TLT Options History — August 2011

In August 2011, TLT traded between $98.58 and $111.20. ATM implied volatility averaged 26.8%, placing in the 65.1% IV rank vs the trailing year. The 30-day expected move averaged 6.7%. IV traded below realized volatility by 3.7% (HV 20d: 30.5%). Max pain ranged from $97.00 to $101.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 2 of 23 days. Put/call ratio averaged 0.98.

Notable Days

  • 2011-08-31: Highest Volume — 159,623 contracts
  • 2011-08-08: Largest IV spike — 60.6% change
  • 2011-08-04: Highest IV Rank — 100.0%
  • 2011-08-10: Largest Expected Move — 7.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$106.29$98.58$111.20$98.58$107.03
Max Pain$98.91$97.00$101.00$97.00$101.00
ATM IV26.8%21.2%40.0%21.2%28.8%
Expected Move6.7%4.6%7.8%4.6%6.3%
HV 20d30.5%16.0%36.6%16.0%36.3%
HV 60d21.1%13.9%24.5%13.9%24.5%
IV Rank65.1%40.2%100.0%70.8%63.0%
IV Percentile97.8%93.7%100.0%97.6%98.0%
Term Structure-1.5%-3.2%0.2%0.1%-1.1%
VWIV24.0%16.5%27.7%16.5%21.6%
Skew 25d-1.5%-2.9%0.5%0.5%-1.3%
Skew 10d-3.8%-7.4%0.6%0.6%-3.2%
Call IV 25d24.9%16.1%29.9%16.1%23.2%
Put IV 25d23.4%16.5%27.6%16.5%21.9%
Bid-Ask Spread %11.394.5022.994.658.47
Gamma HHI0.090.060.150.110.08
Net GEX57.9M22.7M91.4M73.1M35.7M
Net DEX-2.09B-3.53B-882.2M-882.2M-1.49B
Net VEX-7.7M-9.6M-6.6M-8.4M-7.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.072.771.240.07
Total Volume72,465.78321,478159,62370,752159,623
Total OI877,054.87694,6131,045,141760,829794,504

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2011-08-01$98.58$97.0021.2%4.6%16.0%70.8%16.5%0.5%0.1%73.1M-882.2M-8.4M1.244.65N/AN/A31,54539,207333,727427,102
2011-08-02$101.54$97.0022.5%4.9%18.7%78.8%18.1%-0.1%0.2%85.4M-1.72B-7.6M0.755.89N/AN/A63,08447,557343,901445,603
2011-08-03$101.74$97.0023.9%5.0%18.7%87.3%18.1%-0.6%-0.0%73.7M-1.73B-7.8M1.624.50N/AN/A36,51559,033348,714472,451
2011-08-04$105.36$97.0026.6%6.6%21.5%100.0%23.8%-0.5%-2.2%52.7M-2.33B-6.7M1.0112.14N/AN/A50,05750,502348,499507,741
2011-08-05$102.32$97.0023.5%5.8%24.6%81.8%20.7%-0.8%-0.4%44.5M-1.60B-8.8M0.579.77N/AN/A58,66533,310362,668532,389
2011-08-08$105.55$97.0037.7%7.3%26.2%100.0%25.9%-1.2%-1.4%41.9M-2.12B-8.6M0.349.88N/AN/A88,61130,023368,047524,683
2011-08-09$105.87$97.0040.0%7.1%26.2%100.0%25.1%-2.6%-2.4%63.9M-2.42B-8.9M0.999.48N/AN/A50,03049,366416,422532,580
2011-08-10$109.02$98.0032.6%7.8%27.6%75.7%27.6%-2.9%-3.2%70.3M-3.06B-7.6M0.678.90N/AN/A50,16533,553431,255544,072
2011-08-11$103.52$98.0025.4%7.3%33.7%51.8%26.1%-2.9%-2.0%62.5M-1.86B-9.6M1.1215.12N/AN/A34,18538,358448,304546,067
2011-08-12$105.57$98.0024.9%7.1%34.2%50.3%26.3%-1.7%-2.1%69.2M-2.44B-8.1M0.507.90N/AN/A37,80918,856448,703554,328
2011-08-15$104.50$98.0023.0%6.6%34.2%44.0%23.3%-2.5%-0.9%77.6M-2.19B-8.4M1.5610.70N/AN/A8,68713,575446,837551,526
2011-08-16$106.23$99.0023.0%6.6%34.0%44.0%23.5%-0.9%-1.4%89.4M-2.64B-7.5M0.5012.58N/AN/A23,55711,746449,585559,192
2011-08-17$108.09$99.0021.9%6.3%33.7%40.2%22.7%-0.0%-0.7%91.4M-3.01B-6.8M1.5713.46N/AN/A19,33530,323440,586561,314
2011-08-18$110.31$100.0026.5%7.6%33.7%55.5%27.3%-2.1%-2.5%73.3M-3.30B-7.0M0.5622.99N/AN/A72,68440,918439,137574,888
2011-08-19$111.20$100.0027.0%7.7%33.7%57.1%27.7%-1.4%-2.9%71.6M-3.53B-7.0M1.349.01N/AN/A61,24481,795456,443588,698
2011-08-22$110.92$100.0026.7%7.7%33.2%56.2%27.6%-2.7%-2.2%46.2M-2.15B-6.8M0.718.87N/AN/A14,39510,198325,622368,991
2011-08-23$109.39$100.0024.8%7.1%34.1%49.9%26.5%-2.6%-1.5%46.4M-1.95B-7.4M1.0211.47N/AN/A23,09323,475354,465396,268
2011-08-24$106.28$101.0024.3%7.0%36.3%48.2%24.8%-2.1%-1.4%25.2M-1.23B-8.5M0.9616.13N/AN/A29,66428,567348,676447,018
2011-08-25$107.43$101.0026.3%7.5%36.3%54.8%27.2%-1.7%-2.2%22.7M-1.38B-7.9M0.789.61N/AN/A14,63811,428336,924452,715
2011-08-26$108.49$101.0026.0%6.8%36.0%53.9%24.0%-1.7%-1.3%37.9M-1.68B-7.0M0.7521.51N/AN/A19,81614,781340,857438,409
2011-08-29$106.99$101.0029.4%6.5%36.6%65.1%23.8%-1.3%-1.5%35.4M-1.47B-6.7M2.7719.51N/AN/A8,29122,971336,943437,074
2011-08-30$108.71$101.0030.6%6.6%35.7%69.1%23.1%-1.7%-1.5%42.0M-1.80B-6.6M1.149.36N/AN/A10,02611,452340,135448,199
2011-08-31$107.03$101.0028.8%6.3%36.3%63.0%21.6%-1.3%-1.1%35.7M-1.49B-7.0M0.078.47N/AN/A149,42910,194343,778450,726