TLT Options History — March 2025

In March 2025, TLT traded between $88.88 and $92.66. ATM implied volatility averaged 14.5%, placing in the 38.3% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 0.9% (HV 20d: 13.6%). Max pain ranged from $89.00 to $90.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.46.

Notable Days

2025-03-05: Highest Volume — 761,525 contracts
2025-03-10: Largest IV spike — 7.9% change
2025-03-11: Highest IV Rank — 54.9%
2025-03-11: Largest Expected Move — 4.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$90.53	$88.88	$92.66	$92.66	$90.95
Max Pain	$89.67	$89.00	$90.00	$90.00	$90.00
ATM IV	14.5%	13.1%	16.1%	15.8%	14.7%
Expected Move	4.2%	3.8%	4.8%	4.8%	4.4%
HV 20d	13.6%	11.1%	16.0%	14.7%	12.2%
HV 60d	13.1%	12.5%	13.6%	13.3%	13.0%
IV Rank	38.3%	23.2%	54.9%	51.9%	40.2%
IV Percentile	56.2%	17.1%	89.3%	87.3%	60.3%
Term Structure	-0.1%	-0.5%	0.8%	0.6%	0.8%
VWIV	15.2%	13.2%	17.0%	16.8%	15.9%
Skew 25d	-1.0%	-1.5%	-0.5%	-1.1%	-1.5%
Skew 10d	-1.9%	-2.8%	-0.5%	-2.1%	-2.7%
Call IV 25d	15.2%	13.5%	16.8%	16.2%	15.5%
Put IV 25d	14.2%	12.4%	15.8%	15.1%	14.1%
Bid-Ask Spread %	1.35	1.16	1.68	1.16	1.55
Gamma HHI	0.08	0.05	0.15	0.06	0.08
Net GEX	762.2M	289.8M	1.22B	852.1M	1.01B
Net DEX	-4.02B	-8.83B	-184.6M	-8.83B	-5.30B
Net VEX	-67.6M	-71.8M	-61.3M	-71.8M	-63.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.46	0.26	0.86	0.49	0.36
Total Volume	476,898.81	218,970	761,525	519,741	458,753
Total OI	6,012,273.667	5,489,975	6,553,238	5,612,880	5,811,933

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
2025-03-03	$92.66	$90.00	15.8%	4.8%	14.7%	51.9%	16.8%	-1.1%	0.6%	852.1M	-8.83B	-71.8M	0.49	1.16	N/A	N/A	348,978	170,763	3,606,267	2,006,613
2025-03-04	$91.53	$90.00	15.4%	4.5%	15.5%	47.4%	15.7%	-0.8%	-0.2%	682.0M	-5.64B	-71.1M	0.48	1.33	N/A	N/A	435,297	209,357	3,653,282	2,076,127
2025-03-05	$90.72	$90.00	14.9%	4.4%	16.0%	43.0%	15.4%	-0.5%	-0.1%	448.5M	-3.20B	-70.0M	0.50	1.25	N/A	N/A	509,307	252,218	3,695,635	2,157,460
2025-03-06	$90.53	$90.00	15.4%	4.5%	14.8%	47.6%	15.9%	-1.1%	-0.0%	573.5M	-3.25B	-70.6M	0.48	1.25	N/A	N/A	438,878	212,717	3,775,656	2,136,728
2025-03-07	$90.06	$90.00	14.8%	4.1%	14.9%	41.4%	14.4%	-0.7%	-0.1%	289.8M	-2.44B	-69.3M	0.40	1.31	N/A	N/A	366,453	148,013	3,962,678	2,155,395
2025-03-10	$91.13	$90.00	16.0%	4.8%	15.2%	53.8%	16.8%	-0.8%	-0.1%	827.6M	-5.80B	-70.9M	0.51	1.19	N/A	N/A	297,597	152,213	3,832,598	2,057,566
2025-03-11	$90.38	$90.00	16.1%	4.8%	15.4%	54.9%	17.0%	-1.1%	-0.2%	580.3M	-3.77B	-70.3M	0.32	1.30	N/A	N/A	381,703	122,298	3,868,929	2,100,136
2025-03-12	$89.90	$90.00	15.0%	4.1%	15.4%	43.9%	14.9%	-1.0%	0.1%	512.1M	-2.50B	-68.5M	0.30	1.26	N/A	N/A	439,375	131,195	4,034,417	2,145,632
2025-03-13	$90.63	$90.00	15.3%	4.2%	14.7%	47.2%	15.0%	-1.0%	-0.0%	965.7M	-5.05B	-71.3M	0.47	1.18	N/A	N/A	454,236	212,640	4,143,673	2,134,367
2025-03-14	$90.15	$90.00	14.8%	3.8%	13.8%	41.8%	13.2%	-0.8%	0.0%	733.1M	-3.19B	-69.4M	0.51	1.18	N/A	N/A	254,054	129,505	4,253,992	2,188,180
2025-03-17	$90.55	$89.00	14.6%	4.3%	13.8%	39.3%	15.8%	-0.5%	-0.5%	1.13B	-4.62B	-68.7M	0.60	1.68	N/A	N/A	218,847	131,015	4,188,354	2,133,673
2025-03-18	$90.84	$89.00	14.1%	4.2%	12.9%	34.4%	15.0%	-0.8%	-0.3%	954.4M	-5.27B	-68.1M	0.41	1.52	N/A	N/A	158,673	65,221	4,193,678	2,159,032
2025-03-19	$91.13	$89.00	13.4%	4.0%	12.9%	26.3%	14.2%	-1.0%	-0.3%	1.18B	-6.33B	-67.3M	0.86	1.33	N/A	N/A	227,801	195,756	4,236,136	2,162,889
2025-03-20	$91.27	$89.00	13.7%	4.1%	12.9%	29.9%	14.6%	-1.1%	-0.1%	1.22B	-6.56B	-67.8M	0.57	1.36	N/A	N/A	344,033	194,793	4,248,400	2,226,055
2025-03-21	$90.72	$89.00	13.2%	4.0%	12.4%	24.5%	14.9%	-0.9%	-0.4%	972.1M	-4.40B	-65.9M	0.48	1.43	N/A	N/A	254,048	121,018	4,274,137	2,279,101
2025-03-24	$89.72	$89.00	13.4%	4.0%	13.1%	26.6%	14.5%	-1.1%	-0.0%	592.3M	-1.55B	-63.1M	0.37	1.38	N/A	N/A	322,202	119,784	3,677,607	1,812,368
2025-03-25	$89.80	$89.00	13.1%	3.9%	11.4%	23.2%	14.2%	-1.1%	-0.2%	637.6M	-1.90B	-62.7M	0.26	1.29	N/A	N/A	173,901	45,069	3,770,027	1,837,330
2025-03-26	$89.28	$90.00	13.7%	4.1%	11.2%	29.9%	14.7%	-1.3%	-0.3%	536.8M	-1.00B	-62.2M	0.55	1.48	N/A	N/A	259,405	143,676	3,832,970	1,844,722
2025-03-27	$88.88	$90.00	13.4%	4.0%	11.1%	26.8%	14.7%	-1.2%	-0.1%	508.1M	-184.6M	-61.3M	0.45	1.41	N/A	N/A	200,740	89,979	3,864,828	1,874,843
2025-03-28	$90.23	$90.00	13.9%	4.1%	12.1%	31.4%	15.2%	-1.4%	-0.1%	804.7M	-3.72B	-64.4M	0.32	1.43	N/A	N/A	473,405	149,959	3,947,576	1,896,757
2025-03-31	$90.95	$90.00	14.7%	4.4%	12.2%	40.2%	15.9%	-1.5%	0.8%	1.01B	-5.30B	-63.9M	0.36	1.55	N/A	N/A	336,770	121,983	3,940,763	1,871,170