TLT Options History — September 2008

In September 2008, TLT traded between $93.60 and $98.49. ATM implied volatility averaged 15.5%, placing in the 55.7% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.4% (HV 20d: 14.1%). Max pain ranged from $94.00 to $97.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 2.44.

Notable Days

  • 2008-09-19: Highest Volume — 46,821 contracts
  • 2008-09-15: Largest IV spike — 42.0% change
  • 2008-09-17: Highest IV Rank — 100.0%
  • 2008-09-29: Largest Expected Move — 6.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$95.61$93.60$98.49$94.37$94.88
Max Pain$95.62$94.00$97.00$95.00$96.00
ATM IV15.5%10.0%22.7%10.5%17.8%
Expected Move4.5%2.9%6.5%3.0%5.1%
HV 20d14.1%7.5%23.7%10.2%23.7%
HV 60d12.6%10.3%16.3%10.6%16.3%
IV Rank55.7%14.2%100.0%21.4%65.7%
IV Percentile66.0%9.9%100.0%15.5%93.7%
Term Structure-0.9%-7.9%1.7%1.6%-2.2%
VWIV15.8%10.5%22.5%10.5%18.0%
Skew 25d0.6%-1.9%2.0%0.6%0.6%
Skew 10d2.2%-3.5%13.0%1.2%13.0%
Call IV 25d15.6%9.8%23.7%9.8%19.7%
Put IV 25d16.3%10.5%22.2%10.5%20.3%
Bid-Ask Spread %23.679.8642.5710.3631.62
Gamma HHI0.120.100.160.110.12
Net GEX-50.6M-69.3M-24.5M-64.2M-55.7M
Net DEX168.2M-290.9M616.7M238.1M365.0M
Net VEX-3.9M-4.6M-3.1M-3.8M-3.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.440.655.810.653.49
Total Volume15,911.1433,39646,8218,0187,386
Total OI367,186.952285,518445,153345,508323,362

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-09-02$94.37$95.0010.5%3.0%10.2%21.4%10.5%0.6%1.6%-64.2M238.1M-3.8M0.6510.36N/AN/A4,8703,14873,231272,277
2008-09-03$94.77$95.0010.0%2.9%9.7%14.2%10.5%0.3%1.7%-54.7M143.0M-3.7M1.2813.27N/AN/A3,2024,08876,655273,008
2008-09-04$95.53$95.0010.4%3.0%9.6%18.0%11.3%0.9%1.2%-51.9M51.4M-3.6M2.429.86N/AN/A2,8206,81178,343275,089
2008-09-05$95.48$94.0011.1%3.4%8.2%24.1%11.9%1.0%0.9%-56.4M55.8M-3.6M3.4918.14N/AN/A5,07917,72178,546279,748
2008-09-08$95.88$94.0012.2%3.7%8.3%33.9%13.1%1.0%0.4%-52.1M-3.5M-3.2M1.6019.44N/AN/A9,64715,41382,537287,562
2008-09-09$96.83$95.0013.4%3.7%7.5%44.6%13.1%0.8%0.6%-32.5M-149.0M-3.2M1.2314.56N/AN/A7,9019,74988,725300,312
2008-09-10$96.23$95.0012.7%3.7%7.8%38.8%13.0%0.8%-0.3%-48.4M-16.8M-3.7M1.2817.24N/AN/A2,3533,00492,276305,634
2008-09-11$96.18$95.0013.0%3.7%7.6%41.4%12.9%0.9%0.5%-52.6M-8.3M-3.8M2.3015.23N/AN/A2,1164,87593,445307,048
2008-09-12$94.94$95.0013.1%3.8%9.2%42.1%13.2%0.8%0.6%-69.3M242.7M-4.1M3.5417.01N/AN/A2,8099,95094,008308,505
2008-09-15$98.02$96.0018.6%5.3%14.0%92.2%18.7%-0.4%-1.0%-27.7M-221.8M-3.7M1.2422.82N/AN/A9,16711,38695,267312,440
2008-09-16$98.00$96.0019.0%5.4%14.1%95.8%18.8%-0.1%-2.6%-24.5M-290.9M-3.1M3.2819.72N/AN/A7,08323,21297,646316,412
2008-09-17$98.49$96.0022.3%6.4%13.9%100.0%21.8%-0.1%-4.7%-33.2M-164.5M-4.1M3.5340.99N/AN/A5,99321,17898,456330,393
2008-09-18$97.05$97.0022.3%6.4%15.2%99.8%22.3%-1.9%-7.9%-53.8M13.4M-4.1M1.8931.47N/AN/A5,54310,46799,162342,820
2008-09-19$93.97$97.0015.2%4.4%19.5%48.7%16.1%1.3%-2.9%-51.1M616.7M-4.1M5.6135.85N/AN/A7,08239,73999,833345,320
2008-09-22$93.96$97.0015.9%4.6%19.5%54.0%16.7%0.4%0.9%-52.9M467.6M-4.5M1.9738.76N/AN/A10,51020,65761,083224,435
2008-09-23$93.60$96.0017.1%4.9%19.2%62.4%17.7%0.2%-1.3%-62.2M537.8M-4.6M0.9627.10N/AN/A3,2843,14769,136249,698
2008-09-24$94.01$96.0016.6%4.8%19.2%59.1%17.0%2.0%0.2%-57.7M478.9M-4.5M1.4921.17N/AN/A3,3414,98470,634247,263
2008-09-25$93.82$96.0015.7%4.5%19.2%52.0%16.3%1.6%0.7%-62.7M528.6M-4.6M5.8124.15N/AN/A1,1116,45470,418250,481
2008-09-26$94.50$96.0016.8%4.8%19.4%60.4%16.9%2.0%-1.2%-56.7M442.6M-4.4M1.9725.79N/AN/A1,1432,25370,810248,495
2008-09-29$97.25$96.0022.7%6.5%21.8%100.0%22.5%0.5%-3.5%-42.5M204.9M-4.4M2.1742.57N/AN/A4,2459,21371,217249,196
2008-09-30$94.88$96.0017.8%5.1%23.7%65.7%18.0%0.6%-2.2%-55.7M365.0M-3.9M3.4931.62N/AN/A1,6465,74072,239251,123