What is the current TMF expected move?

As of Aug 14, 2026, Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has an expected move of 8.94% over the next 28 days, implying a one-standard-deviation price range of $27.82 to $33.28 from the current $30.55. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.

What does the TMF expected move mean for traders?

Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.

How is TMF expected move calculated?

The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.

Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) Expected Move

Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.

Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $2.27B, listed on AMEX, carrying a beta of 7.22 to the broader market. The Direxion Daily 20+ Year Treasury Bull & Bear 3X ETFs endeavor to achieve daily investment outcomes, before accounting for fees and expenses. public since 2009-04-16.

Snapshot as of Aug 14, 2026.

Spot Price: $30.55
Expected Move: 8.9%
Implied High: $33.28
Implied Low: $27.82
Front DTE: 28 days

As of Aug 14, 2026, Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has an expected move of 8.94%, a one-standard-deviation implied price range of roughly $27.82 to $33.28 from the current $30.55. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.

TMF Strategy Sizing to the Expected Move

With Direxion Daily 20+ Year Treasury Bull 3X ETF pricing an expected move of 8.94% from $30.55, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.

How to read the TMF implied-range chart

The shaded range above shows the one-standard-deviation implied price band at each listed expiration, derived from ATM implied volatility scaled to days-to-expiration. The front-tenor expected move is 8.94%, anchoring an implied range of approximately $27.82 to $33.28. Under lognormal assumptions, roughly 68% of outcomes fall inside that band; 95% fall inside ±2σ; 99.7% inside ±3σ. The empirical equity-return distribution has fatter tails than lognormal, so true tail-outcome frequency is moderately higher than these closed-form numbers suggest.

TMF expected move and event pricing

Expected move widens with √time: a 5% 30-day move corresponds to roughly a 2.5% 7.5-day move and a 10% 120-day move. TMF term-structure is in contango (slope 0.002), so longer-dated tenors price in proportionally more vol than √time scaling alone would suggest - typically because long-dated cycles include uncertain macro states.

Sizing TMF structures to the expected move

Iron condors with wings at ±1σ collect the modal-outcome premium; ±1.5σ widens probability of inside-range to ~87% but cuts collected premium roughly in half. Strangles do the inverse trade - they pay against the same lognormal distribution, profiting when realized exceeds implied. Calendar spreads bet on the slope of the term structure rather than the level. TMF put/call volume ratio currently at 0.62 indicates balanced flow without strong directional skew. The expected move is the inputs the chain is pricing, not a forecast - realized moves above or below are normal under any distribution.

Learn how expected move is reported and how to read the data →

Shaded band shows the ±1σ implied price range (~68% probability under lognormal assumptions) at each expiration; the center line marks current spot. Bands widen with longer DTE since volatility scales with √time.

Per-expiration expected move for TMF derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $30.55 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.

Expiration	DTE	ATM IV	Expected Move	Implied High	Implied Low
Aug 21, 2026	7	27.3%	3.8%	$31.70	$29.40
Aug 28, 2026	14	29.8%	5.8%	$32.33	$28.77
Sep 4, 2026	21	31.4%	7.5%	$32.85	$28.25
Sep 11, 2026	28	31.1%	8.6%	$33.18	$27.92
Sep 18, 2026	35	31.3%	9.7%	$33.51	$27.59
Sep 25, 2026	42	32.6%	11.1%	$33.93	$27.17
Oct 2, 2026	49	32.4%	11.9%	$34.18	$26.92
Nov 20, 2026	98	32.1%	16.6%	$35.63	$25.47
Jan 15, 2027	154	33.2%	21.6%	$37.14	$23.96
Feb 19, 2027	189	33.1%	23.8%	$37.83	$23.27
Jan 21, 2028	525	34.5%	41.4%	$43.19	$17.91

Frequently asked TMF expected move questions

What is the current TMF expected move?: As of Aug 14, 2026, Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has an expected move of 8.94% over the next 28 days, implying a one-standard-deviation price range of $27.82 to $33.28 from the current $30.55. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
What does the TMF expected move mean for traders?: Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
How is TMF expected move calculated?: The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.