TLT Options History — January 2026 In January 2026, TLT traded between $86.69 and $88.38. ATM implied volatility averaged 10.3%, placing in the 8.5% IV rank vs the trailing year. The 30-day expected move averaged 2.9%. IV traded above realized volatility by 2.3% (HV 20d: 8.0%). Max pain ranged from $87.50 to $88.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.94.
Notable Days 2026-01-20 : Highest Volume — 665,585 contracts2026-01-20 : Largest IV spike — 29.2% change2026-01-20 : Highest IV Rank — 21.7%2026-01-20 : Largest Expected Move — 3.5%Monthly Statistics Metric Avg Min Max Open Close Price $87.65 $86.69 $88.38 $87.13 $87.32 Max Pain $87.97 $87.50 $88.00 $87.50 $88.00 ATM IV 10.3% 9.3% 12.3% 9.9% 11.4% Expected Move 2.9% 2.7% 3.5% 2.8% 3.2% HV 20d 8.0% 7.1% 8.8% 7.2% 8.6% HV 60d 8.5% 8.1% 8.7% 8.7% 8.4% IV Rank 8.5% 2.0% 21.7% 6.3% 15.7% IV Percentile 8.8% 2.8% 30.6% 4.0% 21.0% Term Structure 0.2% -0.0% 0.7% 0.7% 0.3% VWIV 10.4% 9.4% 12.5% 10.0% 11.4% Skew 25d 0.5% 0.1% 1.7% 0.4% 0.1% Skew 10d 1.2% 0.3% 3.3% 0.6% 0.5% Call IV 25d 10.2% 9.2% 11.8% 9.6% 11.5% Put IV 25d 10.7% 9.4% 13.5% 10.1% 11.6% Bid-Ask Spread % 1.91 1.58 2.32 1.80 1.95 Gamma HHI 0.09 0.06 0.26 0.09 0.07 Net GEX 267.7M -149.7M 1.07B -116.1M -91.0M Net DEX -296.6M -3.02B 2.19B 1.20B 947.7M Net VEX -65.8M -71.9M -60.8M -61.0M -71.5M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 0.94 0.50 1.29 1.00 0.50 Total Volume 408,916.7 202,239 665,585 356,084 386,364 Total OI 6,112,540.75 5,297,270 7,043,897 6,169,924 5,895,361
Daily Data (20 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 2026-01-02 $87.13 $87.50 9.9% 2.8% 7.2% 6.3% 10.0% 0.4% 0.7% -116.1M 1.20B -61.0M 1.00 1.80 N/A N/A 178,365 177,719 3,714,115 2,455,809 2026-01-05 $87.41 $88.00 10.2% 3.0% 7.2% 8.1% 10.5% 0.5% 0.1% 233.7M 116.6M -61.0M 1.10 1.74 N/A N/A 193,043 211,958 3,657,294 2,435,056 2026-01-06 $87.28 $88.00 10.4% 3.0% 7.1% 9.0% 10.6% 0.7% -0.0% 208.9M 570.4M -60.8M 1.09 2.08 N/A N/A 157,526 171,209 3,705,780 2,477,617 2026-01-07 $87.88 $88.00 10.4% 3.0% 7.5% 9.3% 10.5% 0.6% 0.1% 441.4M -1.09B -61.4M 0.96 1.92 N/A N/A 208,381 199,904 3,750,449 2,573,155 2026-01-08 $87.31 $88.00 10.5% 3.0% 7.8% 9.8% 10.7% 0.6% 0.0% 153.9M 528.8M -62.4M 1.14 1.84 N/A N/A 184,842 210,429 3,791,191 2,608,441 2026-01-09 $87.84 $88.00 9.7% 2.8% 8.0% 4.7% 9.8% 0.5% 0.1% 531.8M -1.44B -63.0M 1.26 2.05 N/A N/A 241,009 304,335 3,876,445 2,696,942 2026-01-12 $87.59 $88.00 9.9% 2.8% 8.0% 6.0% 9.9% 0.4% 0.1% -149.5M -29.9M -62.1M 0.80 1.83 N/A N/A 284,402 226,614 3,831,211 2,646,073 2026-01-13 $87.77 $88.00 9.5% 2.7% 7.1% 3.5% 9.7% 0.4% 0.1% 106.5M -545.5M -63.9M 0.96 1.69 N/A N/A 172,292 165,128 3,918,815 2,743,593 2026-01-14 $88.35 $88.00 9.3% 2.7% 7.4% 2.0% 9.4% 0.3% 0.1% 664.1M -2.53B -65.6M 0.51 1.68 N/A N/A 389,501 198,177 3,989,939 2,804,768 2026-01-15 $88.38 $88.00 9.3% 2.7% 7.2% 2.4% 9.4% 0.2% 0.0% 709.6M -3.02B -66.8M 0.60 1.90 N/A N/A 301,052 179,661 4,092,413 2,779,831 2026-01-16 $87.81 $88.00 9.6% 2.7% 7.6% 3.8% 9.7% 0.3% 0.1% 422.9M -646.9M -66.7M 0.73 1.58 N/A N/A 209,118 152,610 4,196,570 2,847,327 2026-01-20 $86.69 $88.00 12.3% 3.5% 8.5% 21.7% 12.5% 1.7% 0.0% -38.9M 2.19B -66.7M 1.16 2.19 N/A N/A 308,258 357,327 3,086,476 2,210,794 2026-01-21 $87.27 $88.00 10.2% 2.9% 8.4% 7.9% 10.5% 0.6% 0.3% 63.1M 828.8M -67.7M 0.98 2.32 N/A N/A 190,745 187,502 3,185,846 2,361,373 2026-01-22 $87.72 $88.00 9.7% 2.8% 8.6% 5.0% 10.0% 0.4% 0.2% 389.6M -308.4M -67.1M 1.29 2.31 N/A N/A 129,984 167,983 3,178,441 2,390,009 2026-01-23 $87.93 $88.00 10.3% 2.9% 8.6% 8.5% 10.4% 0.6% 0.2% 1.07B -982.7M -69.1M 0.97 1.94 N/A N/A 207,702 202,076 3,230,082 2,481,688 2026-01-26 $88.32 $88.00 10.3% 2.9% 8.6% 8.8% 10.6% 0.6% 0.2% 382.8M -1.72B -68.6M 0.94 1.82 N/A N/A 161,461 151,429 3,138,497 2,417,927 2026-01-27 $87.91 $88.00 10.2% 2.9% 8.7% 8.0% 10.4% 0.5% 0.2% 231.8M -531.5M -68.7M 0.72 1.67 N/A N/A 117,825 84,414 3,155,210 2,446,616 2026-01-28 $87.53 $88.00 10.8% 3.1% 8.8% 12.0% 10.9% 0.7% 0.2% -149.7M 486.8M -70.1M 1.25 2.08 N/A N/A 196,107 246,077 3,210,403 2,494,241 2026-01-29 $87.65 $88.00 11.5% 3.3% 8.8% 16.5% 11.6% 0.5% 0.2% 292.5M 38.0M -71.9M 0.90 1.79 N/A N/A 192,951 172,854 3,257,014 2,518,003 2026-01-30 $87.32 $88.00 11.4% 3.2% 8.6% 15.7% 11.4% 0.1% 0.3% -91.0M 947.7M -71.5M 0.50 1.95 N/A N/A 257,886 128,478 3,300,835 2,594,526
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