TLT Options History — May 2025

In May 2025, TLT traded between $83.95 and $88.47. ATM implied volatility averaged 16.2%, placing in the 38.3% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded above realized volatility by 2.2% (HV 20d: 14.0%). Max pain ranged from $87.00 to $90.00. Net GEX was positive for 17 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.64.

Notable Days

2025-05-21: Highest Volume — 1,074,863 contracts
2025-05-21: Largest IV spike — 10.9% change
2025-05-21: Highest IV Rank — 52.4%
2025-05-21: Largest Expected Move — 5.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$86.22	$83.95	$88.47	$88.47	$86.28
Max Pain	$89.02	$87.00	$90.00	$90.00	$87.50
ATM IV	16.2%	15.1%	18.1%	17.2%	15.1%
Expected Move	4.7%	4.3%	5.2%	5.2%	4.4%
HV 20d	14.0%	12.0%	19.2%	19.2%	12.5%
HV 60d	14.9%	14.5%	15.6%	15.6%	14.5%
IV Rank	38.3%	27.2%	52.4%	46.1%	27.2%
IV Percentile	78.5%	63.1%	88.1%	85.7%	63.1%
Term Structure	0.0%	-0.3%	0.6%	0.3%	0.5%
VWIV	16.7%	15.5%	18.5%	17.7%	15.6%
Skew 25d	1.2%	0.5%	1.9%	1.0%	1.1%
Skew 10d	3.0%	0.8%	5.0%	1.8%	2.6%
Call IV 25d	15.9%	14.8%	17.8%	16.6%	14.8%
Put IV 25d	17.1%	15.7%	19.4%	17.6%	15.9%
Bid-Ask Spread %	1.59	1.33	1.99	1.49	1.64
Gamma HHI	0.05	0.04	0.07	0.05	0.07
Net GEX	214.0M	-80.5M	718.1M	382.2M	718.1M
Net DEX	1.56B	-1.04B	4.32B	77.8M	-1.04B
Net VEX	-56.1M	-59.6M	-50.4M	-58.8M	-59.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.41	1.16	0.64	0.45
Total Volume	499,709.333	281,825	1,074,863	404,781	356,556
Total OI	5,849,813	5,222,434	6,300,661	5,682,221	6,233,353

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
2025-05-01	$88.47	$90.00	17.2%	5.2%	19.2%	46.1%	17.7%	1.0%	0.3%	382.2M	77.8M	-58.8M	0.64	1.49	N/A	N/A	246,577	158,204	3,633,264	2,048,957
2025-05-02	$87.80	$89.00	16.3%	4.7%	19.0%	39.4%	16.7%	0.5%	0.6%	138.0M	960.2M	-56.9M	0.55	1.54	N/A	N/A	303,496	165,441	3,685,350	2,033,887
2025-05-05	$87.22	$90.00	17.0%	4.9%	18.3%	44.3%	17.3%	1.0%	-0.1%	122.4M	1.57B	-55.6M	0.50	1.81	N/A	N/A	222,251	111,776	3,608,452	2,020,659
2025-05-06	$87.43	$90.00	16.7%	4.8%	15.0%	42.4%	17.2%	0.7%	-0.1%	180.7M	986.9M	-56.4M	0.55	1.76	N/A	N/A	208,017	114,808	3,656,077	2,043,484
2025-05-07	$87.87	$90.00	16.1%	4.6%	14.1%	37.7%	16.5%	0.8%	0.0%	359.5M	227.8M	-56.7M	0.55	1.68	N/A	N/A	232,824	128,742	3,719,900	2,078,640
2025-05-08	$87.13	$90.00	15.8%	4.6%	14.2%	36.1%	16.5%	0.9%	0.0%	75.2M	1.80B	-54.8M	0.59	1.50	N/A	N/A	266,607	158,254	3,693,996	2,073,824
2025-05-09	$87.02	$90.00	15.4%	4.5%	13.1%	33.0%	15.8%	0.8%	0.1%	-31.3M	1.60B	-53.6M	0.75	1.53	N/A	N/A	160,699	121,126	3,755,436	2,044,390
2025-05-12	$86.20	$90.00	15.2%	4.4%	13.5%	31.1%	15.9%	0.6%	0.1%	1.4M	2.96B	-50.4M	0.78	1.42	N/A	N/A	263,882	206,807	3,726,057	2,052,710
2025-05-13	$85.75	$90.00	15.2%	4.3%	13.3%	31.3%	15.5%	0.7%	-0.0%	-11.8M	3.27B	-51.4M	0.70	1.80	N/A	N/A	351,799	246,324	3,819,054	2,057,778
2025-05-14	$85.25	$90.00	16.3%	4.7%	13.3%	39.3%	17.0%	1.4%	0.1%	-80.5M	3.49B	-52.6M	1.16	1.45	N/A	N/A	249,397	290,106	3,919,208	2,089,698
2025-05-15	$86.06	$89.00	16.1%	4.6%	13.6%	37.7%	16.4%	1.4%	0.0%	13.2M	2.12B	-54.9M	1.15	1.43	N/A	N/A	370,565	425,729	3,968,026	2,175,036
2025-05-16	$86.44	$90.00	15.5%	4.5%	13.4%	33.4%	15.8%	1.3%	0.3%	293.8M	1.40B	-55.8M	0.59	1.61	N/A	N/A	277,057	164,839	4,079,025	2,221,636
2025-05-19	$86.03	$89.00	16.2%	4.7%	12.0%	38.7%	17.2%	1.8%	-0.1%	275.2M	1.53B	-55.3M	0.72	1.99	N/A	N/A	317,483	229,368	3,259,967	1,962,467
2025-05-20	$85.47	$88.00	16.3%	4.7%	12.0%	39.4%	16.7%	1.4%	-0.1%	165.1M	2.17B	-56.0M	0.47	1.54	N/A	N/A	314,083	146,912	3,315,978	2,015,909
2025-05-21	$83.95	$88.00	18.1%	5.2%	12.9%	52.4%	18.5%	1.6%	-0.3%	-70.6M	4.32B	-54.4M	0.52	1.81	N/A	N/A	707,638	367,225	3,460,540	2,094,346
2025-05-22	$84.38	$88.00	16.8%	4.8%	12.4%	43.3%	17.2%	1.8%	-0.2%	77.8M	3.07B	-57.6M	0.59	1.40	N/A	N/A	431,614	253,409	3,737,789	2,149,792
2025-05-23	$84.53	$88.00	17.0%	4.9%	12.1%	44.4%	17.6%	1.9%	-0.1%	226.2M	2.26B	-59.4M	0.41	1.70	N/A	N/A	317,454	129,999	3,924,948	2,196,997
2025-05-27	$85.82	$88.00	15.7%	4.5%	13.3%	35.0%	16.3%	1.9%	-0.3%	532.6M	-63.5M	-59.2M	0.52	1.66	N/A	N/A	390,365	204,234	3,802,968	2,171,423
2025-05-28	$85.40	$88.00	16.0%	4.6%	12.7%	37.6%	16.4%	1.5%	-0.2%	487.4M	877.0M	-59.0M	0.47	1.38	N/A	N/A	231,552	109,234	3,917,463	2,232,872
2025-05-29	$86.16	$87.00	15.5%	4.5%	13.3%	33.6%	16.4%	1.3%	-0.3%	639.8M	-801.9M	-59.6M	0.69	1.33	N/A	N/A	320,007	221,436	3,939,470	2,225,247
2025-05-30	$86.28	$87.50	15.1%	4.4%	12.5%	27.2%	15.6%	1.1%	0.5%	718.1M	-1.04B	-59.3M	0.45	1.64	N/A	N/A	246,649	109,907	4,000,311	2,233,042