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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.83EOD only

Max Pain

$79.50

Next expiry Jun 5, 2026

Expected Move

±$0.19

0.2% from close

Price Gap

-0.33

Distance to max pain

IV Rank

Low premium

P/C OI

3.84

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

HYG Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

HYG faces bearish flow pressure with dealer short gamma -$1.7B, but low vol and spot at $80 max pain pin suggest limited downside. Expect drift toward $79.38-79.64 support over 1-2 weeks; gamma flip at $79 is key risk.

Confidence:

9 / 10

Base 5 (neutral) +2 (GEX/flow aligned) +1 (spot near MP) +1 (VIX low) = 9.

Supports: Dealer short gamma, bearish flow, spot at max pain, low vol.
Conflicts: Positive dealer delta (+172M shares) buffers; gamma flip at $79 could reverse trend.

🔻Bearish GEX/flow alignment: -$1.7B short gamma, elevated put activity.

📍Spot pinned at $80 max pain across Jun5/12/18 expiries.

⚠️Gamma flip at $79 (1% below) based on put OI concentration.

📉Low vol regime reduces breakout probability; range-bound trading likely.

Regime Classification

Vol Regime

Low

Low: IV below historical range, VIX at 15.4, and HYG realized vol subdued.

Gamma Regime

Trending

Trending: GEX -$1.7B indicates dealer short gamma, amplifying moves. Flip proximity at $79 based on put OI.

Flow Regime

Bearish

Bearish: Net premium negative with heavy put buying, consistent with negative GEX.

Spot vs Max Pain

At: Spot exactly at $80 max pain for all three expiries (Jun5/12/18), strong pinning.

Thesis duration: Multi-week — Low vol, max pain pin, and bearish flow suggest gradual drift to support over 1-2 weeks, lasting through next monthly expiry.

Price Range Forecast

Next 2 days

$79.64$80.02

Narrow range $79.64-$80.02; downside bias but pin limited.

Next 1 week

$79.38$80.28

Target lower end $79.38; gamma flip risk at $79.

Next 2 weeks

$79.35$80.31

Drift to $79.35 support; break below $79 opens 78.0.

Key Levels

Max pain pins: $80 (2026-06-05); $80 (2026-06-12); $80 (2026-06-18)

EM guardrails: 2d $79.64/$80.02; 1w $79.38/$80.28

Support: $79.00 · $78.00 · $77.00

Resistance: $80.31 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 565,060 (1.0% below spot)

Structural: Max pain $80 all expiries; 2d guardrails $79.64/$80.02; 1w $79.38/$80.28; support 79.0,78.0,77.0; resistance 80.31,81.0; gamma flip ~$79.

Dealer Positioning (GEX/DEX)

GEX: $-1.7B

DEX: +172.0M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 565,060 (1.0% below spot))

NTM gamma: Net short gamma -$1.7B, net long delta +172M shares. Gamma flip ~$79 based on put OI concentration.

IV Analysis

IV vs VIX: HYG IV not directly comparable to VIX; as bond ETF, IV likely low vs historical, consistent with low vol regime.

Term structure: Flat likely given low vol; no event kinks noted.

Skew: Put skew elevated from bearish flow; no actionable vol opportunity identified.

Flow Analysis

Net premium: Net put premium -$6.39M with high P/C ratios (vol 1.63, OI 3.84), strong bearish flow.

Directional prints: 6.5 put 80.5 ITM 2026-06-18 — Vol 1300 vs OI 200 (6.5x) indicates new bearish positioning. Likely bought puts. Preferred read: bearish. 19.9 put 82 ITM 2026-11-20 — Vol 396 vs OI 180 (2.2x) with elevated IV suggests bought puts. Preferred read: bearish.

Unusual: 6.5 put 80.5 ITM 2026-06-18 — Extreme vol/OI 6.5x, low IV; likely bought puts for hedging or bearish speculation. 19.9 put 82 ITM 2026-11-20 — Vol/OI 2.2x, high IV; long-dated put buying unusual. 13.8 call 75 ITM 2027-05-21 — Deep ITM call with low IV; possibly sold against long stock.

Risks & Catalysts

!Gamma flip at $79 could accelerate selling.

!Positive dealer delta (+172M) may buffer downside.

!Low vol regime can prolong pinning.

!Sudden risk-off event could spike vol.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-18 $79.00/$78.50 put spread Why now: High put flow, dealer short gamma, low vol; spread limits cost and defines risk.	Gamma flip at $79 could cap profits; time decay works against if drift slow. Liquidity constraints: long_put: Wide spread (140%).; short_put: Volume below 5.
Call credit spread	Moderate-Weak	Sell 2026-06-18 $80.50/$81.00 call spread Why now: Negative call flow skew; max pain at $80 suggests limited upside.	Risk of upside breakout if flows reverse; delta exposure. Liquidity constraints: short_call: Wide spread (164%).
Long put	Moderate-Weak	Buy 2026-06-18 $79.00 put Why now: Large put buys and high P/C ratio signal downside hedging; low IV makes puts inexpensive.	Time decay; if stock stays above $79, loses premium. Liquidity constraints: long_put: Wide spread (140%).

Top Plays

Long put

Buy 2026-06-18 $79.00 put

Buys put at $79 to capture decline toward support, with limited capital at risk.

Why this play: Directly profits from expected downside; low IV makes premium cheap, amplifying edge from bearish flow and dealer short gamma.

Debit: $0.09-$0.11

Max loss: $0.11

BE: $78.89

Mgmt: Set stop at $80.31 invalidation; take profit at $78.50 or on gamma flip. Liquidity warning: Liquidity constraints: long_put: Wide spread (140%).

Traders confident in directional move and willing to accept time decay risk.

Bear put spread

Buy 2026-06-18 $79.00/$78.50 put spread

Buys $79 put, sells $78.50 put to reduce cost at expense of upside gain.

Why this play: Defines risk and cost while expressing bearish view; less capital required than long put, but profit capped.

Credit: $0.01-$0.01

Max loss: N/A

BE: $79.00

Mgmt: Exit if HYG breaches $80.31; take max profit near $78.50 expiration. Liquidity warning: Liquidity constraints: long_put: Wide spread (140%).; short_put: Volume below 5.

Risk-averse traders seeking limited downside exposure with defined max loss.

Call credit spread

Sell 2026-06-18 $80.50/$81.00 call spread

Sells $80.50 call, buys $81 call to collect small premium on range-bound expectation.

Why this play: Capitalizes on limited upside from max pain and negative call flow; lower probability of profit but wide margin.

Credit: $0.04-$0.05

Max loss: $0.45

BE: $80.55

Mgmt: Buy back if spot exceeds $80.50; hold to expiration for max gain. Liquidity warning: Liquidity constraints: short_call: Wide spread (164%).

Traders expecting stagnation or mild decline with low volatility environment.

Watchlist Triggers

Entry Triggers

IFHYG drops below $79.38 → Buy 2026-06-18 $79 put for $0.09-0.11

IFHYG declines to $79.64 → Enter 2026-06-18 $79/$78.50 put spread

IFHYG stays below $80.31 → Sell 2026-06-18 $80.50/$81 call spread for $0.04-0.05

Exit Triggers

EXITHYG rises above $80.31 or reaches $78.50 → Close long put

EXITHYG closes above $80.31 or spread at max profit → Exit bear put spread

EXITHYG exceeds $80.50 → Buy back call spread

Tactical Summary

HYG bearish with gamma flip risk at $79; favor puts below $79.64; invalidation at $80.31.

How to Use These Reports

This directional reflects the market close on June 4, 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.