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TLT

iShares 20+ Year Treasury Bond ETFClose $86.20EOD only

Max Pain

$86.00

Next expiry Jun 24, 2026

Expected Move

±$0.33

0.4% from close

Price Gap

-0.20

Distance to max pain

IV Rank

Low premium

P/C OI

0.71

Slightly call-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

TLT Flow Report

Analysis based on market close June 24, 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 1.6% from MP; +0.5 VIX 19

Watch next session: TLT $90 Call; TLT $87 Put

Flow Summary

Net premium: +$36.9M bullish

P/C volume ratio: 0.77

P/C OI ratio: 0.71

Heavy call buying with net $36.9M premium. GEX +$2.1B supports pinning. Unusual put activity at $87.50 suggests hedging. Bullish bias persists with low VIX.

Notable Prints

TLT 2026-06-26 $87.50 Put

Vol: 7,656

OI: 361

Vol/OI: 21.2x

IV: 8.1%

Notional: ~$245K

Intent: Short-term bearish speculation or closing

Dual read: Could be delta hedging

Read-through: Bearish bias near expiry

TLT 2026-07-24 $90.00 Call

Vol: 14,159

OI: 680

Vol/OI: 20.8x

IV: 9.5%

Notional: ~$241K

Intent: Bullish speculation on bonds

Dual read: Cheap long shot

Read-through: Optimistic on rate cuts

TLT 2026-07-24 $86.50 Put

Vol: 6,209

OI: 346

Vol/OI: 17.9x

IV: 9.5%

Notional: ~$366K

Intent: Bearish hedge or speculation

Dual read: Protective put

Read-through: Risk management

TLT 2026-06-24 $87.00 Put

Vol: 4,578

OI: 316

Vol/OI: 14.5x

IV: 5.9%

Notional: ~$5K

Intent: Closing of existing positions

Dual read: Exercise unlikely

Read-through: Expiry day activity

TLT 2026-06-26 $87.00 Put

Vol: 18,136

OI: 1,555

Vol/OI: 11.7x

IV: 8.9%

Notional: ~$236K

Intent: Short-term bearish bet or hedging

Dual read: Gamma scalping

Read-through: Bearish sentiment

Institutional Positioning

Call additions: Deep OTM calls ($72, $80) and $90 Call 7/24 added strongly.

Put additions: Weekly $87.5, $87 puts and $86.5 puts added; likely hedges.

GEX/DEX consistency: Yes: +2.1B GEX, +216M DEX, bullish flow align.

OI clusters: Largest OI: $87 put (1,555) and $90 call (680).

Hedging evidence: High put vol below spot suggests collar/protective hedging.

Max pain context: Spot above MP; gamma pinning suggests drift to MP.

Signal vs Noise

~Put vol spike on weeklies is hedge noise not bearish signal.

~Deep OTM call buying is speculative noise from low premium.

Key Conclusions

🟡Deep OTM call buying is speculative noise; not a strong bullish signal.

🟡High put volume below spot is hedging, not bearish bet; gamma pinning supports upside.

🔴Gamma flip at $80 poses risk if spot falls below; monitor for breakdown.

How to Use These Reports

This flow reflects the market close on June 24, 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.