--- title: "TLT options: Nov. 6 $82.5 put prints 150 contracts in one trade, vol/OI of 3.14" type: "News" locale: "en" url: "https://longbridge.com/en/news/302369946.md" description: "The Nov. 6 $82.5 put printed 150 contracts in one trade, with vol/OI of 3.14 pointing to newly opened exposure, while the ETF's put/call volume ratio of 0.62 ran above its 20-day average of 0.50." datetime: "2026-10-20T06:13:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302369946.md) - [en](https://longbridge.com/en/news/302369946.md) - [zh-HK](https://longbridge.com/zh-HK/news/302369946.md) generator: "portal-rs" --- # TLT options: Nov. 6 $82.5 put prints 150 contracts in one trade, vol/OI of 3.14 Options on the $iShares 20+ Year Treasury Bond ETF(TLT.US)$ traded 496,000 contracts in the Oct. 19 U.S. session. Calls made up 307,000 of that total and puts 189,000, for a put/call ratio of 0.62. That total was 0.41 times the 20-day average of 1.195 million contracts, below the mean but inside the recent band. Calls ran at 0.38 times their average and puts at 0.49 times theirs. The put/call ratio of 0.62 stood above its 0.50 average and inside a 0.26 to 0.71 range — puts firmer in relative terms, though still smaller than calls in absolute volume. ## The large trades Only one trade qualified under the screen: a Nov. 6 $82.5 put carrying $304,000 in premium, with nothing on the call side. The screen required full-session volume of at least 500 contracts, premium of at least $100,000, a volume-to-open-interest ratio of 2.0 or higher, 7 to 90 days to expiration and an absolute delta between 0.15 and 0.80. It ran over 120 contracts across four expiries within 7 to 90 days, with strikes roughly ±4.5% to ±8.2% from the close. The most heavily traded contract in that universe was the Nov. 20 $77 put, at 25,100 contracts against 120,000 in open interest, a vol/OI of 0.21. That sits below the screen's threshold, and turnover light against the existing book reads more like positions being adjusted than new exposure. ## Trades worth flagging | Contract | Full-session volume | Largest print | Open interest | Vol/OI | Premium | Side | | ---------------- | ------------------- | ------------- | ------------- | ------ | -------- | ---------- | | Nov. 6 $82.5 put | 995 | 150 | 317 | 3.14 | $304,000 | at the ask | The Nov. 6 $82.5 put holds 317 contracts of open interest, so its 995 contracts of volume ran at 3.14 times the existing book — a ratio that points to newly opened exposure, with the next session's open interest the confirmation. Volume clustered in the half hour from 10:00 a.m. to 10:30 a.m. ET, 60% of the session, and the busiest minute came at 9:49 a.m. ET with 301 contracts. Direction rests on the tape sample: the final 39 prints, spanning 9:49 a.m. to 1:49 p.m. ET, totalled 995 contracts, matching full-session volume. In that sample 55% went off at the ask and 45% at the bid, and five prints ran 50 contracts or more. The largest was 150 contracts at $3.05, at the ask. The slight lean to the ask points to buyer-initiated flow. The contract had 18 days to expiration and a delta of -0.76. ## Open interest and volatility Total open interest (OI) came to 13.565 million contracts, 9.004 million calls against 4.561 million puts. The put/call open interest ratio of 0.51 sits above its 20-day average of 0.49 and inside a 0.46 to 0.53 range; the volume ratio's 20-day band was wider. Call OI is heaviest at the $81 strike (142,000 contracts), then $82 (119,000) and $80 (114,000). Put OI is heaviest at $77 (133,000), $79 (115,000) and $78 (66,000). Those strikes mark out the range the options market is pricing around. 30-day at-the-money implied volatility, taken as the average of the Nov. 20 $79.5 call and put, came in at 13.7%, against 11.4% historical volatility on the same contract. Under the 85% straddle convention, the Nov. 20 expiry implies a move of roughly ±2.8%, a band from $77 to $82. ## How to read this, and how not to A large put trade is not, by itself, evidence that institutions are bearish. The same fill can come from a protective-put buyer hedging stock, one leg of a spread, or a hedge against a long stock position. Direction needs at least three confirmations: whether the trade went off at the bid or the ask, whether open interest rises the following session, and whether the opposing strike saw size at the same time. This article reports publicly available trade data and the screen used to select it. It is not investment advice. Source: publicly reported U.S. options trades. Coverage window: regular U.S. trading hours, Oct. 19, 2026. Universe: 4 expiries from 7 to 90 days out, strikes roughly ±4.5% to ±8.2% from the close, 120 contracts. Screen: full-session volume of at least 500 contracts, premium of at least $100,000, volume-to-open-interest ratio of 2.0 or higher; 7 to 90 days to expiration; absolute delta between 0.15 and 0.80. ### Related Stocks - [TLT.US](https://longbridge.com/en/quote/TLT.US.md) ## Related News & Research - [The 30-year Treasury yield is pushing a major bond ETF back toward 2007 levels: Chart of the day](https://longbridge.com/en/news/287198330.md) - [AI fever ignites a boom in thematic ETFs as fund managers hunt for their next big hit](https://longbridge.com/en/news/302963080.md) - [72,848 Shares in Allegro MicroSystems, Inc. $ALGM Purchased by E. 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