TLT GEX — Live Gamma Exposure
Live TLT GEX levels for iShares 20+ Year Treasury Bond ETF: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive TLT GEX chart.
The calculator below is pre-filled with TLT — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the TLT GEX heatmap.
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What is Gamma Exposure (GEX)?
Gamma Exposure represents the sensitivity of an option's delta to changes in the underlying price. Market makers hedge their gamma exposure, creating support/resistance at high GEX strikes.
Key Levels:
- Call Wall: Strike with highest positive GEX (resistance)
- Put Wall: Strike with most negative GEX (support)
- Gamma Flip: Where total GEX changes from negative to positive
Positive GEX: Market makers sell into rallies, buy into dips (stabilizing).
Negative GEX: Market makers buy into rallies, sell into dips (amplifying moves).
Select a ticker and expiration date, then click Generate GEX to see the analysis
Understanding TLT gamma exposure
TLT has become the default options venue for trading long-duration interest-rate risk, and its gamma exposure profile reflects macro positioning more than any equity story. GEX in TLT builds around Fed meetings, CPI prints, and Treasury auctions — dealer hedging into those events can noticeably dampen or amplify the ETF's reaction to rate moves. When traders pile into TLT calls to bet on falling yields, the resulting call wall often marks where rallies stall.
TLT's gamma regime is worth tracking because bond volatility and equity volatility interact: a negative-gamma TLT into a hot inflation print can spill over into equity index selling. The put wall in TLT frequently lines up with round-number price levels that correspond to psychologically important yield thresholds on the 20- and 30-year Treasury.
New to the concept? Start with our guides to gamma in options and the options Greeks.
TLT GEX FAQ
What is TLT GEX (gamma exposure)?
TLT GEX measures the aggregate gamma that options market makers carry across all TLT strikes and expirations. When TLT GEX is positive, dealer hedging dampens price moves (selling rallies, buying dips); when it is negative, hedging amplifies moves. It is calculated from open interest and each contract's gamma across the iShares 20+ Year Treasury Bond ETF options chain.
What is the TLT call wall and put wall?
The TLT call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the TLT put wall is the strike with the largest negative gamma exposure and often acts as support. As of the latest snapshot, the call wall is at $86, the put wall is at $86, the gamma flip level is near $85.47.
What is the TLT gamma flip level?
The TLT gamma flip (zero-gamma) level is the price where net dealer gamma crosses from positive to negative. Above it, market-maker hedging tends to suppress TLT volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $85.47.
How often is TLT GEX data updated?
GEX levels on this page are recomputed from live options data throughout US market hours, and the interactive calculator below pulls fresh TLT options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this TLT GEX chart free?
Yes. The TLT GEX levels on this page are free, and the interactive GEX calculator offers free daily lookups without an account. Creating a free QuantWheel account raises the daily limit, and the GEX Dashboard adds unlimited access, intraday tracking, and alerts.
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The QuantWheel GEX Dashboard adds unlimited lookups, intraday gamma tracking, wall-movement alerts, and a multi-ticker workspace.
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