TLT Options History — May 2023

In May 2023, TLT traded between $100.18 and $105.93. ATM implied volatility averaged 17.4%, placing in the 13.1% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded below realized volatility by 2.1% (HV 20d: 19.5%). Max pain ranged from $104.50 to $105.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.67.

Notable Days

  • 2023-05-02: Highest Volume — 512,654 contracts
  • 2023-05-05: Largest IV drop — 9.1% change
  • 2023-05-25: Highest IV Rank — 26.9%
  • 2023-05-25: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$102.94$100.18$105.93$103.07$103.06
Max Pain$104.98$104.50$105.00$105.00$104.50
ATM IV17.4%16.1%19.4%17.1%16.1%
Expected Move5.1%4.8%5.8%5.0%4.8%
HV 20d19.5%11.7%20.9%18.8%11.7%
HV 60d19.0%18.0%19.5%19.0%18.1%
IV Rank13.1%3.8%26.9%11.0%3.8%
IV Percentile13.1%1.6%37.7%9.1%1.6%
Term Structure0.0%-0.4%0.8%-0.1%-0.0%
VWIV18.7%17.6%21.3%18.3%18.1%
Skew 25d0.1%-0.9%1.0%0.3%0.3%
Skew 10d0.3%-2.3%2.3%0.7%1.2%
Call IV 25d17.8%16.4%19.5%17.3%16.4%
Put IV 25d17.9%16.5%20.4%17.5%16.7%
Bid-Ask Spread %6.811.6610.651.668.86
Gamma HHI0.060.040.250.040.05
Net GEX142.6M-332.5M410.3M71.7M410.3M
Net DEX-1.22B-3.10B200.6M-550.9M-1.81B
Net VEX-33.6M-38.7M-23.7M-23.7M-33.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.191.320.200.66
Total Volume196,103.54583,051512,654429,843158,302
Total OI3,355,899.1822,260,6213,844,1552,260,6213,836,922

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$103.07$105.0017.1%5.0%18.8%11.0%18.3%0.3%-0.1%71.7M-550.9M-23.7M0.201.66N/AN/A359,38370,4601,681,380579,241
2023-05-02$105.59$105.0018.3%5.5%20.9%19.3%19.5%0.1%-0.2%266.8M-2.45B-30.4M0.194.03N/AN/A429,30983,3451,931,347600,121
2023-05-03$105.93$105.0018.4%5.5%20.7%20.4%19.7%-0.1%-0.2%326.8M-3.10B-36.2M0.263.91N/AN/A254,21166,4062,286,471619,983
2023-05-04$105.41$105.0018.9%5.5%20.5%23.4%19.9%0.0%-0.0%306.7M-2.99B-38.7M0.7710.46N/AN/A50,27338,9262,474,523631,512
2023-05-05$104.78$105.0017.2%5.1%20.5%11.2%18.2%0.5%-0.0%181.5M-2.18B-35.8M0.825.38N/AN/A68,87956,2672,482,691644,049
2023-05-08$103.47$105.0017.5%5.2%20.3%13.7%18.9%0.4%0.7%141.9M-1.39B-33.1M1.239.05N/AN/A44,89755,0392,466,818622,048
2023-05-09$103.09$105.0017.2%5.1%20.3%11.8%18.2%0.1%0.6%97.2M-1.18B-33.4M0.7910.34N/AN/A50,80340,2532,488,595647,250
2023-05-10$103.81$105.0016.6%4.9%20.5%7.1%17.7%0.0%0.6%149.0M-1.67B-34.0M1.058.76N/AN/A63,52666,9492,509,655670,738
2023-05-11$105.03$105.0016.7%4.9%20.9%8.0%17.8%-0.2%0.6%264.8M-2.36B-34.0M0.289.19N/AN/A154,78843,1562,514,069705,583
2023-05-12$104.41$105.0016.4%4.9%20.8%5.8%17.7%0.0%0.8%175.7M-1.91B-34.6M0.9110.53N/AN/A50,82846,4972,630,554727,559
2023-05-15$103.19$105.0016.9%4.9%20.8%9.1%17.6%-0.2%-0.3%70.1M-897.6M-30.7M1.3210.65N/AN/A62,65483,0052,598,436699,191
2023-05-16$102.80$105.0017.6%5.1%20.8%14.2%19.2%-0.9%-0.3%33.0M-942.8M-32.5M0.277.15N/AN/A332,43388,8422,617,634735,105
2023-05-17$102.53$105.0017.1%4.9%20.8%10.8%18.4%-0.9%-0.4%77.3M-1.10B-34.9M1.035.55N/AN/A88,23690,9952,913,649774,751
2023-05-18$101.90$105.0017.0%4.9%20.7%10.3%18.0%-0.7%-0.4%41.2M-726.1M-35.8M0.555.46N/AN/A83,22346,1052,960,904817,468
2023-05-19$101.12$105.0017.6%5.1%20.8%14.3%19.7%0.0%-0.4%-332.5M-9.3M-34.4M0.276.47N/AN/A319,69085,0092,968,733834,545
2023-05-22$100.77$105.0017.3%5.0%20.5%11.9%18.0%0.6%-0.1%96.5M-51.5M-32.9M0.444.61N/AN/A93,99641,1012,825,856725,218
2023-05-23$101.03$105.0017.2%5.1%19.4%11.2%18.1%0.6%-0.1%116.3M-241.2M-32.8M0.598.41N/AN/A84,52650,0132,860,361739,605
2023-05-24$100.72$105.0017.9%5.3%19.2%16.5%18.9%0.9%-0.1%115.5M-135.9M-34.6M1.186.55N/AN/A38,07444,9772,906,544764,031
2023-05-25$100.18$105.0019.4%5.8%19.0%26.9%21.3%0.9%-0.3%82.1M200.6M-33.9M0.741.78N/AN/A73,94054,9232,934,957800,537
2023-05-26$100.88$105.0017.9%5.3%17.7%16.2%19.4%1.0%-0.3%168.0M-232.0M-35.1M0.638.05N/AN/A69,30543,3642,981,041863,114
2023-05-30$101.88$105.0017.1%5.2%14.1%11.0%19.2%0.4%-0.1%276.5M-1.06B-33.7M0.553.04N/AN/A120,94166,4292,924,290832,703
2023-05-31$103.06$104.5016.1%4.8%11.7%3.8%18.1%0.3%-0.0%410.3M-1.81B-33.5M0.668.86N/AN/A95,53462,7682,970,639866,283