iShares 20+ Year Treasury Bond ETF (TLT) Open Interest History
Open interest tracks the total number of outstanding options contracts. Rising OI alongside price moves can indicate growing commitment to the trend; declining OI suggests positions are being closed.
iShares 20+ Year Treasury Bond ETF (TLT) operates in the Financial Services sector, specifically the Asset Management - Bonds industry, with a market capitalization near $41.10B, listed on NASDAQ, carrying a beta of 2.38 to the broader market. Providing exposure to long-term government debt, the iShares 20+ Year Treasury Bond ETF aims to replicate the performance of an index. public since 2002-07-30.
Snapshot as of Jul 6, 2026.
- Spot Price
- $85.43
- Call OI
- 5.5M
- Put OI
- 3.9M
- Total OI
- 9.4M
- Put/Call Ratio
- 0.49
As of Jul 6, 2026, iShares 20+ Year Treasury Bond ETF (TLT) has 9.4M total contracts outstanding across all expirations. Put/call OI ratio is 0.70 (balanced positioning). Open interest reflects accumulated positions from prior sessions; persistent growth indicates sustained directional or hedging interest, while sharp drops typically mean post-expiration clean-up.
How TLT open interest history Data Feeds Strategy Selection
Strategy selection on iShares 20+ Year Treasury Bond ETF options does not derive from any single metric in isolation. The open interest history view above sits inside a broader read: ATM IV currently sits at 9.0% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the open interest history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the TLT open-interest data
The open-interest time-series above tracks the total iShares 20+ Year Treasury Bond ETF options inventory outstanding day by day. OI is a stock measure - the cumulative position count - so trends flag accumulating or distributing positioning. Current put/call ratio is 0.49, call-heavy - speculative or bullish positioning dominates. Total call OI of 5.5M versus put OI of 3.9M gives a put/call OI ratio of 0.70 - structurally a slower-moving signal than the volume-based ratio.
TLT flow vs positioning
Volume tells you what flows happened today; OI tells you what positions accumulated. Both can move in opposite directions: rising volume with falling OI means contracts are being closed (covering); rising volume with rising OI means new positions are being opened. The combination matters more than either alone for reading sentiment. Combined with the current positive dealer-gamma regime, large OI clusters tend to act as price magnets through expiration cycles.
Using TLT OI/volume data alongside other surfaces
Per-strike OI is the input to dealer-gamma calculations: strikes with elevated call OI generate gamma walls that dealers must hedge into as spot approaches them. The gamma-exposure page combines this distribution with the dealers' assumed-long-gamma assumption to project hedge flow. Volume cross-checks recent positioning shifts in the chain that haven't yet shown up in cumulative OI. Pair both with the term-structure view on the volatility page to determine whether the activity is concentrated in near-dated event hedging or longer-dated structural positioning. Front-month expiration for TLT sits at 32 days, so near-dated volume currently dominates the flow reading.
Learn how open interest is reported and how to read the data →
Daily open-interest history for TLT options over the last ~23 trading days. Each row reflects the end-of-day total OI summed across all listed strikes and expirations.
Most recent 15 trading days (descending). Older history appears in the chart above.
| Date | Call OI | Put OI | Total OI | P/C OI |
|---|---|---|---|---|
| Jul 6, 2026 | 5.5M | 3.9M | 9.4M | 0.70 |
| Jul 2, 2026 | 5.5M | 3.9M | 9.5M | 0.71 |
| Jul 1, 2026 | 5.4M | 3.9M | 9.3M | 0.71 |
| Jun 30, 2026 | 5.5M | 3.9M | 9.4M | 0.70 |
| Jun 29, 2026 | 5.5M | 3.9M | 9.4M | 0.70 |
| Jun 26, 2026 | 5.7M | 3.9M | 9.6M | 0.68 |
| Jun 25, 2026 | 5.6M | 3.7M | 9.4M | 0.66 |
| Jun 24, 2026 | 5.4M | 3.6M | 9.0M | 0.67 |
| Jun 23, 2026 | 5.3M | 3.5M | 8.9M | 0.66 |
| Jun 22, 2026 | 5.3M | 3.5M | 8.8M | 0.66 |
| Jun 18, 2026 | 5.9M | 4.0M | 9.9M | 0.68 |
| Jun 17, 2026 | 5.7M | 4.0M | 9.7M | 0.70 |
| Jun 16, 2026 | 5.6M | 3.9M | 9.6M | 0.70 |
| Jun 15, 2026 | 5.6M | 3.9M | 9.5M | 0.70 |
| Jun 12, 2026 | 5.6M | 3.9M | 9.6M | 0.70 |
TLT highest open-interest contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $120.00 | Jan 21, 2028 | 149 | 260.5K | 16.8% | $0.45 | $0.50 |
| CALL | $105.00 | Jan 21, 2028 | 534 | 239.4K | 13.7% | $0.83 | $0.93 |
| CALL | $88.00 | Jul 17, 2026 | 7.0K | 154.6K | 10.7% | $0.04 | $0.05 |
| CALL | $110.00 | Jan 15, 2027 | 581 | 142.3K | 17.7% | $0.10 | $0.12 |
| CALL | $100.00 | Jan 15, 2027 | 299 | 125.6K | 13.8% | $0.21 | $0.23 |
| PUT | $85.00 | Jan 15, 2027 | 1.5K | 116.4K | 10.4% | $2.34 | $2.35 |
| PUT | $80.00 | Jan 15, 2027 | 65 | 107.6K | 11.2% | $0.72 | $0.75 |
Top 7 contracts from the institutional-grade nightly options scan; ranked by oi within the broader S&P 500/400/600 + ETF universe.
Frequently asked TLT open interest history questions
- What is the current TLT options open interest?
- As of Jul 6, 2026, iShares 20+ Year Treasury Bond ETF (TLT) has 9.4M total contracts outstanding across all listed expirations, split as 5.5M calls and 3.9M puts. Open interest reflects accumulated positions from prior trading sessions; it does not include today's volume until end-of-day reconciliation.
- What is the TLT put/call open interest ratio?
- Put/call OI ratio of 0.70 is balanced.
- What does TLT open interest tell traders?
- Persistent OI growth indicates sustained directional or hedging interest; sharp drops typically mean post-expiration position cleanup. Heavy OI concentrations at specific strikes act as support and resistance levels because dealer hedging amplifies near those strikes - the gamma profile of the dealer book is concentrated there. Comparing today's volume to standing OI separates opening flow from closing flow.