GAMMA EXPOSURE · Dealer positioning

TLT Gamma Today: Positioning Walls and the Flip

Every number here is computed from the traded TLT options chain. The call wall is where dealer hedging accumulates above spot and caps upside, the put wall is its mirror below, and the gamma flip is the level where hedging stops damping moves and starts amplifying them.

82.21$ Negative gamma Refreshed every five minutes during the US session (UTC)

🔒 مستوياتُ التنفيذ مقفلة

جدارا الغاما ونقطةُ انقلابها لـTLT متاحةٌ للمشتركين.

ويمكنك فحصُ SPY وQQQ وNVDA كاملةً الآن بلا اشتراك.

اطّلع على الباقات

82.00$ Spot right now 83.00$

Gamma on other symbols

SPX SPY QQQ DIA IWM AAPL MSFT GOOGL AMZN NVDA META TSLA All symbols

Options chain around TLT price

TLT · open interest at each strike.
Strike	Calls	Puts	Today's volume	Skew
79.50	221	2,763	1,589	Put
80.00	2,745	85,533	1,974	Put
80.50	391	12,312	1,974	Put
81.00	10,414	120,807	3,893	Put
81.50	6,564	26,359	3,893	Put
82.00	99,618	141,725	93,913	Put
82.50	29,485	11,216	93,913	Call
83.00	108,433	82,501	6,597	Call
83.50	55,779	3,415	6,597	Call
84.00	85,561	13,899	2,902	Call
84.50	20,478	587	2,902	Call
85.00	95,039	9,955	308	Call

How the levels moved over the last 3 days

TLT archive · each day's close.
Day	Price	Gamma flip	Call wall	Put wall
2026-08-10	82.11	82.53	83.00	82.00
2026-08-11	82.18	82.54	83.00	82.00
2026-08-12	82.11	82.34	83.00	82.00

TLT numeric indicators.
Metric	Value
Max pain strike	82.50
Put/Call ratio · today's volume	0.25
Put/Call ratio · open interest	0.66
0DTE gamma flip	81.51
0DTE contracts in chain	92
Total contracts read	486

Strongest magnet levels

84.00 ⁦64.86⁩ مليون
83.50 ⁦62.21⁩ مليون
83.00 ⁦46.04⁩ مليون

Strongest accelerant levels

81.00 ⁦−127.59⁩ مليون
82.00 ⁦−79.66⁩ مليون
80.00 ⁦−50.21⁩ مليون

Where does TLT stand relative to the gamma flip?

Price 82.2100 is below the gamma flip 82.2700 by only 0.07%. التموضّعُ سالبٌ والمسافةُ ضيّقة، وهذا أشدُّ الأوضاع حساسيّةً: a small bounce returns gamma to positive and the market calms abruptly, while a small drop deepens the negative and it accelerates. Direction is undecided; volatility is not. Price is inside the range between 82.0000 and 83.0000, closer to Put wall of the two.

Option walls and session range

The largest call cluster sits at 83.0000 (0.96% from price) and the largest put cluster at 82.0000 (-0.26% from price). They are 1.22% apart — a normal range: TLT tends to stay inside it while positioning holds, because hedging at each wall resists a break through it.

Exposure size and hedging density

صافي تعرّض الغاما لـTLT يبلغ ⁦−48.03⁩ مليون، وهو حجمٌ محدود. Hedging for a 1% move is about 584,254 shares. In this range hedging stays secondary to the stock's own flow, so the levels below should not be asked to carry more than they can.

Supporting signals

and this reading is built on 486 contracts in the chain.

What the recent history of TLT says

Over the last 27 days of tracking (292 archived snapshots), TLT stayed above the gamma flip in 62% of readings، وتنقّلت نقطةُ الانقلاب نفسُها بين 81.2400 و82.8600، أي بنطاق 1.99٪، وهو ما يعني أنّ the level is relatively stable and reads as a firmer reference than a symbol whose level swings، and net exposure today is below the period average (⁦81.4⁩ مليون).