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TLT

iShares 20+ Year Treasury Bond ETFClose $86.09EOD only

Max Pain

$86.00

Next expiry Jun 24, 2026

Expected Move

±$0.48

0.6% from close

Price Gap

-0.09

Distance to max pain

IV Rank

Low premium

P/C OI

0.71

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: Jun 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

Jun 22, 2026 close

TLT Theta Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.2% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

Avg IV 12.6% well below VIX 19.5%

Favorable?

Term structure: Upward sloping with elevated near-term put IV vs calls, indicating downside hedging

⚠️Low IV limits credit but pinning reduces risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+1.4B)

Gamma flip: ~$80.00 — Approx — based on put OI concentration of 109,075 (7.2% below spot)

OI concentrations: Call wall $95-$110, put floor $80; gamma flip $80 via put OI

Verdict: High pin potential at $86 max pain; large GEX +$1.4B supports pinning

Premium Opportunities

Call calendar

Sell 2026-07-24 $87.00 call / buy 2026-11-20 $87.00 call

Sell near-term $87 call, buy later $87 call to capture time decay in low vol environment.

Debit: $1.17-$1.43

Max loss: $1.43

BE: Path-dependent

Mgmt: Monitor position; close if TLT breaks above $86 or IV spikes above 20%.

Risk Alerts

!Market sell-off could spike vol despite low regime

!Expiration Friday may cause gamma squeeze

How to Use These Reports

This theta reflects the market close on June 23, 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.