TLT Options History — December 2025

In December 2025, TLT traded between $87.30 and $89.06. ATM implied volatility averaged 10.3%, placing in the 3.9% IV rank vs the trailing year. The 30-day expected move averaged 3.1%. IV traded above realized volatility by 1.5% (HV 20d: 8.8%). Max pain ranged from $87.00 to $90.00. Net GEX was positive for 15 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.78.

Notable Days

2025-12-18: Highest Volume — 774,753 contracts
2025-12-16: Largest IV drop — 7.3% change
2025-12-08: Highest IV Rank — 12.1%
2025-12-01: Largest Expected Move — 3.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$87.98	$87.30	$89.06	$88.78	$87.31
Max Pain	$89.09	$87.00	$90.00	$90.00	$87.50
ATM IV	10.3%	8.9%	12.0%	11.6%	9.8%
Expected Move	3.1%	2.6%	3.8%	3.8%	2.9%
HV 20d	8.8%	7.1%	9.8%	9.8%	7.3%
HV 60d	8.8%	8.7%	9.3%	9.3%	8.7%
IV Rank	3.9%	0.0%	12.1%	9.0%	5.7%
IV Percentile	3.8%	0.0%	14.3%	7.1%	3.6%
Term Structure	0.4%	-0.1%	0.7%	0.3%	0.6%
VWIV	10.8%	8.9%	13.5%	13.5%	10.3%
Skew 25d	0.5%	0.3%	0.9%	0.4%	0.5%
Skew 10d	1.2%	0.4%	2.3%	0.9%	1.3%
Call IV 25d	10.2%	8.8%	12.1%	11.7%	10.0%
Put IV 25d	10.7%	9.3%	12.6%	12.1%	10.5%
Bid-Ask Spread %	2.80	1.36	5.91	1.90	3.56
Gamma HHI	0.09	0.07	0.29	0.07	0.08
Net GEX	114.3M	-978.2M	993.8M	191.1M	88.2M
Net DEX	1.44B	-1.58B	4.82B	777.1M	796.2M
Net VEX	-61.4M	-65.0M	-59.4M	-63.7M	-61.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.78	0.27	1.27	0.63	1.17
Total Volume	392,461.409	225,813	774,753	586,552	269,103
Total OI	6,737,860.318	6,081,121	7,483,493	6,388,552	6,323,640

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
2025-12-01	$88.78	$90.00	11.6%	3.8%	9.8%	9.0%	13.5%	0.4%	0.3%	191.1M	777.1M	-63.7M	0.63	1.90	N/A	N/A	359,075	227,477	3,826,251	2,562,301
2025-12-02	$88.84	$90.00	11.3%	3.6%	9.6%	7.3%	13.0%	0.3%	0.2%	156.1M	313.9M	-63.2M	0.79	1.91	N/A	N/A	204,063	160,958	3,921,072	2,655,923
2025-12-03	$89.06	$90.00	10.9%	3.5%	9.6%	4.5%	12.6%	0.3%	0.4%	294.2M	-532.8M	-65.0M	0.79	2.46	N/A	N/A	126,093	99,720	4,002,700	2,727,091
2025-12-04	$88.56	$90.00	11.0%	3.3%	9.0%	5.5%	11.9%	0.4%	0.5%	65.1M	1.07B	-63.0M	0.85	2.14	N/A	N/A	180,789	154,016	4,006,974	2,718,664
2025-12-05	$88.19	$90.00	11.2%	3.4%	8.4%	6.8%	12.0%	0.4%	0.6%	-124.4M	2.20B	-62.4M	0.89	1.99	N/A	N/A	239,685	213,398	4,045,635	2,812,221
2025-12-08	$87.90	$90.00	12.0%	3.5%	8.5%	12.1%	12.5%	0.5%	0.2%	-18.2M	2.73B	-61.6M	1.06	2.81	N/A	N/A	246,584	260,356	4,011,363	2,807,777
2025-12-09	$87.95	$90.00	11.6%	3.4%	8.5%	9.3%	12.1%	0.6%	0.3%	61.2M	2.61B	-62.2M	0.61	2.11	N/A	N/A	181,012	110,514	4,047,249	2,841,189
2025-12-10	$88.30	$90.00	10.9%	3.2%	8.4%	4.4%	11.4%	0.3%	0.4%	323.6M	1.78B	-62.2M	0.86	2.73	N/A	N/A	272,654	234,636	4,114,690	2,894,096
2025-12-11	$88.25	$90.00	11.1%	3.3%	8.3%	5.5%	11.6%	0.7%	0.4%	206.4M	2.01B	-62.0M	0.87	2.25	N/A	N/A	163,039	142,274	4,149,136	2,907,971
2025-12-12	$87.30	$90.00	10.9%	3.2%	8.8%	4.4%	11.3%	0.9%	0.7%	-560.1M	4.82B	-59.7M	0.76	1.49	N/A	N/A	424,124	320,740	4,264,906	2,973,522
2025-12-15	$87.41	$90.00	11.0%	3.2%	8.6%	4.9%	11.2%	0.8%	-0.1%	-209.2M	4.26B	-59.8M	0.72	1.43	N/A	N/A	194,297	140,323	4,275,226	2,954,389
2025-12-16	$87.88	$90.00	10.2%	2.9%	8.9%	0.0%	10.3%	0.7%	0.0%	-65.9M	2.96B	-59.8M	0.63	1.54	N/A	N/A	186,512	117,540	4,313,266	2,975,409
2025-12-17	$87.75	$90.00	9.7%	2.8%	8.9%	0.0%	9.7%	0.4%	0.2%	56.6M	3.23B	-59.4M	0.46	4.01	N/A	N/A	219,239	101,681	4,347,460	2,995,535
2025-12-18	$88.22	$89.00	9.2%	2.6%	9.1%	0.0%	9.2%	0.4%	0.2%	-38.7M	1.69B	-59.8M	0.27	2.13	N/A	N/A	609,841	164,912	4,410,678	3,003,349
2025-12-19	$87.47	$89.00	9.0%	2.6%	9.4%	0.0%	8.9%	0.5%	-0.0%	-978.2M	4.05B	-60.2M	1.01	1.36	N/A	N/A	216,937	218,783	4,447,231	3,036,262
2025-12-22	$87.34	$89.00	9.1%	2.6%	9.3%	0.2%	9.4%	0.6%	0.5%	71.6M	1.22B	-60.4M	0.67	2.46	N/A	N/A	236,455	157,369	3,659,818	2,421,303
2025-12-23	$87.53	$87.00	9.1%	2.7%	9.1%	0.2%	9.3%	0.7%	0.4%	392.6M	-205.0M	-61.5M	0.60	5.91	N/A	N/A	218,646	132,279	3,719,739	2,362,296
2025-12-24	$87.97	$87.00	8.9%	2.6%	9.2%	0.0%	9.0%	0.4%	0.6%	993.8M	-1.58B	-62.6M	0.96	4.96	N/A	N/A	143,264	137,322	3,739,383	2,428,978
2025-12-26	$87.72	$87.00	9.0%	2.6%	9.0%	0.5%	9.2%	0.6%	0.4%	501.9M	-675.2M	-61.1M	0.82	3.08	N/A	N/A	152,548	124,413	3,777,820	2,444,833
2025-12-29	$87.97	$87.00	9.1%	2.7%	9.1%	1.1%	9.5%	0.5%	0.7%	647.7M	-1.04B	-60.6M	0.55	4.20	N/A	N/A	208,805	115,107	3,703,979	2,406,907
2025-12-30	$87.85	$87.50	9.5%	2.8%	7.1%	3.4%	10.3%	0.6%	0.5%	458.8M	-735.6M	-59.9M	1.27	5.17	N/A	N/A	108,920	138,648	3,757,358	2,437,337
2025-12-31	$87.31	$87.50	9.8%	2.9%	7.3%	5.7%	10.3%	0.5%	0.6%	88.2M	796.2M	-61.5M	1.17	3.56	N/A	N/A	124,250	144,853	3,818,587	2,505,053