility risk. Sustain above $80 confirms. Watch for put block or breakdown.

Notable Prints

TLT 2026-06-17 $80.50 Call

Vol: 12,850

OI: 350

Vol/OI: 36.7x

IV: 24.6%

Notional: ~$5.7M

Intent: Bullish

Read-through: Expects rally to $80.5 by June

TLT 2026-06-17 $80.00 Call

Vol: 11,250

OI: 351

Vol/OI: 32.0x

IV: 26.9%

Notional: ~$5.6M

Intent: Bullish

Read-through: Expects rally to $80 by June

TLT 2026-06-15 $88.00 Call

Vol: 3,105

OI: 124

Vol/OI: 25.0x

IV: 15.8%

Notional: ~$9K

Intent: Speculative

Read-through: Lottery ticket on spike

TLT 2026-06-17 $88.00 Call

Vol: 2,450

OI: 103

Vol/OI: 23.8x

IV: 14.8%

Notional: ~$12K

Intent: Speculative

Read-through: Lottery ticket on spike

TLT 2027-03-19 $84.00 Put

Vol: 2,506

OI: 134

Vol/OI: 18.7x

IV: 12.0%

Notional: ~$764K

Intent: Bearish

Read-through: Hedge or bearish bet

Institutional Positioning

Call additions: Heavy call buying at $80-80.5 (Jun17) and upside calls at $85.5, $88, $88.5, $89.5 (weekly/Jul).

Put additions: Notable put additions at $84 (long-dated 2027) and $84.5 (Jun10).

GEX/DEX consistency: GEX -$51.4M vs DEX +184.1M shares; flow mixed, dealers net short gamma.

OI clusters: Largest OI: $84.5 put (828), $80 & $80.5 calls (~350 each), $88 calls (~100).

Hedging evidence: Long-dated $84 put (2027) and $84.5 put (Jun10) suggest hedging downside.

Max pain context: Spot near max pain; regime flags 'At' MP.

Signal vs Noise

~Heavy call volume at $80-80.5 is real, likely positioning for upside.

~Low OTM call volume at $88+ is noise, low IV and OI.

~Put volume at $84.5 (7.7x OI) is signal for near-term hedging.

~GEX/DEX divergence may be noise due to large put OI weighting.

Key Conclusions

📈Bond bulls accumulate calls at $80-80.5; upside skew implies expected TLT rally.

🛡️Long-dated put at $84 signals protective hedge against rate rise.

⚠️Dealers net short gamma; negative GEX may amplify moves.

How to Use These Reports

This flow reflects the market close on June 8, 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.