TLT Options History — March 2020

In March 2020, TLT traded between $146.16 and $172.72. ATM implied volatility averaged 33.1%, placing in the 72.6% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 7.1% (HV 20d: 40.3%). Max pain ranged from $147.00 to $152.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.84.

Notable Days

  • 2020-03-06: Highest Volume — 420,270 contracts
  • 2020-03-06: Largest IV spike — 112.7% change
  • 2020-03-06: Highest IV Rank — 100.0%
  • 2020-03-19: Largest Expected Move — 13.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$160.13$146.16$172.72$154.24$165.49
Max Pain$149.77$147.00$152.00$147.00$152.00
ATM IV33.1%16.6%48.3%20.1%24.5%
Expected Move9.2%5.0%13.4%6.3%6.9%
HV 20d40.3%14.5%57.8%15.3%57.6%
HV 60d25.5%13.1%34.5%13.2%34.5%
IV Rank72.6%37.6%100.0%86.3%41.7%
IV Percentile97.8%94.0%100.0%99.6%94.0%
Term Structure-0.3%-4.6%3.7%-0.9%0.3%
VWIV33.8%17.8%49.2%22.0%25.2%
Skew 25d-4.2%-17.2%5.8%-2.9%0.1%
Skew 10d-9.7%-35.3%3.3%-5.5%2.3%
Call IV 25d37.3%17.5%56.6%22.1%24.5%
Put IV 25d33.1%16.0%49.0%19.2%24.5%
Bid-Ask Spread %20.063.2337.805.4622.55
Gamma HHI0.050.030.120.060.12
Net GEX96.3M-28.7M323.8M113.7M159.2M
Net DEX-3.08B-6.11B666.8M-2.91B-3.43B
Net VEX-16.7M-23.4M-12.0M-12.2M-14.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.840.291.770.910.68
Total Volume175,811.18267,205420,270173,62378,660
Total OI1,195,619.727924,8191,386,249989,9341,082,293

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$154.24$147.0020.1%6.3%15.3%86.3%22.0%-2.9%-0.9%113.7M-2.91B-12.2M0.915.46N/AN/A90,96882,655421,347568,587
2020-03-03$155.83$148.0019.1%6.1%15.4%79.6%21.6%-1.6%-0.8%138.2M-3.50B-12.0M0.783.76N/AN/A164,691129,039459,746601,221
2020-03-04$154.76$149.0016.6%5.0%14.5%62.1%17.8%-1.5%-0.4%125.4M-3.13B-12.4M1.283.23N/AN/A65,83984,557524,592644,105
2020-03-05$158.50$149.0019.6%5.2%15.1%82.7%19.2%-2.0%-0.7%177.6M-4.47B-12.6M0.9414.11N/AN/A106,64499,903554,654680,719
2020-03-06$166.33$150.0041.7%10.5%21.4%100.0%36.1%-12.3%-3.6%96.0M-5.93B-15.5M1.0835.74N/AN/A201,837218,433585,657725,837
2020-03-09$172.72$150.0048.3%12.6%23.9%100.0%45.3%-10.5%-2.2%52.1M-6.11B-15.4M0.7025.26N/AN/A127,67688,863546,978732,074
2020-03-10$163.90$150.0037.8%10.1%32.4%74.4%38.9%-9.5%-3.2%38.2M-4.26B-17.5M0.9422.09N/AN/A110,257103,551574,589737,487
2020-03-11$159.32$150.0040.0%10.9%34.5%79.8%41.4%-10.8%-2.0%-768.5K-2.62B-20.7M1.1537.80N/AN/A88,889101,797606,460734,220
2020-03-12$156.68$150.0045.1%12.1%35.1%92.4%43.6%-17.2%-4.4%-28.7M-1.49B-23.4M1.1831.06N/AN/A74,89388,637645,076741,173
2020-03-13$155.05$150.0031.6%8.4%35.5%59.1%31.3%-1.2%-4.6%-20.2M-1.49B-19.7M1.7721.24N/AN/A84,396149,422665,224716,880
2020-03-16$163.64$150.0042.4%11.9%39.7%85.8%42.8%-16.0%2.4%75.5M-4.15B-19.8M0.6021.56N/AN/A77,26346,325640,330681,944
2020-03-17$155.11$150.0033.0%9.3%45.0%62.5%38.1%-9.0%2.0%62.9M-1.98B-18.8M0.2926.87N/AN/A147,00643,315658,933626,426
2020-03-18$146.16$150.0046.5%13.3%50.2%95.7%49.2%-4.8%3.7%-11.0M666.8M-20.3M1.6414.25N/AN/A78,535129,001730,173621,994
2020-03-19$148.37$150.0047.4%13.4%50.4%97.8%48.7%-0.5%3.5%35.3M1.7M-20.2M0.9515.27N/AN/A63,21460,261737,100600,462
2020-03-20$156.42$150.0040.6%11.4%53.7%81.1%40.6%0.6%2.0%123.1M-2.69B-19.5M0.5616.42N/AN/A81,84746,144739,989601,794
2020-03-23$166.12$150.0041.3%12.2%57.3%83.1%43.4%2.2%2.0%87.3M-3.13B-17.9M0.4616.10N/AN/A111,94251,516507,540417,279
2020-03-24$164.04$150.0034.6%9.2%57.7%66.5%34.4%5.8%-2.7%111.6M-2.94B-17.1M0.5418.70N/AN/A43,51423,691543,665437,722
2020-03-25$162.61$150.0026.6%7.4%57.8%46.8%26.8%0.4%3.0%117.9M-2.75B-15.6M0.4829.11N/AN/A107,02650,943546,584444,872
2020-03-26$163.40$150.0022.9%6.8%57.7%37.7%25.1%0.6%1.3%172.1M-3.13B-14.7M0.3721.05N/AN/A90,34233,326597,259473,614
2020-03-27$167.59$150.0022.8%6.6%57.7%37.6%24.7%-1.1%0.3%323.8M-4.52B-14.0M0.4825.27N/AN/A69,64633,226616,055483,429
2020-03-30$166.49$150.0025.9%7.6%57.6%45.2%27.7%-0.6%-0.8%169.4M-3.84B-13.9M0.7214.48N/AN/A80,16657,990577,974469,577
2020-03-31$165.49$152.0024.5%6.9%57.6%41.7%25.2%0.1%0.3%159.2M-3.43B-14.0M0.6822.55N/AN/A46,71731,943589,928492,365