TLT Options History — May 2022

In May 2022, TLT traded between $113.61 and $119.38. ATM implied volatility averaged 21.3%, placing in the 72.7% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 1.4% (HV 20d: 19.9%). Max pain ranged from $118.00 to $127.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.68.

Notable Days

2022-05-05: Highest Volume — 467,632 contracts
2022-05-31: Largest IV spike — 9.9% change
2022-05-02: Highest IV Rank — 92.3%
2022-05-02: Largest Expected Move — 7.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$117.04	$113.61	$119.38	$117.23	$116.78
Max Pain	$121.71	$118.00	$127.00	$127.00	$120.00
ATM IV	21.3%	18.1%	24.0%	24.0%	19.9%
Expected Move	6.3%	5.3%	7.5%	7.5%	6.0%
HV 20d	19.9%	17.0%	21.8%	17.0%	21.1%
HV 60d	19.4%	18.5%	20.3%	18.6%	19.0%
IV Rank	72.7%	49.2%	92.3%	92.3%	62.3%
IV Percentile	88.4%	73.4%	99.6%	99.6%	82.9%
Term Structure	-0.1%	-0.8%	0.7%	-0.4%	-0.3%
VWIV	22.5%	19.0%	26.3%	26.3%	21.7%
Skew 25d	0.4%	-0.5%	1.7%	0.7%	0.4%
Skew 10d	-0.0%	-1.9%	2.3%	-0.1%	0.3%
Call IV 25d	21.6%	18.3%	24.1%	24.1%	20.2%
Put IV 25d	21.9%	18.3%	24.8%	24.8%	20.6%
Bid-Ask Spread %	23.95	1.46	51.61	1.59	17.37
Gamma HHI	0.09	0.05	0.14	0.05	0.11
Net GEX	88.7M	-132.9M	288.0M	-83.0M	100.2M
Net DEX	3.16B	660.2M	5.89B	4.49B	2.95B
Net VEX	-26.2M	-30.0M	-21.7M	-23.8M	-24.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.29	1.17	0.67	0.75
Total Volume	255,292.333	118,836	467,632	204,835	231,088
Total OI	2,457,893.333	2,052,942	2,855,278	2,052,942	2,366,811

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2022-05-02	$117.23	$127.00	24.0%	7.5%	17.0%	92.3%	26.3%	0.7%	-0.4%	-83.0M	4.49B	-23.8M	0.67	1.59	N/A	N/A	122,677	82,158	1,219,287	833,655
2022-05-03	$118.26	$125.00	22.7%	7.0%	17.7%	83.2%	24.7%	0.7%	-0.4%	-49.4M	3.91B	-25.1M	0.54	1.46	N/A	N/A	118,008	64,171	1,267,976	855,706
2022-05-04	$118.34	$125.00	21.8%	6.6%	17.0%	76.4%	22.7%	0.6%	-0.6%	-64.8M	4.00B	-24.9M	0.29	51.61	N/A	N/A	191,120	54,785	1,294,471	872,682
2022-05-05	$115.35	$125.00	21.9%	6.3%	18.5%	77.1%	22.6%	1.1%	-0.1%	-132.9M	5.24B	-22.7M	1.09	34.45	N/A	N/A	223,229	244,403	1,392,396	885,622
2022-05-06	$113.61	$125.00	22.5%	6.5%	18.8%	81.2%	23.4%	1.7%	-0.1%	-123.9M	5.89B	-21.7M	0.81	27.50	N/A	N/A	224,072	181,299	1,443,487	947,781
2022-05-09	$114.60	$125.00	22.6%	6.5%	19.3%	81.8%	23.4%	1.7%	0.3%	-79.5M	4.99B	-23.2M	0.55	25.52	N/A	N/A	126,089	69,896	1,393,206	944,951
2022-05-10	$115.96	$125.00	22.4%	6.6%	19.7%	80.5%	23.3%	1.0%	0.5%	-4.7M	4.15B	-24.4M	0.35	27.99	N/A	N/A	276,353	97,657	1,429,889	945,658
2022-05-11	$117.62	$122.00	21.3%	6.3%	20.6%	72.4%	22.2%	0.7%	0.7%	143.4M	2.91B	-26.4M	0.47	26.98	N/A	N/A	317,653	147,743	1,528,322	934,763
2022-05-12	$118.05	$120.00	21.7%	6.3%	20.6%	75.8%	23.1%	-0.3%	0.7%	241.6M	2.00B	-30.0M	0.49	16.26	N/A	N/A	140,708	69,379	1,685,345	965,973
2022-05-13	$116.09	$120.00	21.3%	6.2%	20.0%	72.6%	22.4%	0.3%	0.5%	96.8M	3.53B	-27.2M	0.60	25.36	N/A	N/A	129,786	78,111	1,710,070	975,930
2022-05-16	$116.04	$120.00	21.3%	6.2%	20.0%	72.4%	22.4%	0.4%	-0.8%	89.5M	3.71B	-26.0M	0.91	31.79	N/A	N/A	155,565	141,509	1,672,544	912,320
2022-05-17	$114.61	$120.00	21.8%	6.3%	20.2%	76.2%	22.0%	0.6%	-0.8%	-14.7M	4.90B	-24.5M	0.56	34.60	N/A	N/A	177,673	99,304	1,688,909	961,538
2022-05-18	$116.75	$118.00	21.8%	6.3%	20.1%	76.4%	23.3%	0.4%	-0.7%	168.5M	3.02B	-28.0M	0.41	27.44	N/A	N/A	139,179	56,948	1,792,066	960,037
2022-05-19	$117.18	$119.00	21.5%	6.2%	20.1%	74.3%	22.7%	-0.3%	-0.5%	225.3M	2.65B	-28.9M	0.60	24.71	N/A	N/A	167,431	100,691	1,853,337	969,947
2022-05-20	$118.63	$120.00	21.1%	6.1%	20.7%	71.5%	22.3%	-0.5%	-0.5%	250.6M	1.63B	-29.3M	0.59	16.22	N/A	N/A	203,240	120,182	1,877,999	977,279
2022-05-23	$116.72	$120.00	20.7%	6.1%	20.9%	68.5%	21.6%	-0.2%	-0.1%	114.9M	2.36B	-27.7M	1.04	16.39	N/A	N/A	72,477	75,396	1,509,221	833,332
2022-05-24	$118.89	$120.00	20.5%	6.1%	21.8%	66.9%	21.4%	-0.5%	-0.2%	254.0M	829.1M	-29.1M	0.84	17.97	N/A	N/A	95,408	80,439	1,525,960	856,636
2022-05-25	$119.38	$120.00	19.6%	5.8%	21.4%	60.2%	20.5%	-0.3%	0.2%	288.0M	660.2M	-29.0M	1.17	17.96	N/A	N/A	86,934	101,984	1,544,831	874,183
2022-05-26	$118.68	$120.00	19.1%	5.7%	21.5%	56.7%	20.7%	-0.1%	0.2%	226.2M	1.37B	-27.4M	0.60	26.37	N/A	N/A	74,204	44,632	1,565,592	893,177
2022-05-27	$119.02	$120.00	18.1%	5.3%	21.3%	49.2%	19.0%	-0.1%	0.3%	217.3M	1.17B	-27.2M	0.86	33.34	N/A	N/A	95,536	82,022	1,560,307	892,564
2022-05-31	$116.78	$120.00	19.9%	6.0%	21.1%	62.3%	21.7%	0.4%	-0.3%	100.2M	2.95B	-24.5M	0.75	17.37	N/A	N/A	132,112	98,976	1,524,121	842,690