TLT Options History — November 2025

In November 2025, TLT traded between $88.91 and $90.59. ATM implied volatility averaged 11.7%, placing in the 10.0% IV rank vs the trailing year. The 30-day expected move averaged 3.5%. IV traded above realized volatility by 2.8% (HV 20d: 8.8%). Max pain ranged from $89.00 to $91.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.77.

Notable Days

  • 2025-11-05: Highest Volume — 617,483 contracts
  • 2025-11-17: Largest IV spike — 8.7% change
  • 2025-11-18: Highest IV Rank — 21.9%
  • 2025-11-18: Largest Expected Move — 3.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$89.61$88.91$90.59$89.69$90.27
Max Pain$89.79$89.00$91.00$91.00$90.00
ATM IV11.7%10.4%13.4%10.6%10.4%
Expected Move3.5%2.9%3.9%2.9%3.2%
HV 20d8.8%8.0%10.6%9.4%8.0%
HV 60d9.8%9.2%10.1%10.0%9.2%
IV Rank10.0%0.8%21.9%2.1%0.8%
IV Percentile11.0%0.8%34.9%1.2%0.8%
Term Structure0.1%-0.6%0.7%0.4%-0.1%
VWIV12.2%10.4%13.8%10.4%11.6%
Skew 25d0.2%-0.2%0.7%0.3%0.3%
Skew 10d0.6%-0.2%1.9%1.1%0.0%
Call IV 25d11.8%10.5%13.4%10.9%10.5%
Put IV 25d12.1%10.8%13.8%11.2%10.8%
Bid-Ask Spread %2.661.744.052.093.20
Gamma HHI0.100.050.270.050.09
Net GEX438.7M-461.1M1.44B128.9M649.5M
Net DEX-1.37B-5.32B1.59B-231.7M-4.25B
Net VEX-64.7M-66.8M-61.7M-64.7M-63.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.770.381.720.990.57
Total Volume384,010.632236,615617,483390,532297,251
Total OI6,515,507.4216,225,3906,996,7016,227,5476,606,332

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$89.69$91.0010.6%2.9%9.4%2.1%10.4%0.3%0.4%128.9M-231.7M-64.7M0.992.09N/AN/A195,893194,6393,621,5092,606,038
2025-11-04$89.95$91.0010.7%2.9%9.3%3.1%10.4%0.0%0.4%227.5M-1.31B-65.4M0.652.18N/AN/A212,514138,2823,648,9082,648,014
2025-11-05$88.97$91.0011.0%3.0%10.1%5.3%10.5%0.7%0.4%-461.1M1.59B-64.8M1.292.06N/AN/A269,452348,0313,748,0932,675,757
2025-11-06$89.75$90.0011.2%3.5%10.6%6.3%12.7%0.1%0.5%137.8M-1.00B-66.8M0.832.09N/AN/A191,379159,4653,786,4822,722,946
2025-11-07$89.59$90.0011.3%3.5%8.9%7.0%12.6%0.0%0.5%-130.7M-490.8M-66.1M0.532.60N/AN/A265,099141,7573,811,0082,753,165
2025-11-10$89.48$90.0011.9%3.6%9.0%11.4%12.9%-0.0%0.6%204.0M-599.2M-65.5M0.553.11N/AN/A203,894111,5573,768,9862,655,924
2025-11-11$89.97$90.0012.1%3.7%9.1%12.7%12.8%-0.2%0.7%654.7M-2.32B-66.2M0.382.50N/AN/A171,13565,4803,821,1912,681,999
2025-11-12$90.07$90.0011.8%3.6%9.1%10.9%12.6%0.0%0.7%897.5M-2.75B-65.9M0.794.05N/AN/A165,270130,2933,926,5752,699,076
2025-11-13$89.45$90.0012.1%3.6%8.7%12.9%12.9%0.0%0.7%329.8M-336.2M-63.8M1.313.54N/AN/A140,517184,1973,926,4802,696,629
2025-11-14$88.91$90.0012.2%3.6%8.8%13.7%12.7%0.2%0.6%-134.6M1.12B-61.7M0.623.65N/AN/A286,031176,4073,946,9342,740,993
2025-11-17$89.12$90.0013.3%3.8%8.7%21.1%13.5%0.3%-0.6%320.8M-19.5M-62.9M0.712.80N/AN/A231,665163,9263,868,6462,592,549
2025-11-18$89.00$89.0013.4%3.9%8.3%21.9%13.8%0.5%-0.6%280.5M150.2M-63.5M0.382.12N/AN/A189,78971,4683,894,5932,600,074
2025-11-19$88.91$89.0013.1%3.7%8.3%19.6%13.0%0.6%-0.6%237.2M347.0M-63.7M0.403.19N/AN/A277,336111,5844,010,5572,635,316
2025-11-20$89.28$89.0012.6%3.6%8.3%16.1%12.8%-0.1%0.2%543.1M-1.16B-64.3M0.742.99N/AN/A312,719231,2574,099,6662,653,853
2025-11-21$89.47$89.0011.6%3.4%8.4%9.1%11.9%0.2%-0.4%1.12B-1.93B-64.4M0.591.74N/AN/A264,358155,5804,222,0862,774,615
2025-11-24$89.97$89.0011.2%3.3%8.6%6.5%11.8%0.4%-0.0%1.44B-3.48B-64.7M0.572.25N/AN/A203,244116,3633,807,8212,417,569
2025-11-25$90.19$89.0011.0%3.3%8.6%5.1%12.0%0.5%-0.2%932.5M-4.12B-65.1M0.922.18N/AN/A230,770212,7783,840,9772,450,902
2025-11-26$90.59$89.0010.8%3.3%8.1%3.6%11.7%0.4%-0.2%957.8M-5.32B-65.3M1.722.30N/AN/A174,391300,4313,891,0902,541,288
2025-11-28$90.27$90.0010.4%3.2%8.0%0.8%11.6%0.3%-0.1%649.5M-4.25B-63.8M0.573.20N/AN/A188,892108,3593,907,9982,698,334