01 — TLT · BEAR CALL SPREADS

Best TLT bear call spreads setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

Macro-sensitive duration play with options flow tied to long-end Treasury yields and Fed expectations.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
iShares 20+ Year Treasury Bond ETF
Bond ETF
TLT
$81.49+5.2% / 30d
IV rank (1y)
62% · elevated
P/E (fwd)
-4074.5
Option vol
48K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Top pick · credit spread
$83/$85 call spread · Nov 30
32 DAYS · 2.5% OTM · 2 WIDE · SELL TO OPEN
Credit
$41
Return
25.79%
PoP
67%
SpreadExpirationCreditReturn ↓PoP
$83 / $85
2.5% OTM · 2 wide
Nov 27
29 days
$38
$0.38 / share
23.46%68%
$82.5 / $85
1.9% OTM · 3 wide
Nov 20
22 days
$47
$0.47 / share
23.15%63%
$82.5 / $85
1.9% OTM · 3 wide
Nov 27
29 days
$47
$0.47 / share
23.15%61%
$82.5 / $85
1.9% OTM · 3 wide
Dec 4
36 days
$42
$0.42 / share
20.19%60%
$83 / $85.5
2.5% OTM · 3 wide
Nov 20
22 days
$40
$0.40 / share
19.05%70%
$83 / $85.5
2.5% OTM · 3 wide
Dec 4
36 days
$39
$0.39 / share
18.48%66%
$83.5 / $86
3.1% OTM · 3 wide
Dec 4
36 days
$36
$0.36 / share
16.82%72%
8 of 8 matchesCustomize filters →

03 — Strategy

Bear Call Spreads, plainly explained

Moderately bearish or neutral traders seeking defined-risk credit income.

P&L at expiration · $83/$85 call spread · 32 DTE

$0+$41−$159$85 LONG$83.41 BE$83 SHORT

Key numbers

Premium collected+$41
Max profit+$41
Max loss−$159
Breakeven$83.41
Spread$83 / $85
Probability of profit67%
Days to expiration32

When this trade makes sense

Use when

    Avoid when

      Read the full bear call spreads guide →

      05 — RUN IT LIVE

      See the highest chance of profit on TLT.

      Option Agent scans live chains and recommends setups based on current market conditions.

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      Option Agent is not a registered investment advisor, broker-dealer, or financial planner. All analysis, recommendations, and data are for informational and educational purposes only and do not constitute personalized investment advice. Options trading involves substantial risk of loss and is not suitable for all investors. Past probability calculations do not guarantee future results. Consult a qualified financial advisor before making investment decisions.