TLT Options History — August 2025

In August 2025, TLT traded between $86.16 and $88.30. ATM implied volatility averaged 12.5%, placing in the 6.9% IV rank vs the trailing year. The 30-day expected move averaged 3.6%. IV traded above realized volatility by 2.2% (HV 20d: 10.3%). Max pain ranged from $86.00 to $87.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.68.

Notable Days

2025-08-01: Highest Volume — 601,122 contracts
2025-08-22: Largest IV drop — 7.1% change
2025-08-04: Highest IV Rank — 16.9%
2025-08-04: Largest Expected Move — 4.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$87.11	$86.16	$88.30	$87.81	$86.75
Max Pain	$86.95	$86.00	$87.00	$87.00	$87.00
ATM IV	12.5%	11.9%	13.8%	13.6%	12.4%
Expected Move	3.6%	3.4%	4.0%	3.9%	3.6%
HV 20d	10.3%	8.1%	12.3%	12.3%	8.1%
HV 60d	11.9%	10.5%	12.5%	12.5%	10.5%
IV Rank	6.9%	2.2%	16.9%	15.6%	6.5%
IV Percentile	6.1%	0.4%	24.2%	21.0%	8.7%
Term Structure	0.0%	-0.3%	0.5%	0.2%	-0.3%
VWIV	13.0%	12.1%	14.6%	14.0%	12.7%
Skew 25d	0.4%	0.1%	0.8%	0.5%	0.4%
Skew 10d	1.4%	0.7%	2.5%	2.0%	0.9%
Call IV 25d	12.5%	11.9%	13.8%	13.7%	12.5%
Put IV 25d	12.9%	12.2%	14.3%	14.2%	12.9%
Bid-Ask Spread %	1.81	1.51	2.26	1.60	1.61
Gamma HHI	0.09	0.05	0.29	0.09	0.11
Net GEX	332.1M	-136.4M	939.5M	458.9M	400.7M
Net DEX	-773.0M	-3.11B	1.25B	-1.91B	-189.4M
Net VEX	-53.4M	-56.1M	-50.9M	-56.1M	-54.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.50	0.98	0.52	0.64
Total Volume	370,847.381	233,969	601,122	601,122	418,184
Total OI	5,602,524.571	5,363,207	5,934,950	5,427,598	5,797,652

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
2025-08-01	$87.81	$87.00	13.6%	3.9%	12.3%	15.6%	14.0%	0.5%	0.2%	458.9M	-1.91B	-56.1M	0.52	1.60	N/A	N/A	395,375	205,747	3,122,478	2,305,120
2025-08-04	$87.98	$86.00	13.8%	4.0%	11.7%	16.9%	14.6%	0.5%	0.0%	444.4M	-2.50B	-54.9M	0.91	2.02	N/A	N/A	158,031	144,125	3,172,044	2,238,789
2025-08-05	$88.30	$87.00	13.3%	3.9%	11.7%	13.3%	14.2%	0.1%	0.1%	444.7M	-3.11B	-54.8M	0.98	2.03	N/A	N/A	144,212	141,220	3,185,260	2,241,431
2025-08-06	$87.78	$87.00	12.8%	3.8%	11.3%	9.0%	13.6%	0.4%	0.2%	369.6M	-1.73B	-53.5M	0.64	2.26	N/A	N/A	213,177	136,475	3,216,844	2,306,307
2025-08-07	$87.69	$87.00	12.4%	3.7%	11.3%	6.0%	13.2%	0.4%	0.2%	482.3M	-1.91B	-53.3M	0.92	2.24	N/A	N/A	154,687	142,958	3,265,352	2,267,350
2025-08-08	$87.25	$87.00	12.2%	3.7%	9.9%	4.2%	13.4%	0.4%	0.3%	288.3M	-438.4M	-53.4M	0.50	2.06	N/A	N/A	234,554	118,425	3,311,670	2,331,403
2025-08-11	$87.43	$87.00	12.3%	3.7%	9.9%	5.6%	13.2%	0.4%	0.5%	383.9M	-1.02B	-52.8M	0.57	2.26	N/A	N/A	194,981	111,630	3,319,946	2,287,440
2025-08-12	$86.88	$87.00	12.1%	3.5%	9.8%	3.6%	12.7%	0.8%	0.3%	203.3M	588.4M	-50.9M	0.75	1.70	N/A	N/A	292,118	219,012	3,408,083	2,316,783
2025-08-13	$87.66	$87.00	12.4%	3.6%	10.2%	6.0%	12.6%	0.4%	0.2%	550.7M	-2.11B	-53.2M	0.79	2.06	N/A	N/A	277,207	217,642	3,453,411	2,360,579
2025-08-14	$86.97	$87.00	12.0%	3.5%	10.7%	3.2%	12.2%	0.4%	0.2%	220.1M	54.1M	-52.7M	0.65	1.84	N/A	N/A	252,234	164,765	3,444,778	2,414,819
2025-08-15	$86.38	$87.00	12.1%	3.5%	11.1%	3.8%	12.2%	0.6%	0.2%	-136.4M	1.25B	-52.5M	0.67	1.71	N/A	N/A	291,633	196,456	3,532,145	2,402,805
2025-08-18	$86.16	$87.00	12.5%	3.6%	10.5%	7.1%	12.9%	0.5%	-0.0%	81.2M	947.8M	-51.9M	0.52	1.51	N/A	N/A	250,185	130,620	3,272,516	2,090,691
2025-08-19	$86.68	$87.00	12.5%	3.6%	10.6%	7.1%	12.8%	0.4%	-0.0%	219.8M	-440.5M	-53.8M	0.70	1.78	N/A	N/A	137,600	96,369	3,333,235	2,106,519
2025-08-20	$86.84	$87.00	12.7%	3.6%	10.3%	8.5%	13.1%	0.2%	-0.0%	303.3M	-713.6M	-54.3M	0.51	1.80	N/A	N/A	176,105	90,619	3,368,053	2,144,138
2025-08-21	$86.40	$87.00	13.0%	3.7%	10.5%	10.7%	13.4%	0.2%	-0.1%	86.4M	356.0M	-53.9M	0.59	1.74	N/A	N/A	213,966	127,223	3,387,337	2,154,863
2025-08-22	$87.03	$87.00	12.1%	3.5%	10.6%	3.6%	12.4%	0.6%	-0.0%	939.5M	-1.30B	-53.4M	0.74	1.51	N/A	N/A	313,133	232,886	3,452,576	2,198,234
2025-08-25	$86.85	$87.00	11.9%	3.4%	10.4%	2.2%	12.1%	0.1%	-0.2%	267.8M	-522.1M	-52.3M	0.59	1.59	N/A	N/A	183,650	108,280	3,400,531	2,122,866
2025-08-26	$86.72	$87.00	12.2%	3.5%	8.6%	4.5%	12.5%	0.1%	-0.3%	292.9M	-221.4M	-53.1M	0.59	1.58	N/A	N/A	163,002	96,252	3,432,367	2,139,298
2025-08-27	$86.60	$87.00	12.1%	3.5%	8.4%	3.8%	12.4%	0.4%	-0.2%	175.3M	34.2M	-52.9M	0.85	1.55	N/A	N/A	182,043	154,571	3,474,116	2,183,362
2025-08-28	$87.16	$87.00	12.2%	3.6%	8.5%	4.4%	12.5%	0.4%	-0.2%	497.0M	-1.34B	-53.7M	0.64	1.61	N/A	N/A	187,211	119,232	3,486,549	2,203,276
2025-08-29	$86.75	$87.00	12.4%	3.6%	8.1%	6.5%	12.7%	0.4%	-0.3%	400.7M	-189.4M	-54.1M	0.64	1.61	N/A	N/A	254,343	163,841	3,540,962	2,256,690