TLT Options History — January 2025

In January 2025, TLT traded between $85.16 and $88.34. ATM implied volatility averaged 14.7%, placing in the 39.8% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 3.4% (HV 20d: 11.3%). Max pain ranged from $88.00 to $91.00. Net GEX was positive for 17 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.55.

Notable Days

2025-01-08: Highest Volume — 1,217,907 contracts
2025-01-27: Largest IV spike — 7.9% change
2025-01-08: Highest IV Rank — 56.5%
2025-01-08: Largest Expected Move — 4.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$87.01	$85.16	$88.34	$87.51	$87.45
Max Pain	$88.67	$88.00	$91.00	$89.50	$88.00
ATM IV	14.7%	13.5%	16.2%	14.8%	14.0%
Expected Move	4.2%	3.9%	4.6%	4.3%	4.0%
HV 20d	11.3%	10.1%	12.5%	11.9%	11.7%
HV 60d	14.3%	14.0%	14.5%	14.3%	14.0%
IV Rank	39.8%	27.1%	56.5%	41.9%	33.0%
IV Percentile	59.1%	25.0%	89.7%	69.4%	41.3%
Term Structure	-0.0%	-0.5%	0.5%	0.4%	0.1%
VWIV	14.8%	13.7%	16.2%	14.5%	14.3%
Skew 25d	0.3%	-0.2%	0.8%	0.3%	0.1%
Skew 10d	0.9%	-0.8%	2.1%	1.1%	0.0%
Call IV 25d	14.7%	13.5%	16.2%	14.7%	14.1%
Put IV 25d	15.0%	13.8%	16.6%	15.0%	14.2%
Bid-Ask Spread %	1.83	1.37	2.21	1.37	2.21
Gamma HHI	0.08	0.05	0.12	0.06	0.09
Net GEX	514.3M	-117.5M	929.1M	217.6M	686.3M
Net DEX	640.9M	-3.70B	4.90B	2.33B	-365.8M
Net VEX	-56.4M	-61.9M	-48.3M	-51.8M	-57.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.30	1.02	1.02	0.43
Total Volume	560,438.1	242,697	1,217,907	341,195	443,385
Total OI	5,650,099.65	5,132,620	6,586,488	5,220,520	5,793,053

Daily Data (20 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
2025-01-02	$87.51	$89.50	14.8%	4.3%	11.9%	41.9%	14.5%	0.3%	0.4%	217.6M	2.33B	-51.8M	1.02	1.37	N/A	N/A	168,630	172,565	3,090,472	2,130,048
2025-01-03	$87.21	$89.00	14.3%	4.1%	10.7%	35.7%	14.4%	0.4%	0.5%	76.7M	3.15B	-50.4M	0.55	1.45	N/A	N/A	221,687	120,929	3,136,952	2,153,745
2025-01-06	$86.87	$91.00	14.9%	4.3%	10.5%	42.3%	15.5%	0.5%	0.1%	-4.6M	3.59B	-48.6M	0.50	1.96	N/A	N/A	362,458	181,927	3,079,245	2,053,375
2025-01-07	$86.00	$91.00	15.4%	4.4%	10.5%	47.7%	15.7%	0.6%	0.0%	-117.5M	4.90B	-48.3M	0.71	1.87	N/A	N/A	407,041	289,373	3,204,953	2,102,703
2025-01-08	$86.13	$90.00	16.2%	4.6%	10.7%	56.5%	16.2%	0.4%	-0.2%	133.4M	3.56B	-51.2M	0.77	1.94	N/A	N/A	689,376	528,531	3,329,807	2,069,175
2025-01-10	$85.41	$90.00	15.4%	4.4%	10.8%	47.6%	15.7%	0.3%	-0.0%	-100.8M	4.89B	-51.5M	0.48	1.89	N/A	N/A	600,946	288,469	3,700,604	2,220,169
2025-01-13	$85.34	$89.00	15.8%	4.5%	10.5%	52.3%	16.0%	0.1%	-0.2%	162.7M	3.95B	-53.6M	0.46	1.89	N/A	N/A	531,741	244,323	3,708,996	2,128,213
2025-01-14	$85.16	$88.00	15.7%	4.4%	10.1%	50.6%	15.3%	0.1%	-0.5%	279.4M	3.92B	-54.1M	0.59	1.84	N/A	N/A	406,862	240,040	4,014,011	2,118,704
2025-01-15	$86.72	$88.00	15.0%	4.2%	12.3%	43.3%	15.1%	0.3%	-0.4%	746.2M	-17.1M	-58.6M	0.30	1.70	N/A	N/A	839,803	256,163	4,155,525	2,138,626
2025-01-16	$87.09	$88.00	14.7%	4.1%	12.5%	40.3%	14.6%	0.3%	-0.3%	861.9M	-777.6M	-61.4M	0.93	1.83	N/A	N/A	434,275	402,257	4,330,054	2,137,300
2025-01-17	$87.13	$88.00	14.7%	4.1%	12.4%	40.7%	14.7%	0.8%	-0.4%	865.9M	-706.2M	-61.1M	0.52	1.73	N/A	N/A	234,640	121,056	4,404,853	2,181,635
2025-01-21	$87.90	$88.00	14.5%	4.1%	11.9%	38.1%	14.7%	0.8%	0.0%	823.7M	-2.42B	-61.2M	0.40	1.90	N/A	N/A	265,762	107,090	3,445,512	1,767,795
2025-01-22	$87.55	$88.00	13.8%	3.9%	10.9%	30.5%	13.9%	0.6%	-0.1%	913.8M	-1.50B	-59.2M	0.50	1.83	N/A	N/A	203,219	100,860	3,480,319	1,808,636
2025-01-23	$86.84	$88.00	13.7%	3.9%	11.1%	29.4%	14.1%	0.3%	0.0%	616.2M	209.8M	-57.5M	0.39	1.96	N/A	N/A	245,906	95,008	3,514,354	1,820,147
2025-01-24	$87.13	$88.00	13.5%	3.9%	10.8%	27.1%	13.7%	0.2%	0.1%	670.6M	-603.9M	-58.6M	0.50	1.92	N/A	N/A	183,318	90,822	3,612,582	1,850,224
2025-01-27	$88.34	$88.00	14.5%	4.2%	11.9%	38.3%	15.1%	0.0%	0.2%	856.0M	-3.70B	-61.9M	0.36	1.94	N/A	N/A	481,970	172,891	3,563,001	1,826,297
2025-01-28	$88.09	$88.00	14.1%	4.1%	11.9%	34.3%	14.7%	-0.2%	0.3%	833.3M	-2.65B	-61.5M	0.53	1.75	N/A	N/A	159,045	83,652	3,687,464	1,889,596
2025-01-29	$88.00	$88.00	14.0%	4.0%	11.5%	32.9%	14.3%	-0.2%	0.2%	929.1M	-2.25B	-60.1M	0.58	1.91	N/A	N/A	317,906	185,672	3,731,300	1,934,655
2025-01-30	$88.28	$88.00	14.1%	4.0%	11.2%	34.2%	14.3%	0.0%	0.0%	835.7M	-2.68B	-59.8M	0.48	1.75	N/A	N/A	222,033	107,131	3,731,642	1,956,251
2025-01-31	$87.45	$88.00	14.0%	4.0%	11.7%	33.0%	14.3%	0.1%	0.1%	686.3M	-365.8M	-57.4M	0.43	2.21	N/A	N/A	310,619	132,766	3,781,343	2,011,710