TLT Options History — February 2025

In February 2025, TLT traded between $87.25 and $92.05. ATM implied volatility averaged 14.1%, placing in the 33.9% IV rank vs the trailing year. The 30-day expected move averaged 4.1%. IV traded above realized volatility by 0.4% (HV 20d: 13.7%). Max pain ranged from $88.00 to $90.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 0.45.

Notable Days

  • 2025-02-25: Highest Volume — 1,294,752 contracts
  • 2025-02-25: Largest IV spike — 9.4% change
  • 2025-02-05: Highest IV Rank — 44.8%
  • 2025-02-26: Largest Expected Move — 4.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$89.43$87.25$92.05$88.15$92.05
Max Pain$89.68$88.00$90.00$88.00$90.00
ATM IV14.1%13.1%15.1%14.5%14.7%
Expected Move4.1%3.7%4.4%4.2%4.4%
HV 20d13.7%11.9%15.2%12.0%15.2%
HV 60d13.3%12.6%13.8%13.8%13.2%
IV Rank33.9%22.8%44.8%38.4%40.2%
IV Percentile46.1%16.7%77.4%59.1%65.1%
Term Structure0.0%-0.5%0.7%0.0%0.7%
VWIV14.5%13.2%15.8%14.9%15.5%
Skew 25d-0.5%-1.5%0.2%0.2%-1.5%
Skew 10d-1.0%-2.8%0.1%0.1%-2.6%
Call IV 25d14.4%13.3%16.1%14.6%15.6%
Put IV 25d13.9%13.0%15.1%14.7%14.1%
Bid-Ask Spread %1.331.091.851.851.23
Gamma HHI0.110.070.240.110.16
Net GEX901.6M384.5M1.79B720.3M1.21B
Net DEX-4.20B-9.61B1.83B-967.7M-9.61B
Net VEX-63.3M-71.0M-56.0M-59.9M-70.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.450.230.800.550.26
Total Volume554,680.158284,4751,294,752557,086709,202
Total OI5,702,075.5795,430,0626,095,7235,448,9746,053,780

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-02-03$88.15$88.0014.5%4.2%12.0%38.4%14.9%0.2%0.0%720.3M-967.7M-59.9M0.551.85N/AN/A359,623197,4633,474,6661,974,308
2025-02-04$88.35$88.0014.4%4.2%11.9%37.3%14.6%0.0%-0.0%792.2M-2.17B-60.3M0.611.83N/AN/A232,144141,0413,526,9361,903,126
2025-02-05$89.93$88.0015.1%4.4%13.2%44.8%15.5%0.0%-0.1%991.5M-6.23B-64.3M0.401.60N/AN/A554,913219,7973,572,9331,972,249
2025-02-06$89.88$90.0014.7%4.2%12.5%40.6%14.9%0.0%-0.2%945.1M-5.42B-63.6M0.691.44N/AN/A211,471144,8613,586,3881,970,149
2025-02-07$89.20$90.0014.5%4.2%13.0%38.1%15.1%-0.1%-0.0%690.0M-3.40B-61.9M0.691.35N/AN/A321,224222,3733,621,6812,017,822
2025-02-10$88.90$90.0014.1%4.1%12.6%34.3%14.5%-0.1%0.3%752.6M-2.23B-61.3M0.451.18N/AN/A196,15388,3223,555,4741,999,844
2025-02-11$88.43$90.0013.9%4.0%12.8%31.4%14.3%-0.5%0.3%618.2M-1.14B-59.2M0.331.21N/AN/A252,51682,9733,572,3931,986,712
2025-02-12$87.25$90.0013.7%4.0%13.9%29.8%14.3%-0.3%0.3%384.5M1.83B-56.0M0.711.25N/AN/A407,737290,1913,678,7242,017,810
2025-02-13$88.69$90.0013.4%3.9%13.6%26.9%13.8%-0.3%0.2%903.9M-3.40B-60.2M0.801.16N/AN/A260,278207,0643,722,0531,923,720
2025-02-14$89.16$90.0013.4%3.9%13.6%27.0%13.9%-0.4%0.3%977.0M-4.54B-61.2M0.311.15N/AN/A467,820144,1853,765,5361,944,042
2025-02-18$88.06$90.0013.3%3.8%14.5%25.9%13.4%-0.7%-0.0%721.3M-1.46B-59.5M0.351.09N/AN/A271,84695,5413,835,6731,952,038
2025-02-19$88.28$90.0013.4%3.8%14.1%26.1%13.4%-0.3%-0.1%823.7M-1.98B-60.2M0.451.26N/AN/A240,783108,0083,935,5971,985,386
2025-02-20$88.56$90.0013.1%3.7%14.1%22.8%13.2%-0.3%-0.1%897.0M-2.81B-62.1M0.271.14N/AN/A391,210106,4753,953,0262,001,820
2025-02-21$89.70$90.0013.4%3.9%14.3%26.9%13.9%-0.5%-0.1%1.79B-6.00B-65.8M0.281.14N/AN/A667,295185,6994,058,4412,037,282
2025-02-24$89.88$90.0013.6%3.9%14.3%28.1%14.0%-0.7%-0.2%1.07B-4.66B-66.1M0.361.35N/AN/A291,318106,2113,591,9441,922,659
2025-02-25$91.44$90.0014.8%4.3%14.7%41.6%15.4%-1.1%-0.5%963.6M-8.60B-69.0M0.231.55N/AN/A1,055,701239,0513,623,0041,951,513
2025-02-26$91.97$90.0015.1%4.4%14.7%44.2%15.5%-1.5%-0.2%967.5M-9.59B-71.0M0.321.27N/AN/A431,641136,3173,816,6561,993,169
2025-02-27$91.28$90.0014.7%4.4%15.1%40.6%15.8%-1.5%-0.5%910.0M-7.35B-70.2M0.531.29N/AN/A326,167174,3093,826,7332,014,149
2025-02-28$92.05$90.0014.7%4.4%15.2%40.2%15.5%-1.5%0.7%1.21B-9.61B-70.8M0.261.23N/AN/A564,575144,6273,938,7292,115,051