TLT Options History — February 2026

In February 2026, TLT traded between $86.55 and $90.78. ATM implied volatility averaged 10.6%, placing in the 10.3% IV rank vs the trailing year. The 30-day expected move averaged 3.0%. IV traded above realized volatility by 1.1% (HV 20d: 9.4%). Max pain ranged from $88.00 to $89.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.58.

Notable Days

  • 2026-02-12: Highest Volume — 696,627 contracts
  • 2026-02-12: Largest IV spike — 14.8% change
  • 2026-02-02: Highest IV Rank — 15.3%
  • 2026-02-12: Largest Expected Move — 3.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$88.77$86.55$90.78$86.60$90.78
Max Pain$88.05$88.00$89.00$88.00$89.00
ATM IV10.6%9.8%11.3%11.3%10.5%
Expected Move3.0%2.7%3.3%3.1%3.0%
HV 20d9.4%8.8%10.9%9.1%8.9%
HV 60d8.7%8.1%9.1%8.6%8.3%
IV Rank10.3%5.2%15.3%15.3%9.8%
IV Percentile13.9%6.0%24.2%20.6%15.1%
Term Structure0.1%-0.2%0.5%-0.0%-0.2%
VWIV11.0%9.7%11.9%11.0%10.7%
Skew 25d-0.2%-0.9%0.5%0.5%-0.9%
Skew 10d-0.2%-1.6%1.2%0.9%-1.6%
Call IV 25d11.0%9.9%12.2%11.5%11.3%
Put IV 25d10.8%9.9%12.0%12.0%10.4%
Bid-Ask Spread %1.851.542.452.151.93
Gamma HHI0.130.060.320.060.09
Net GEX960.5M-224.8M1.75B-44.1M1.10B
Net DEX-4.05B-8.85B2.38B2.38B-8.85B
Net VEX-80.7M-85.5M-70.8M-70.8M-85.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.580.290.950.950.36
Total Volume466,840.579229,724696,627374,947625,148
Total OI6,528,795.0535,809,5477,204,6325,809,5476,715,345

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$86.60$88.0011.3%3.1%9.1%15.3%11.0%0.5%-0.0%-44.1M2.38B-70.8M0.952.15N/AN/A192,723182,2243,284,9292,524,618
2026-02-03$86.75$88.0011.1%3.0%9.0%14.0%10.5%0.4%0.1%2.1M1.83B-71.5M0.512.40N/AN/A214,270108,7263,316,7692,546,508
2026-02-04$86.55$88.0010.6%2.7%9.0%10.4%9.7%0.4%0.2%-224.8M2.34B-72.7M0.812.45N/AN/A185,231149,6803,448,0802,596,987
2026-02-05$87.41$88.0010.7%3.2%9.4%11.3%11.5%0.1%0.1%616.8M-585.9M-77.1M0.501.68N/AN/A383,947191,3483,484,2652,607,562
2026-02-06$87.47$88.0010.4%3.1%9.1%9.1%11.6%0.2%0.2%1.75B-854.2M-78.6M0.291.64N/AN/A422,764121,4223,657,0662,671,635
2026-02-09$87.50$88.0010.2%3.1%8.8%8.3%11.5%0.1%0.4%760.9M-835.7M-78.5M0.601.54N/AN/A222,712132,9543,794,0032,630,385
2026-02-10$88.44$88.0010.5%3.1%9.6%9.8%11.3%0.0%0.4%957.5M-3.99B-80.7M0.801.64N/AN/A328,191262,6083,807,8202,635,345
2026-02-11$87.97$88.009.8%2.9%9.8%5.2%10.6%0.0%0.5%745.8M-2.17B-79.0M0.921.61N/AN/A206,125189,8963,870,9412,725,044
2026-02-12$89.25$88.0011.2%3.3%10.8%14.4%11.9%-0.8%0.3%1.02B-6.62B-82.7M0.511.78N/AN/A459,985236,6423,858,1352,755,819
2026-02-13$89.72$88.0011.0%3.2%10.9%12.9%11.6%-0.7%0.5%1.37B-8.35B-84.3M0.621.86N/AN/A398,153245,5014,056,1352,811,422
2026-02-17$89.91$88.0011.3%3.2%10.6%15.0%11.8%-0.6%-0.1%1.44B-8.05B-83.7M0.571.93N/AN/A425,010243,1484,032,6542,783,921
2026-02-18$89.50$88.0010.3%2.9%9.5%8.4%10.8%-0.4%0.1%1.50B-6.45B-84.5M0.571.67N/AN/A216,709124,3634,197,6582,867,920
2026-02-19$89.63$88.0010.6%3.1%9.3%10.7%10.8%-0.8%-0.1%1.59B-6.79B-84.6M0.521.77N/AN/A304,914157,5144,203,2972,871,783
2026-02-20$89.44$88.0010.2%2.9%9.3%7.9%10.4%0.0%0.0%1.48B-5.77B-83.3M0.461.64N/AN/A412,526191,5034,272,9192,931,713
2026-02-23$89.73$88.0010.7%3.1%9.3%11.4%11.2%-0.4%-0.0%898.9M-5.37B-84.3M0.591.92N/AN/A295,574174,3933,873,7652,531,579
2026-02-24$89.81$88.0010.3%3.0%9.2%8.7%10.6%-0.3%-0.0%971.1M-5.64B-83.7M0.471.99N/AN/A155,89773,8273,926,6282,550,707
2026-02-25$89.87$88.0010.0%2.9%9.0%6.7%10.5%-0.4%-0.1%1.11B-5.86B-83.6M0.381.83N/AN/A253,30196,3953,991,1642,584,625
2026-02-26$90.30$88.009.9%2.8%8.8%6.0%10.2%-0.4%-0.1%1.22B-7.23B-83.4M0.621.66N/AN/A175,404109,2434,070,2182,557,742
2026-02-27$90.78$89.0010.5%3.0%8.9%9.8%10.7%-0.9%-0.2%1.10B-8.85B-85.5M0.361.93N/AN/A460,251164,8974,125,8432,589,502