TLT Options History — September 2025

In September 2025, TLT traded between $85.62 and $90.34. ATM implied volatility averaged 13.0%, placing in the 11.0% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.4% (HV 20d: 11.6%). Max pain ranged from $87.00 to $88.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.76.

Notable Days

2025-09-18: Highest Volume — 729,488 contracts
2025-09-17: Largest IV drop — 5.7% change
2025-09-08: Highest IV Rank — 20.2%
2025-09-08: Largest Expected Move — 4.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$89.02	$85.62	$90.34	$85.62	$89.35
Max Pain	$87.57	$87.00	$88.00	$87.00	$88.00
ATM IV	13.0%	12.1%	14.2%	13.7%	12.7%
Expected Move	3.7%	3.5%	4.0%	3.9%	3.6%
HV 20d	11.6%	9.2%	12.6%	9.2%	10.9%
HV 60d	11.0%	10.7%	11.5%	10.8%	10.7%
IV Rank	11.0%	4.0%	20.2%	16.4%	8.7%
IV Percentile	18.2%	3.2%	41.7%	30.6%	13.9%
Term Structure	-0.0%	-0.4%	0.4%	-0.4%	0.3%
VWIV	13.3%	12.5%	14.4%	14.0%	12.7%
Skew 25d	0.2%	-0.1%	0.7%	0.6%	-0.0%
Skew 10d	0.4%	-0.2%	1.5%	0.7%	-0.0%
Call IV 25d	13.2%	12.4%	14.2%	13.9%	13.2%
Put IV 25d	13.4%	12.5%	14.9%	14.5%	13.1%
Bid-Ask Spread %	1.98	1.54	2.44	1.54	1.91
Gamma HHI	0.09	0.06	0.16	0.06	0.15
Net GEX	429.1M	-386.3M	751.8M	44.5M	640.8M
Net DEX	-4.44B	-8.29B	1.95B	1.95B	-3.52B
Net VEX	-56.5M	-58.1M	-53.9M	-53.9M	-56.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.28	1.45	0.69	0.28
Total Volume	467,280.286	270,528	729,488	427,856	555,137
Total OI	5,839,279.81	5,467,850	6,302,845	5,549,647	5,649,401

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
2025-09-02	$85.62	$87.00	13.7%	3.9%	9.2%	16.4%	14.0%	0.6%	-0.4%	44.5M	1.95B	-53.9M	0.69	1.54	N/A	N/A	252,590	175,266	3,372,103	2,177,544
2025-09-03	$86.62	$87.00	13.6%	3.8%	10.2%	15.5%	13.5%	0.6%	-0.4%	429.6M	-1.29B	-55.4M	0.88	1.87	N/A	N/A	218,718	193,211	3,461,021	2,123,452
2025-09-04	$87.18	$87.00	14.1%	4.0%	10.3%	19.7%	14.4%	0.7%	-0.4%	585.8M	-2.36B	-56.3M	1.30	2.44	N/A	N/A	206,303	268,302	3,478,240	2,193,718
2025-09-05	$88.53	$87.00	13.7%	3.9%	11.7%	16.4%	14.2%	0.5%	-0.4%	627.7M	-5.93B	-55.6M	0.64	2.02	N/A	N/A	441,006	282,420	3,540,039	2,266,663
2025-09-08	$89.72	$87.00	14.2%	4.0%	12.4%	20.2%	14.2%	0.3%	-0.1%	696.3M	-7.43B	-56.0M	0.66	1.88	N/A	N/A	434,462	286,961	3,494,853	2,159,823
2025-09-09	$89.22	$87.00	13.7%	3.9%	12.6%	16.5%	14.1%	0.1%	-0.0%	645.9M	-6.12B	-56.5M	0.63	1.84	N/A	N/A	239,034	151,586	3,541,941	2,240,847
2025-09-10	$89.70	$87.00	13.4%	3.8%	12.4%	13.9%	13.7%	-0.1%	0.0%	704.5M	-7.23B	-57.1M	1.04	1.85	N/A	N/A	298,125	311,122	3,603,192	2,312,592
2025-09-11	$90.28	$87.00	13.0%	3.7%	12.2%	10.4%	13.3%	-0.0%	-0.1%	751.8M	-8.29B	-56.9M	0.63	1.83	N/A	N/A	308,379	194,455	3,628,147	2,380,974
2025-09-12	$89.94	$87.00	12.7%	3.6%	11.9%	8.2%	13.0%	0.3%	0.1%	658.3M	-7.29B	-57.4M	0.93	1.88	N/A	N/A	299,851	279,267	3,697,279	2,459,632
2025-09-15	$90.15	$88.00	13.1%	3.8%	11.5%	11.7%	13.5%	0.1%	-0.2%	631.4M	-7.14B	-58.1M	0.60	1.85	N/A	N/A	195,998	116,873	3,652,471	2,461,640
2025-09-16	$90.34	$88.00	13.1%	3.8%	11.3%	11.5%	13.3%	0.1%	-0.2%	616.3M	-7.27B	-57.8M	0.72	1.69	N/A	N/A	170,516	122,234	3,661,312	2,487,720
2025-09-17	$90.09	$88.00	12.3%	3.5%	11.4%	5.8%	12.6%	0.1%	-0.0%	571.3M	-6.72B	-57.0M	0.84	2.25	N/A	N/A	371,853	312,890	3,696,866	2,553,462
2025-09-18	$89.18	$88.00	12.1%	3.5%	12.2%	4.0%	12.5%	0.1%	-0.1%	-158.0M	-3.84B	-55.6M	1.45	2.33	N/A	N/A	297,980	431,508	3,685,640	2,584,145
2025-09-19	$89.03	$88.00	12.3%	3.5%	12.0%	5.3%	12.5%	0.3%	-0.0%	-386.3M	-3.40B	-55.5M	0.71	1.97	N/A	N/A	282,974	202,218	3,674,260	2,628,585
2025-09-22	$88.73	$88.00	12.6%	3.6%	11.9%	7.9%	12.9%	0.2%	0.3%	178.6M	-1.99B	-55.8M	0.90	2.06	N/A	N/A	181,243	163,285	3,222,582	2,245,268
2025-09-23	$89.31	$88.00	12.7%	3.7%	12.0%	8.2%	13.2%	-0.1%	0.3%	406.2M	-3.53B	-57.4M	0.40	2.11	N/A	N/A	193,748	76,780	3,265,181	2,302,185
2025-09-24	$88.94	$88.00	12.4%	3.6%	12.1%	6.2%	12.8%	-0.1%	0.3%	348.6M	-2.70B	-56.6M	0.75	2.04	N/A	N/A	204,569	153,318	3,325,872	2,328,503
2025-09-25	$88.98	$88.00	12.7%	3.7%	12.1%	8.3%	12.8%	-0.1%	0.4%	359.7M	-2.77B	-57.2M	0.71	2.08	N/A	N/A	193,140	137,072	3,335,032	2,358,400
2025-09-26	$88.81	$88.00	12.5%	3.6%	12.0%	7.1%	12.8%	0.0%	0.4%	64.9M	-2.29B	-57.5M	0.62	2.12	N/A	N/A	194,835	121,489	3,370,926	2,407,911
2025-09-29	$89.60	$88.00	12.7%	3.6%	12.1%	8.6%	12.8%	0.1%	0.3%	592.0M	-4.07B	-56.5M	0.60	1.97	N/A	N/A	183,067	109,101	3,276,676	2,318,778
2025-09-30	$89.35	$88.00	12.7%	3.6%	10.9%	8.7%	12.7%	-0.0%	0.3%	640.8M	-3.52B	-56.5M	0.28	1.91	N/A	N/A	432,791	122,346	3,321,834	2,327,567