# TLT: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/TLT
Data through: 2026-10-02 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 77.48 |
| Delta neutral (USD/share) | 79.79 |
| Gamma neutral (USD/share) | 77.11 |
| Gamma max (USD/share) | 84.14 |
| Open interest (contracts) | 13,637,671 |
| Nearest-expiration max pain (USD/share) | 78.00 (2026-10-05) |
| All-expiration max pain (USD/share) | 81.00 |
| Net gamma exposure | 135,882,593 |
| Confirmed GEX flip (USD/share) | 77.11 |
| Call wall (USD/share) | 80.00 |
| Put wall (USD/share) | 80.00 |
| Put/call open-interest ratio | 0.49 |
| Options catalyst-intensity score (0–100) | 48.2 |
| Options directional score (-100 to +100) | 1.9 |
| IV rank | 49.6 |
| Front ATM IV | +17.5% |
| Front-minus-back IV | 1.6 pp |
| Front expected move | +1.6% |
| Front ATM straddle / spot | +0.8% |
| Front 25-delta risk reversal | 1.1 pp |
| Call OI change, 1 session | -20,407 contracts · -0.2% |
| Put OI change, 1 session | -67,875 contracts · -1.5% |
| Call minus put OI growth, 1 session | +1.3 pp |
| Call OI change, 5 sessions | +992,386 contracts · +12.2% |
| Put OI change, 5 sessions | +294,910 contracts · +7.0% |
| Call minus put OI growth, 5 sessions | +5.2 pp |
| Daily call OI change surprise | -0.24σ (252 prior changes) |
| Daily put OI change surprise | -0.64σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.56σ (252 prior changes) |
| Daily open interest change (contracts) | -88,282 |
| Daily open interest change z-score (prior 252) | -0.41σ (252 prior changes) |
| Gamma max distance from close | +8.6% |
| Delta neutral distance from close | +3.0% |
| Prior-year sessions closer to gamma max | 98.8% of 252 |
| Prior-year sessions closer to delta neutral | 96.4% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 7 | -0.6% | -0.8% to +0.3% | 29% | -2.2% to +0.6% | 0.0% |
| above | Day +3 | 7 | -0.8% | -1.3% to +0.1% | 43% | -3.2% to +1.1% | 0.0% |
| above | Day +5 | 7 | -1.1% | -1.9% to -0.4% | 29% | -4.3% to +0.9% | 0.0% |
| above | Day +10 | 7 | -2.4% | -3.5% to -0.4% | 29% | -5.0% to +3.8% | 0.0% |
| below | Day +1 | 7 | -0.8% | -1.0% to +0.6% | 43% | -2.0% to +1.2% | 0.0% |
| below | Day +3 | 7 | -0.7% | -1.6% to +0.2% | 43% | -2.1% to +0.4% | 0.0% |
| below | Day +5 | 7 | -1.4% | -2.2% to -0.2% | 29% | -2.6% to +3.9% | 0.0% |
| below | Day +10 | 7 | -2.0% | -3.7% to +0.8% | 29% | -4.7% to +3.8% | 0.0% |

Returns are close-to-close after the labelled number of subsequent trading sessions. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/TLT.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/TLT.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/TLT.json?date=2026-10-02)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).