TLT Options History — April 2025

In April 2025, TLT traded between $86.02 and $93.03. ATM implied volatility averaged 19.0%, placing in the 64.9% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 2.2% (HV 20d: 16.8%). 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 0.61.

Notable Days

2025-04-09: Highest Volume — 1,739,358 contracts
2025-04-21: Largest IV spike — 21.3% change
2025-04-08: Highest IV Rank — 100.0%
2025-04-10: Largest Expected Move — 6.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$88.84	$86.02	$93.03	$91.45	$89.73
Max Pain	$89.79	$89.00	$90.00	$90.00	$89.50
ATM IV	19.0%	15.1%	24.6%	15.1%	17.1%
Expected Move	5.4%	4.3%	6.8%	4.4%	5.2%
HV 20d	16.8%	11.2%	19.3%	11.6%	18.6%
HV 60d	14.7%	13.0%	15.5%	13.0%	15.4%
IV Rank	64.9%	42.3%	100.0%	44.7%	45.3%
IV Percentile	91.4%	75.0%	100.0%	75.0%	85.7%
Term Structure	-0.3%	-1.2%	1.1%	1.1%	0.3%
VWIV	19.7%	15.6%	23.9%	15.9%	18.7%
Skew 25d	0.9%	-2.3%	4.2%	-1.2%	0.5%
Skew 10d	2.2%	-5.8%	8.9%	-2.8%	1.0%
Call IV 25d	19.1%	15.5%	24.1%	15.5%	17.2%
Put IV 25d	19.9%	14.3%	27.1%	14.3%	17.7%
Bid-Ask Spread %	2.07	1.35	3.62	1.35	1.50
Gamma HHI	0.06	0.04	0.12	0.07	0.09
Net GEX	486.1M	69.9M	1.12B	786.1M	749.7M
Net DEX	-996.1M	-8.44B	3.04B	-4.79B	-2.97B
Net VEX	-63.9M	-69.7M	-58.8M	-65.6M	-61.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.24	0.98	0.40	0.56
Total Volume	694,626.048	298,416	1,739,358	569,863	449,004
Total OI	5,995,209.048	5,430,202	6,598,037	5,430,202	5,945,835

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
2025-04-01	$91.45	$90.00	15.1%	4.4%	11.6%	44.7%	15.9%	-1.2%	1.1%	786.1M	-4.79B	-65.6M	0.40	1.35	N/A	N/A	406,721	163,142	3,568,907	1,861,295
2025-04-02	$91.19	$90.00	15.2%	4.3%	11.2%	45.8%	15.6%	-0.8%	-0.3%	792.2M	-4.26B	-65.1M	0.57	1.55	N/A	N/A	333,682	190,605	3,675,880	1,907,995
2025-04-03	$91.95	$90.00	16.0%	4.5%	11.5%	53.9%	16.4%	-1.2%	-0.3%	810.0M	-5.79B	-67.2M	0.45	1.77	N/A	N/A	428,446	193,437	3,671,222	1,946,558
2025-04-04	$93.03	$90.00	17.6%	4.9%	11.9%	71.2%	18.9%	-2.3%	-0.3%	1.12B	-8.44B	-69.7M	0.24	2.51	N/A	N/A	1,043,679	247,449	3,713,752	1,992,095
2025-04-07	$90.15	$90.00	19.7%	5.5%	16.1%	93.6%	20.4%	0.1%	-0.5%	325.0M	-1.47B	-66.6M	0.78	2.54	N/A	N/A	592,191	463,094	3,576,203	1,954,789
2025-04-08	$88.68	$90.00	22.6%	6.3%	16.9%	100.0%	23.2%	0.9%	-0.6%	176.4M	973.4M	-67.0M	0.64	2.80	N/A	N/A	573,255	369,264	3,646,794	2,040,419
2025-04-09	$88.06	$90.00	20.6%	5.8%	17.0%	83.1%	20.9%	0.7%	-0.3%	78.3M	2.17B	-64.4M	0.98	3.62	N/A	N/A	880,098	859,260	3,817,848	2,131,693
2025-04-10	$86.75	$90.00	24.6%	6.8%	17.3%	100.0%	23.9%	3.1%	-1.2%	90.9M	3.04B	-64.0M	0.71	2.52	N/A	N/A	507,258	361,558	4,000,516	2,224,410
2025-04-11	$86.88	$90.00	24.0%	6.7%	17.3%	95.8%	23.9%	2.5%	-1.1%	69.9M	2.28B	-66.0M	0.61	2.91	N/A	N/A	788,087	477,517	4,120,746	2,295,879
2025-04-14	$87.52	$90.00	21.3%	6.1%	17.5%	76.0%	21.8%	1.0%	-0.4%	303.3M	822.9M	-65.6M	0.74	2.31	N/A	N/A	310,504	231,165	4,221,255	2,273,835
2025-04-15	$87.81	$90.00	18.6%	5.3%	17.5%	56.1%	19.4%	0.6%	-0.1%	309.1M	653.7M	-63.8M	0.71	1.74	N/A	N/A	260,724	185,149	4,191,315	2,283,228
2025-04-16	$88.34	$89.00	18.7%	5.4%	17.6%	57.1%	19.0%	0.7%	-0.1%	458.3M	-494.4M	-64.7M	0.62	2.00	N/A	N/A	354,678	219,773	4,272,976	2,301,167
2025-04-17	$87.52	$90.00	17.9%	5.1%	17.8%	51.0%	18.5%	1.8%	-0.0%	301.0M	1.48B	-61.9M	0.65	2.27	N/A	N/A	323,767	210,509	4,311,811	2,286,226
2025-04-21	$86.02	$90.00	21.7%	6.3%	18.5%	78.8%	22.9%	4.2%	-0.6%	90.1M	3.00B	-58.8M	0.95	1.94	N/A	N/A	343,852	325,622	3,788,770	1,981,674
2025-04-22	$86.56	$90.00	19.8%	5.8%	18.5%	65.3%	20.8%	2.9%	-0.6%	195.3M	2.26B	-60.3M	0.50	1.70	N/A	N/A	286,513	142,914	3,816,207	2,059,544
2025-04-23	$87.34	$90.00	19.1%	5.6%	18.9%	60.0%	20.3%	2.1%	-0.4%	565.6M	553.2M	-61.6M	0.41	1.86	N/A	N/A	488,241	198,093	3,930,502	2,080,762
2025-04-24	$88.25	$89.00	17.7%	5.2%	19.3%	50.1%	19.2%	1.0%	-0.3%	605.5M	-953.0M	-63.2M	0.71	1.70	N/A	N/A	183,690	130,618	3,961,158	2,100,021
2025-04-25	$88.78	$90.00	16.7%	4.8%	19.3%	42.3%	17.1%	0.7%	-0.4%	815.5M	-1.95B	-61.8M	0.78	1.71	N/A	N/A	232,517	181,113	3,977,559	2,116,352
2025-04-28	$89.38	$89.00	17.1%	5.1%	18.7%	45.1%	18.2%	0.5%	0.1%	758.6M	-2.83B	-61.9M	0.39	1.67	N/A	N/A	214,895	83,521	3,900,589	2,031,965
2025-04-29	$90.15	$89.00	17.3%	5.3%	18.7%	47.1%	18.5%	0.3%	0.2%	807.5M	-4.23B	-62.2M	0.46	1.47	N/A	N/A	241,475	110,067	3,880,367	2,039,271
2025-04-30	$89.73	$89.50	17.1%	5.2%	18.6%	45.3%	18.7%	0.5%	0.3%	749.7M	-2.97B	-61.0M	0.56	1.50	N/A	N/A	288,668	160,336	3,873,741	2,072,094