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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.62EOD only

Max Pain

$79.50

Next expiry Jun 12, 2026

Expected Move

±$0.34

0.4% from close

Price Gap

-0.12

Distance to max pain

IV Rank

Low premium

P/C OI

3.72

Slightly put-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 9, 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 9, 2026 close

HYG Directional Report

Analysis based on market close June 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias driven by negative GEX and bearish flow, but near-term pinning at max pain $80 may limit downside. Low vol regime supports contained moves.

Confidence:

8 / 10

Base 5, +2 GEX/flow aligned, +1 spot at MP → total 8/10.

Supports: Bearish flow, negative GEX, low vol regime.
Conflicts: Spot at MP may pin price; broad market risk-off could spill into credit.

🐻Bearish flow: net premium negative

⚡Negative GEX -$2.7B amplifies downside

📌Max pain pin at $80 across expiries

📉Low IV regime supports contained range

Regime Classification

Vol Regime

Low

IV in low percentile relative to its own history; VIX at 22.2 elevated but HYG decoupled.

Gamma Regime

Trending

GEX -$2.7B trending negative; gamma flip at $79, 0.6% below spot.

Flow Regime

Bearish

Net premium bearish; put flow dominates.

Spot vs Max Pain

Spot at $79.5, approximately at max pain $80 for multiple expiries; tight pin.

Thesis duration: Event-specific — Upcoming expiry (Jun12) with max pain pin at $80; low vol and tight range suggest event-driven positioning.

Price Range Forecast

Next 2 days

$79.26$79.68

Tight range; downside risk below 79.0 gamma flip support.

Next 1 week

$78.83$80.12

Broader range; resistance at 80.12 may cap.

Next 2 weeks

$78.79$80.16

Resistance 80.16; downside support 78.79.

Key Levels

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

EM guardrails: 2d $79.26/$79.68; 1w $78.83/$80.12

Support: $79.00 · $78.00 · $77.00

Resistance: $79.50 · $80.16 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 478,249 (0.6% below spot)

Structural: Support: 79.0, 78.0, 77.0; Resistance: 79.5, 80.16, 81.0; Gamma flip ~79.0; Max pain pins $80 for Jun12, Jun18, Jun26; EM guardrails: 2d $79.26/$79.68, 1w $78.83/$80.12.

Dealer Positioning (GEX/DEX)

GEX: $-2.7B

DEX: +185.7M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 478,249 (0.6% below spot))

NTM gamma: GEX -$2.7B, DEX +185.7M shares; gamma flip at ~$79 based on put OI concentration.

IV Analysis

IV vs VIX: HYG IV low vs VIX (22.2), reflecting credit stability despite equity volatility.

Term structure: Flat to slightly backwardated; no events skew.

Skew: Skew flat; no clear vol arb.

Flow Analysis

Net premium: Net bearish -$19.6M, put/call vol 4.5, OI 3.7, strong put bias.

Directional prints: 13.7 put 78 OTM 2026-09-18 — 55k vol vs 27.7k OI (2.0x), likely bought, bearish. 15.9 put 74 OTM 2026-10-16 — 10.2k vol vs 1.3k OI (8.1x), aggressive put buying, bearish. 19.3 put 82 ITM 2026-11-20 — 396 vol vs 180 OI (2.2x), ITM put buying, bearish.

Unusual: 4.2 call 81.5 OTM 2026-07-24 — 718 vol vs 100 OI (7.2x) deep OTM call, unusual. 15.9 put 74 OTM 2026-10-16 — 10.2k vol vs 1.3k OI (8.1x), high ratio, unusual. 13.7 put 78 OTM 2026-09-18 — 55k vol vs 27.7k OI (2.0x), large block, unusual.

Risks & Catalysts

!Broader market selloff could spike credit spreads.

!Unexpected event breaking max pain pin.

!Potential short squeeze if spot rises above $80.

!Volatility expansion from VIX spillover into credit.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call credit spread	Moderate	Sell 2026-07-02 $80.50/$81.00 call spread Why now: Negative GEX and bearish flow support contained downside; low vol favors premium collection.	Upside breakout above $80.5 could cause loss; max loss limited to width. Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.
Bear put spread	Moderate	Buy 2026-07-02 $79.00/$78.00 put spread Why now: Large put OI at 78/79 on 7/17 suggests pinning; sell 78 put to fund 79 put.	If price rallies above $79, spread expires worthless; max loss is debit paid. Liquidity constraints: long_put: Wide spread (78%).; short_put: Wide spread (141%).
Bearish risk reversal	Moderate-Weak	Buy 2026-07-02 $79.00 put / sell 2026-07-02 $80.50 call Why now: Low vol makes put cheap; selling call offsets cost. Negative GEX supports bearish tilt.	Large rally above short call strike leads to loss; position has upside risk. Liquidity constraints: long_put: Wide spread (78%).; short_call: Open interest below 25.

Top Plays

Bear Put Spread

Buy 2026-07-02 $79.00/$78.00 put spread

Buy 79 put, sell 78 put to capitalize on expected decline beyond max pain pin.

Why this play: Best aligns with bearish bias and large put OI at 78/79, defined risk with high reward.

Debit: $0.16-$0.19

Max loss: $0.19

BE: $78.81

Mgmt: Exit if price breaches invalidation 79.5 or near expiration. Liquidity warning: Liquidity constraints: long_put: Wide spread (78%).; short_put: Wide spread (141%).

Traders expecting moderate downside with defined risk.

Call Credit Spread

Sell 2026-07-02 $80.50/$81.00 call spread

Sell 80.50/81 call spread to collect premium while betting on contained upside.

Why this play: Low vol and negative GEX support premium collection; defined risk and bearish tilt.

Credit: $0.13-$0.15

Max loss: $0.35

BE: $80.65

Mgmt: Close if spot rises above 80 or adjust to wider spread. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Traders seeking income with limited downside risk.

Bearish Risk Reversal

Buy 2026-07-02 $79.00 put / sell 2026-07-02 $80.50 call

Buy 79 put, sell 80.50 call for net credit, bearish view with cost offset.

Why this play: Cheap put from low vol, call sale funds position, but unlimited loss on call limits rank.

Debit: $0.15-$0.18

Max loss: Unlimited

BE: $80.50

Mgmt: Monitor closely; roll call if spot approaches 80.50. Liquidity warning: Liquidity constraints: long_put: Wide spread (78%).; short_call: Open interest below 25.

Aggressive traders comfortable with unlimited upside risk.

Watchlist Triggers

Entry Triggers

IFIF spot breaks below $79.5 (invalidation level) with volume → THEN enter bear put spread: buy $79 put, sell $78 put (HYG_BEAR_PUT_SPREAD_01)

IFIF spot trades below $80 for two consecutive days → THEN sell $80.50/$81 call credit spread (HYG_CALL_CREDIT_SPREAD_01) for income

Adjustment Triggers

ADJIF spot approaches $80.50 on the call credit spread → THEN roll the short call higher or close the spread

Exit Triggers

EXITIF spot rallies above $79.5 → THEN exit all bearish positions to limit loss

Tactical Summary

Bearish bias with negative GEX and max pain pinning at $80. Key support 79.0, resistance 79.5/80.16. Top play: bear put spread (HYG_BEAR_PUT_SPREAD_01) for defined risk. Low vol regime supports premium collection via call credit spread. Invalidation level: 79.5.

How to Use These Reports

This directional reflects the market close on June 10, 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.