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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.43EOD only

Max Pain

$80.00

Next expiry Jun 12, 2026

Expected Move

±$0.54

0.7% from close

Price Gap

+0.57

Distance to max pain

IV Rank

Low premium

P/C OI

3.78

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

HYG Directional Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

HYG in low-vol, bearish-flow regime with spot pinned at $80 max pain. Negative dealer gamma and put concentration suggest downside risk, but pin action and low vol keep range intact. Confidence high (8.5) due to aligned GEX/flow and spot near MP. Thesis: range-bound with bearish bias toward $79 support over 1-2 weeks.

Confidence:

8.5 / 10

Base 5 +2 GEX/flow alignment (both bearish) +1 spot 0.1% from MP +0.5 VIX 19. Net 8.5.

Supports: Spot at max pain pin ($80) across 3 expiries; low vol supports pin; bearish GEX/flow for downside.
Conflicts: Low vol may enable sudden breakout; hedging caps moves; high confidence may overstate.

🎯Spot pinned at $80 max pain across June 12, 18, 26 expiries.

🛡️Put OI 550k at $79 creates dealer gamma flip – critical support.

📉Bearish flow with $2.7B negative GEX suggests downside bias.

Regime Classification

Vol Regime

Low

IV low relative to historical; typical for HYG in low vol env.

Gamma Regime

Trending

GEX -$2.7B negative gamma; trending regime suggests dealers hedge aggressively.

Flow Regime

Bearish

Net put premium dominant; bearish flow with 550k put OI concentration at $79.

Spot vs Max Pain

Spot at $80 max pain for multiple expiries; pin action likely.

Thesis duration: Multi-week — Low vol, negative GEX, bearish flow, spot pinned at MP create range-bound environment with downward bias but pin support.

Price Range Forecast

Next 1 week

$78.92$80.16

Range 78.92–80.16; MP $80 and gamma flip at $79.

Next 2 weeks

$78.80$80.28

Wider range 78.8–80.28; structural resistance at $81.

Key Levels

Max pain pins: $80 (2026-06-12); $80 (2026-06-18); $80 (2026-06-26)

EM guardrails: 1w $78.92/$80.16

Support: $79.00 · $78.00 · $77.00

Resistance: $80.28 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 550,212 (0.7% below spot)

Structural: Key support $79 (gamma flip from put OI), $78; resistance $80.28 (call OI) and $81. Max pain pins at $80 for June 12, 18, 26.

Dealer Positioning (GEX/DEX)

GEX: $-2.7B

DEX: +195.4M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 550,212 (0.7% below spot))

NTM gamma: Dealers net short gamma (-$2.7B) with flip at ~$79; put OI concentration suggests dealer hedging for downside.

IV Analysis

IV vs VIX: HYG IV low relative to VIX 19; cheap in context of credit risk.

Term structure: Flat term structure; no event kinks.

Skew: Put skew elevated from bearish flow; potential put overwriting if neutral.

Flow Analysis

Net premium: Net premium -$14.78M, put/call vol ratio 3.18, confirms bearish flow.

Directional prints: 19.4 put 82 ITM 2026-11-20 — Vol 396 vs OI 180 (2.2x), IV 19.4%. High relative volume suggests new bearish positioning; likely bought puts.

Unusual: 19.4 put 82 ITM 2026-11-20 — Vol 396 vs OI 180 (2.2x), IV 19.4%. High relative volume suggests new bearish positioning; likely bought puts. 31 put 80.5 ITM 2026-06-18 — Vol 300 vs OI 200 (1.5x), IV 31%. Near-term put buying ahead of expiration; bearish sentiment.

Risks & Catalysts

!Break above $80.28 could trigger call-driven rally.

!Break below $79 gamma flip could accelerate selling.

!Credit event or rate move could spike vol.

!Low IV may compress further in range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-10 $79.00/$78.50 put spread Why now: High put flow and negative dealer gamma favor downside. Spot near $80 max pain, with resistance above.	Upside breakout above $80.28 invalidates thesis; low vol reduces credit. Liquidity constraints: long_put: Wide spread (73%).; short_put: Wide spread (127%).
Long put	Moderate-Weak	Buy 2026-06-26 $79.50 put Why now: Spot at $80 max pain, put skewed flow, short-term bearish catalyst from GEX.	Time decay if range holds; gamma risk if spot stays pinned. Liquidity constraints: long_put: Wide spread (100%).
Call credit spread	Weak	Sell 2026-06-26 $80.50/$82.00 call spread Why now: Spot below $80.28 resistance; call liquidity thin above $80.5. Theta decay favorable.	Upside gap from credit event or rate move; low premium limits returns. Liquidity constraints: long_call: Open interest below 25.

Top Plays

Bear Put Spread

Buy 2026-07-10 $79.00/$78.50 put spread

Buy $79/$78.50 put spread to profit from downside to $79 support.

Why this play: Best aligned with bearish flow and negative gamma; defined risk.

Debit: $0.13-$0.16

Max loss: $0.16

BE: $78.84

Mgmt: Close if spot breaks above $80.28 or near expiration. Liquidity warning: Liquidity constraints: long_put: Wide spread (73%).; short_put: Wide spread (127%).

Traders seeking capped risk with directional bearish view.

Long Put

Buy 2026-06-26 $79.50 put

Buy $79.50 put targeting drop toward $79.

Why this play: Direct bearish play with high reward potential; suits short-term catalyst.

Debit: $0.25-$0.31

Max loss: $0.31

BE: $79.19

Mgmt: Exit if spot rises above $80.28 or after 1 week. Liquidity warning: Liquidity constraints: long_put: Wide spread (100%).

Aggressive traders comfortable with premium decay.

Call Credit Spread

Sell 2026-06-26 $80.50/$82.00 call spread

Sell $80.50/$82 call spread to profit from stagnant or lower price.

Why this play: Fits neutral-bearish thesis; collects premium with resistance overhead.

Credit: $0.05-$0.07

Max loss: $1.43

BE: $80.57

Mgmt: Monitor resistance; close if spot nears $80.28. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Income-focused traders expecting low volatility.

Watchlist Triggers

Entry Triggers

IFIF spot trades at $79.70-$79.50 with bearish flow → THEN buy $79/$78.50 put spread (bear put spread entry)

IFIF spot breaks below $79.50 with increased volume → THEN buy $79.50 put (long put entry)

IFIF spot holds below $80 for 2 days → THEN sell $80.50/$82 call spread (call credit spread entry)

Exit Triggers

EXITIF spot rises above $80.28 → THEN close all bearish positions

Tactical Summary

HYG range-bound with bearish bias toward $79. Key levels: support $79, resistance $80.28. Top plays: bear put spread, long put, call credit spread. Monitor gamma flip at $79 and max pain at $80.

How to Use These Reports

This directional reflects the market close on June 8, 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.