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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.94EOD only

Max Pain

$80.00

Next expiry Jun 18, 2026

Expected Move

±$0.32

0.4% from close

Price Gap

+0.06

Distance to max pain

IV Rank

Middle-high premium

P/C OI

3.84

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 12, 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 12, 2026 close

HYG Directional Report

Analysis based on market close June 11, 2026

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You are viewing an older report from June 11, 2026. A newer directional report is available for June 12, 2026.

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Outlook

HYG range-bound near $80 MP, bearish flow tilts slight downside. Low vol, neg gamma. Key risk $79 flip.

Confidence:

8.5 / 10

Base5 +2 GEX/flow +1 MP +0.5 VIX

Supports: Alignment, MP, low VIX
Conflicts: Bearish flow vs pin, neg gamma

🔻Bearish flow put-heavy

📍At $80 max pain for all expiries

⚡Negative GEX -$1.4B amplifies moves

Regime Classification

Vol Regime

Low

Low vol, VIX 19.4 supports range.

Gamma Regime

Trending

Neg GEX -$1.4B, trending, flip ~79.

Flow Regime

Bearish

Bearish, puts dominate.

Spot vs Max Pain

At $80 max pain.

Thesis duration: Multi-week — MP pin across expiries, low vol.

Price Range Forecast

Next 2 days

$79.67$80.22

Bias low in 79.67-80.22.

Next 1 week

$79.57$80.32

Downside to 79.57.

Next 2 weeks

$79.35$80.53

Gradual drift.

Key Levels

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

EM guardrails: 2d $79.67/$80.22; 1w $79.57/$80.32

Support: $79.00 · $78.00 · $77.00

Resistance: $80.53 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 451,310 (1.2% below spot)

Structural: S 79/78/77, R 80.53/81, MP 80, flip 79.

Dealer Positioning (GEX/DEX)

GEX: $-1.4B

DEX: +190.5M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 451,310 (1.2% below spot))

NTM gamma: GEX -1.4B, DEX +190.5M, flip 79.

IV Analysis

IV vs VIX: IV low vs VIX 19.4.

Term structure: Contango typical.

Skew: Put skew elevated, no actionable.

Flow Analysis

Net premium: Net premium -$15.99M, put/call vol ratio 4.09, OI ratio 3.82, strongly bearish.

Directional prints: 21.8 put 71 OTM 2026-09-18 — Vol/OI 81.1x, aggressive put buying; likely bearish speculation.

Unusual: 8.4 call 79.5 ITM 2026-07-10 — Vol/OI 7.9x, call buying in bearish flow; possibly hedging. 10.1 put 80.5 ITM 2026-06-18 — Vol/OI 3.6x, moderate put accumulation; bearish. 14 put 70 OTM 2027-03-19 — Vol/OI 2.5x, long-dated put buying; bearish hedge.

Risks & Catalysts

!Break $79 flip

!Macro shock

!Credit event

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-10 $79.00/$78.50 put spread Why now: Put/call vol ratio 4.09 and OI ratio 3.82 signal strong bearish positioning; neg gamma at $79 makes flip risky.	Max loss = width - credit paid; if HYG rallies above $79, loss limited to debit; time decay hurts. Liquidity constraints: short_put: Wide spread (135%).
Bearish risk reversal	Moderate-Weak	Buy 2026-07-17 $79.00 put / sell 2026-07-17 $81.00 call Why now: Aggressive put buying suggests downside risk; risk reversal cheapens put via call premium sale.	Unlimited upside risk if call shorted; cap upside; best if price declines or stays below short call strike. Liquidity constraints: short_call: Wide spread (120%).
Long put	Moderate-Weak	Buy 2026-07-10 $79.00 put Why now: Bearish flow and gamma risk at $79; long put captures convexity if support breaks.	Time decay; requires decline before expiration; low vol may not expand.

Top Plays

Long Put - Bearish Convexity

Buy 2026-07-10 $79.00 put

Buy a put to profit from downside breakout.

Why this play: Strong bearish flow and gamma risk; long put offers liquidity and convexity.

Debit: $0.34-$0.42

Max loss: $0.42

BE: $78.58

Mgmt: Exit if HYG holds above $80.53 invalidation.

Traders confident in downside.

Bear Put Spread - Defined Risk

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

Buy put spread for downside with limited loss.

Why this play: High put/put ratio lowers cost; defined risk suits cautious bears.

Debit: $0.20-$0.25

Max loss: $0.25

BE: $78.75

Mgmt: Monitor $80.53; take profit or stop loss. Liquidity warning: Liquidity constraints: short_put: Wide spread (135%).

Traders wanting capped risk.

Bearish Risk Reversal - Financed Put

Buy 2026-07-17 $79.00 put / sell 2026-07-17 $81.00 call

Buy put, sell call to express bearish view at net credit.

Why this play: Aggressive put buying; risk reversal cheapens put via call sale.

Debit: $0.21-$0.26

Max loss: Unlimited

BE: $81.00

Mgmt: Hedge if HYG rallies; exit on invalidation breach. Liquidity warning: Liquidity constraints: short_call: Wide spread (120%).

Experienced traders comfortable with upside cap.

Watchlist Triggers

Entry Triggers

IFHYG breaks below $79.00 → Buy 2026-07-10 $79 put (rank 1)

IFHYG breaks below $79.00 → Buy 2026-07-10 $79/$78.5 put spread (rank 2)

IFHYG breaks below $79.00 → Buy 2026-07-17 $79 put, sell 2026-07-17 $81 call (rank 3)

Exit Triggers

EXITHYG closes above $80.53 → Close all bearish positions

Tactical Summary

Bearish tilt near $80 MP. Key support $79 (gamma flip) - breakdown triggers downside to $78/$77. Invalidation at $80.53. Top plays: long put for convexity, bear put spread for defined risk, risk reversal for financing.

How to Use These Reports

This directional reflects the market close on June 11, 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.