TLT Options History — March 2023

In March 2023, TLT traded between $99.30 and $107.27. ATM implied volatility averaged 21.2%, placing in the 36.2% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 1.2% (HV 20d: 20.0%). Max pain ranged from $101.50 to $105.00. Net GEX was positive for 21 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 0.81.

Notable Days

  • 2023-03-13: Highest Volume — 489,266 contracts
  • 2023-03-13: Largest IV spike — 21.1% change
  • 2023-03-13: Highest IV Rank — 71.2%
  • 2023-03-13: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$104.19$99.30$107.27$100.25$106.25
Max Pain$104.63$101.50$105.00$103.00$105.00
ATM IV21.2%18.6%25.9%19.7%18.6%
Expected Move6.1%5.4%7.2%5.9%5.4%
HV 20d20.0%14.1%22.7%15.5%21.0%
HV 60d18.9%17.5%19.5%18.3%18.9%
IV Rank36.2%16.9%71.2%24.6%16.9%
IV Percentile52.3%14.3%97.2%32.1%14.3%
Term Structure0.1%-0.7%0.8%-0.3%0.6%
VWIV21.6%19.1%25.6%20.1%19.1%
Skew 25d-0.0%-2.3%2.1%1.3%-0.9%
Skew 10d-0.3%-4.5%3.6%2.5%-1.9%
Call IV 25d21.5%18.3%26.5%19.0%19.1%
Put IV 25d21.5%18.3%26.1%20.3%18.3%
Bid-Ask Spread %28.281.3151.9525.3239.97
Gamma HHI0.060.040.140.060.05
Net GEX158.6M-85.8M408.1M-27.1M250.5M
Net DEX-1.46B-4.18B1.03B686.8M-2.24B
Net VEX-21.7M-24.6M-18.0M-18.3M-22.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.421.311.310.77
Total Volume185,235.73986,473489,266135,413136,728
Total OI2,058,103.7391,712,9942,484,1101,990,3481,934,531

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-03-01$100.25$103.0019.7%5.9%15.5%24.6%20.1%1.3%-0.3%-27.1M686.8M-18.3M1.3125.32N/AN/A58,64076,7731,257,535732,813
2023-03-02$99.30$102.0020.1%5.9%14.1%27.5%21.1%1.4%-0.3%-85.8M1.03B-18.0M0.741.31N/AN/A139,106102,5851,280,522735,497
2023-03-03$101.66$101.5019.1%5.8%17.1%20.7%21.0%1.7%-0.1%134.4M-663.6M-19.9M1.211.85N/AN/A107,849130,2211,349,185791,180
2023-03-06$101.03$105.0019.8%5.7%16.7%25.5%19.9%1.9%0.4%59.8M-112.6M-19.4M0.6241.92N/AN/A60,02937,2231,331,546819,572
2023-03-07$101.81$105.0019.5%5.6%17.0%23.6%19.8%1.9%0.6%102.0M-514.3M-19.4M0.7839.83N/AN/A48,57837,8951,330,716838,230
2023-03-08$101.87$105.0020.2%5.8%16.8%28.9%20.5%2.1%0.5%106.0M-548.7M-19.5M0.6240.69N/AN/A89,53655,1221,348,328848,696
2023-03-09$101.98$105.0020.5%5.9%16.8%31.2%20.3%1.9%0.4%139.4M-722.6M-19.7M0.6151.95N/AN/A87,65453,1331,389,770851,397
2023-03-10$105.40$105.0021.4%6.1%20.6%37.5%21.7%0.6%0.6%322.8M-3.24B-22.1M0.6327.10N/AN/A266,067168,4871,402,237874,805
2023-03-13$105.98$105.0025.9%7.2%20.0%71.2%25.6%-0.5%-0.7%274.4M-3.07B-23.4M0.7225.19N/AN/A284,608204,6581,375,647885,521
2023-03-14$104.27$105.0023.0%6.4%20.8%49.4%22.9%0.1%-0.6%192.7M-1.65B-22.9M0.6824.65N/AN/A115,74378,6651,385,674944,482
2023-03-15$106.28$105.0025.1%7.0%21.8%65.5%24.8%-1.4%-0.5%324.0M-3.40B-24.1M0.8830.92N/AN/A118,089104,0981,438,642930,798
2023-03-16$105.28$105.0022.0%6.3%21.8%42.4%22.1%-0.1%-0.2%278.6M-2.39B-23.3M0.8536.17N/AN/A128,973109,5791,462,568977,555
2023-03-17$107.27$105.0024.9%7.1%21.9%63.8%25.0%-1.4%-0.2%408.1M-4.18B-24.6M0.6020.97N/AN/A144,78186,4351,474,4561,009,654
2023-03-20$106.18$105.0023.6%6.7%22.3%53.8%24.0%-2.3%-0.3%142.0M-1.94B-23.7M1.1512.07N/AN/A59,29068,3911,086,683626,311
2023-03-21$104.77$105.0021.6%6.2%21.8%39.5%22.1%-1.0%-0.2%90.4M-1.03B-22.7M0.8613.45N/AN/A71,44561,6791,118,410647,776
2023-03-22$105.78$105.0021.4%6.1%21.9%37.6%21.6%-0.5%-0.4%146.7M-1.70B-22.6M1.0032.57N/AN/A74,99074,6571,137,805652,713
2023-03-23$106.25$105.0022.1%6.3%21.7%42.7%22.5%-1.7%-0.1%173.4M-2.03B-23.4M0.9320.23N/AN/A56,88853,0421,150,508666,236
2023-03-24$106.72$105.0022.2%6.4%21.0%43.8%22.9%-1.6%-0.3%229.5M-2.40B-23.4M0.7345.78N/AN/A101,94674,8151,166,947681,017
2023-03-27$104.44$105.0019.7%5.6%22.7%25.0%20.4%0.0%0.7%100.5M-799.0M-22.1M0.7029.78N/AN/A97,07768,4321,138,906659,786
2023-03-28$104.55$105.0019.4%5.6%22.7%22.7%20.9%-0.5%0.8%79.9M-835.5M-22.1M0.6326.74N/AN/A72,70046,0411,173,812685,192
2023-03-29$104.09$105.0018.9%5.5%22.3%19.0%20.0%-0.6%0.6%51.9M-590.3M-21.6M1.1627.60N/AN/A46,72354,2401,183,808681,554
2023-03-30$104.94$105.0018.9%5.4%22.0%19.0%19.5%-0.5%0.5%154.0M-1.18B-21.3M0.4234.41N/AN/A103,71343,0981,198,750678,615
2023-03-31$106.25$105.0018.6%5.4%21.0%16.9%19.1%-0.9%0.6%250.5M-2.24B-22.1M0.7739.97N/AN/A77,46659,2621,243,371691,160