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TLT

iShares 20+ Year Treasury Bond ETFClose $86.75EOD only

Max Pain

$85.50

Next expiry Jun 22, 2026

Expected Move

±$0.49

0.6% from close

Price Gap

-1.25

Distance to max pain

IV Rank

High premium

P/C OI

0.74

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 18, 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 18, 2026 close

TLT Flow Report

Analysis based on market close June 18, 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 1.5% from MP; +1 VIX 16

Watch next session: 87.50; 89.00; 92.00

Flow Summary

Net premium: +$38.8M bullish

P/C volume ratio: 0.47

P/C OI ratio: 0.74

Heavy call volume on TLT, with net premium positive $38.8M and put/call volume ratio low at 0.47. GEX strongly positive $2.2B pinning above gamma flip. Flow indicates bullish positioning.

Notable Prints

TLT 2026-07-31 $87.50 Call

Vol: 7,157

OI: 154

Vol/OI: 46.5x

IV: 9.0%

Notional: ~$508K

Intent: Bullish directional bet

Dual read: Possible delta hedge

Read-through: Strong call buying signals optimism

TLT 2027-05-21 $83.00 Put

Vol: 4,133

OI: 148

Vol/OI: 27.9x

IV: 11.6%

Notional: ~$893K

Intent: Bearish protection or speculation

Dual read: Hedging long bond position

Read-through: Long-dated put indicates downside concern

TLT 2026-07-24 $89.00 Call

Vol: 10,190

OI: 397

Vol/OI: 25.7x

IV: 8.5%

Notional: ~$214K

Intent: Bullish OTM call speculation

Dual read: Part of call spread

Read-through: High vol/oi reflects aggressive bullish bet

TLT 2026-07-24 $92.00 Call

Vol: 16,173

OI: 1,154

Vol/OI: 14.0x

IV: 10.6%

Notional: ~$81K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

TLT 2026-07-31 $88.00 Call

Vol: 8,119

OI: 599

Vol/OI: 13.6x

IV: 8.9%

Notional: ~$422K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Aggressive call buying at $84.5, $87.5, $88, $89, $92 (Jul 2026 expiries)

Put additions: Notable put buying at $83 (2027) and $87 (Jun/Jul 2026)

GEX/DEX consistency: Positive GEX ($2.2B) and DEX (+219M shares) align with bullish call flow

OI clusters: Large put OI at $80 (117k contracts) and call OI building at $84.5-$92

Hedging evidence: Long-dated $83 puts (2027) suggest position hedging

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

Signal vs Noise

~High vol/oi ratio calls (>10x OI) signal institutional accumulation

~Low put/call volume ratio (0.47) confirms bullish flow

~Long-dated put buying (2027) is hedging signal

Key Conclusions

📈Bullish flow with strong call addition at $87-92; GEX/DEX supportive

⚠️Long-dated put hedging at $83 warns of cautious positioning

How to Use These Reports

This flow reflects the market close on June 18, 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.