TLT Options History — July 2025

In July 2025, TLT traded between $85.03 and $88.03. ATM implied volatility averaged 13.9%, placing in the 18.0% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded above realized volatility by 2.5% (HV 20d: 11.4%). Max pain ranged from $86.00 to $87.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.72.

Notable Days

2025-07-16: Highest Volume — 747,784 contracts
2025-07-11: Largest IV spike — 9.3% change
2025-07-15: Highest IV Rank — 27.7%
2025-07-15: Largest Expected Move — 4.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$86.27	$85.03	$88.03	$88.03	$87.12
Max Pain	$86.82	$86.00	$87.00	$87.00	$87.00
ATM IV	13.9%	12.9%	15.2%	13.4%	13.0%
Expected Move	4.0%	3.6%	4.4%	3.8%	3.6%
HV 20d	11.4%	10.3%	12.6%	11.9%	12.2%
HV 60d	13.0%	12.3%	15.0%	15.0%	12.4%
IV Rank	18.0%	9.8%	27.7%	14.0%	10.8%
IV Percentile	27.7%	6.3%	62.3%	13.9%	7.1%
Term Structure	0.1%	-0.3%	1.0%	1.0%	0.0%
VWIV	14.0%	12.9%	15.3%	13.2%	12.9%
Skew 25d	0.9%	0.2%	2.2%	0.3%	1.1%
Skew 10d	2.0%	0.7%	4.3%	1.2%	2.8%
Call IV 25d	13.7%	12.8%	14.4%	13.3%	12.8%
Put IV 25d	14.6%	13.1%	16.5%	13.7%	13.9%
Bid-Ask Spread %	1.68	1.29	2.07	1.32	2.07
Gamma HHI	0.07	0.05	0.11	0.10	0.09
Net GEX	211.8M	-167.6M	602.9M	602.9M	512.4M
Net DEX	-17.9M	-2.35B	2.26B	-1.90B	-1.87B
Net VEX	-51.3M	-53.9M	-48.4M	-53.9M	-53.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.25	1.00	0.61	0.25
Total Volume	398,494.136	201,864	747,784	297,704	627,284
Total OI	5,244,425	4,939,750	5,677,244	5,048,553	5,677,244

Daily Data (22 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
2025-07-01	$88.03	$87.00	13.4%	3.8%	11.9%	14.0%	13.2%	0.3%	1.0%	602.9M	-1.90B	-53.9M	0.61	1.32	N/A	N/A	185,192	112,512	3,091,510	1,957,043
2025-07-02	$87.45	$87.00	14.4%	3.8%	12.2%	21.4%	12.9%	0.5%	-0.2%	344.2M	-792.7M	-52.4M	1.00	1.29	N/A	N/A	225,403	225,410	3,096,544	1,969,655
2025-07-03	$86.98	$87.00	13.5%	3.9%	11.0%	14.5%	13.6%	0.5%	-0.3%	303.2M	143.2M	-51.0M	0.54	1.85	N/A	N/A	162,901	88,245	3,116,642	1,957,916
2025-07-07	$86.13	$87.00	14.1%	4.1%	11.6%	19.7%	14.6%	0.8%	0.1%	174.6M	852.6M	-49.2M	0.81	1.58	N/A	N/A	242,788	195,495	3,076,726	1,863,024
2025-07-08	$85.90	$87.00	13.6%	3.9%	10.7%	15.6%	14.0%	0.6%	0.3%	117.4M	637.8M	-48.4M	0.50	1.65	N/A	N/A	224,115	111,928	3,102,702	1,847,393
2025-07-09	$86.90	$87.00	13.0%	3.8%	11.5%	10.5%	13.4%	0.4%	0.2%	556.7M	-1.58B	-49.5M	0.48	1.51	N/A	N/A	241,198	114,592	3,189,305	1,876,008
2025-07-10	$87.00	$87.00	12.9%	3.7%	11.4%	9.8%	13.2%	0.2%	0.2%	555.7M	-1.56B	-49.5M	0.72	1.65	N/A	N/A	117,647	84,217	3,158,944	1,886,349
2025-07-11	$85.69	$87.00	14.1%	4.0%	12.6%	19.1%	14.3%	0.6%	0.0%	56.7M	1.06B	-49.0M	0.87	1.58	N/A	N/A	265,318	231,475	3,177,137	1,909,447
2025-07-14	$85.63	$87.00	14.6%	4.2%	11.8%	22.9%	14.8%	1.0%	0.1%	102.5M	1.17B	-48.6M	0.97	1.64	N/A	N/A	170,017	165,526	3,172,423	1,944,728
2025-07-15	$85.03	$87.00	15.2%	4.4%	11.4%	27.7%	15.3%	1.8%	0.1%	-45.9M	2.26B	-48.9M	0.65	1.56	N/A	N/A	301,322	196,539	3,218,950	1,993,892
2025-07-16	$85.03	$86.00	15.1%	4.3%	11.1%	27.0%	15.3%	2.2%	0.2%	-167.6M	2.22B	-49.5M	0.92	1.52	N/A	N/A	390,072	357,712	3,303,561	2,052,091
2025-07-17	$85.07	$86.00	14.6%	4.2%	10.3%	23.1%	14.6%	1.7%	0.2%	-98.7M	2.08B	-50.3M	0.94	1.56	N/A	N/A	249,964	234,384	3,342,895	2,139,368
2025-07-18	$85.23	$86.00	14.3%	4.1%	10.3%	20.9%	14.3%	1.5%	0.2%	-103.5M	1.58B	-51.2M	0.83	1.77	N/A	N/A	215,159	177,986	3,433,131	2,204,222
2025-07-21	$86.13	$86.00	14.1%	4.0%	11.1%	19.5%	14.0%	1.1%	0.0%	297.8M	-662.5M	-52.5M	0.77	1.90	N/A	N/A	318,172	246,453	3,033,283	2,065,715
2025-07-22	$86.56	$87.00	14.2%	4.0%	11.1%	20.1%	14.4%	0.8%	-0.2%	258.9M	-1.20B	-53.5M	0.94	1.78	N/A	N/A	141,114	132,696	3,064,225	2,111,433
2025-07-23	$85.98	$87.00	14.1%	4.0%	11.1%	19.2%	14.2%	0.8%	-0.0%	135.4M	243.4M	-52.7M	0.63	1.74	N/A	N/A	157,719	99,716	3,112,320	2,180,074
2025-07-24	$85.85	$87.00	14.1%	4.0%	11.0%	19.6%	14.2%	0.9%	-0.0%	226.2M	402.5M	-53.2M	0.74	1.63	N/A	N/A	131,266	97,147	3,133,772	2,191,004
2025-07-25	$86.34	$87.00	13.8%	3.9%	11.2%	16.6%	13.7%	0.5%	-0.0%	163.4M	-799.3M	-53.2M	0.95	1.90	N/A	N/A	164,516	155,524	3,183,722	2,216,042
2025-07-28	$85.88	$87.00	13.6%	3.8%	11.3%	15.1%	13.3%	0.8%	0.0%	29.5M	597.6M	-52.3M	0.62	1.60	N/A	N/A	178,622	111,308	3,152,531	2,223,640
2025-07-29	$87.28	$87.00	13.6%	3.9%	12.1%	15.0%	13.7%	0.7%	-0.0%	306.7M	-2.35B	-53.3M	0.68	1.83	N/A	N/A	251,870	171,776	3,167,092	2,232,465
2025-07-30	$86.73	$87.00	13.4%	3.8%	12.2%	13.8%	13.7%	1.1%	0.2%	331.9M	-920.8M	-53.2M	0.42	1.95	N/A	N/A	348,398	146,173	3,248,168	2,303,014
2025-07-31	$87.12	$87.00	13.0%	3.6%	12.2%	10.8%	12.9%	1.1%	0.0%	512.4M	-1.87B	-53.8M	0.25	2.07	N/A	N/A	501,111	126,173	3,375,477	2,301,767