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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.35EOD only

Max Pain

$79.50

Next expiry May 22, 2026

Expected Move

±$0.23

0.3% from close

Price Gap

+0.15

Distance to max pain

IV Rank

Low premium

P/C OI

3.74

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects HYG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

HYG Directional Report

Analysis based on market close May 15, 2026

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You are viewing an older report from May 15, 2026. A newer directional report is available for May 19, 2026.

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Outlook

HYG bearish near-term: short gamma, spot near $79 flip, market down. Upside capped by $80 MP.

Confidence:

5.5 / 10

Base 5; GEX/flow contra -1, spot near MP +1, VIX +0.5.

Supports: Low vol, gamma flip, selloff.
Conflicts: Max pain $80, mixed flow

⚠️Low vol; expansion risk.

🔴Short gamma; $79 key.

Regime Classification

Vol Regime

Low

Low vs typical; VIX 18 elevated.

Gamma Regime

Trending

Short GEX -$4.3B; flip at $79.

Flow Regime

Mixed

Mixed.

Spot vs Max Pain

Spot ~$79.44, 0.7% below $80.

Thesis duration: Event-specific — Near expiry; gamma pin and flip proximity.

Price Range Forecast

Next 1 week

$79.16$79.76

Test $79.16.

Next 2 weeks

$78.81$80.10

Break to $78.81 possible.

Key Levels

Max pain pins: $80 (2026-05-15); $80 (2026-05-22); $80 (2026-05-29)

EM guardrails: 1w $79.16/$79.76

Support: $79.00 · $78.00 · $77.00

Resistance: $80.00 · $80.10 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 497,995 (0.6% below spot)

Structural: Support: 79,78,77; Resistance: 80,80.1,81; Gamma flip ~79; MP $80.

Dealer Positioning (GEX/DEX)

GEX: $-4.3B

DEX: +191.7M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 497,995 (0.6% below spot))

NTM gamma: GEX -$4.3B; DEX +191.7M; flip $79.

IV Analysis

IV vs VIX: HYG IV low vs VIX 18.

Term structure: Flat; no event kinks.

Skew: Normal skew; no opportunity.

Flow Analysis

Net premium: Net premium positive $3.7M, put/call vol ratio 1.66 and OI ratio 4.05 indicate bearish premium flow.

Directional prints: 18.1 put 73 OTM 2026-07-17 — 25k vol vs 6k OI, bearish put buying likely for downside protection. 6 call 79.5 OTM 2026-05-22 — 6.9k vol vs 510 OI (13.5x), bullish call buying possibly anticipating near-term upside. 23.9 put 65 OTM 2027-02-19 — 1.6k vol vs 286 OI, deep OTM put buying for long-term bearish hedge.

Unusual: 18.1 put 73 OTM 2026-07-17 — Massive 25k volume vs 6k OI, unusual put activity signaling bearish sentiment. 6 call 79.5 OTM 2026-05-22 — Vol/OI ratio 13.5, unusually high relative to other contracts, suggests aggressive call buying. 11.3 put 79 OTM 2026-05-22 — Vol/OI ratio 7.9, elevated put activity for near-term expiration.

Risks & Catalysts

!Max pain pin holds.

!Macro event spikes vol.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-05-29 $79.50/$78.00 put spread Why now: Put flow bearish, max pain pin, short gamma, low IV offers cheap downside.	Upside risk if market reverses or gamma squeeze. Liquidity constraints: short_put: Volume below 5.
Long put	Moderate-Strong	Buy 2026-05-29 $79.50 put Why now: Put flow + bearish bias, low IV offers cheap downside protection.	Time decay, upside risk.

Top Plays

Long Put $79.50

Buy 2026-05-29 $79.50 put

Downside protection play

Why this play: Liquidity pass, bearish flow, low IV entry

Debit: $0.24-$0.29

Max loss: $0.29

BE: $79.21

Mgmt: Exit at $78 or 1-2 weeks before expiry

Aggressive bearish trader

Bear Put Spread $79.50/$78

Buy 2026-05-29 $79.50/$78.00 put spread

Defined risk bearish position

Why this play: Limited risk, bearish bias, cheap premium

Debit: $0.19-$0.24

Max loss: $0.24

BE: $79.26

Mgmt: Manage if spot near 78.50, take profit at 1.00 Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Conservative bearish trader

Watchlist Triggers

Entry Triggers

IFIf HYG breaks below $79 with volume → Buy 2026-05-29 $79.50 put at limit 0.24-0.29

IFIf HYG breaks and holds below $79 → Buy 2026-05-29 $79.50/$78.00 put spread at limit 0.19-0.24

Exit Triggers

EXITIf HYG reaches $78 or rallies above $80 → Close long put position

EXITIf HYG near $78.5 or spread reaches $1.00 → Take profit on bear put spread

Tactical Summary

HYG bearish near-term; max pain $80 caps upside; gamma flip at $79. Entry on break below $79: buy long put or spread. Exit targets $78 (long put) or $1.00 (spread). Invalidation above $80.

How to Use These Reports

This directional reflects the market close on May 15, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.