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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.03EOD only

Max Pain

$80.00

Next expiry Jun 18, 2026

Expected Move

±$0.35

0.4% from close

Price Gap

-0.03

Distance to max pain

IV Rank

Middle-high premium

P/C OI

3.86

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 16, 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 16, 2026 close

HYG Directional Report

Analysis based on market close June 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: bearish flow, neg gamma, spot at $80 MP resistance. Low vol caps near-term but OPEX pin may break. Confidence 8.5.

Confidence:

8.5 / 10

Base 5; +2 GEX/flow; +1 spot near MP; +0.5 VIX 18.

Supports: Bearish flow, neg gamma, spot at $80 MP, SPY decline.
Conflicts: Low vol, VIX normal, multiple $80 pin.

⚡Neg gamma -$52.9M amplifies moves; break below $79.41 targets $79 flip.

Regime Classification

Vol Regime

Low

Low IV, risk of expansion near $79 flip.

Gamma Regime

Trending

Trending: neg gamma -$52.9M amplifies selloffs.

Flow Regime

Bearish

Bearish: net premium negative, puts dominate.

Spot vs Max Pain

At $80 max pain, resistance into OPEX.

Thesis duration: Event-specific — Multiple expiries pin at $80, event-driven.

Price Range Forecast

Next 2 days

$79.41$80.06

Bias down to $79.41 support, flip at $79.

Next 1 week

$79.10$80.36

Drift to $79.10 if $79 breaks.

Next 2 weeks

$78.94$80.52

Wider range after OPEX.

Key Levels

Max pain pins: $80 (2026-06-18); $80 (2026-06-26); $80 (2026-07-02)

EM guardrails: 2d $79.41/$80.06; 1w $79.10/$80.36

Support: $79.00 · $78.00 · $77.00

Resistance: $80.00 · $80.52 · $81.00

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 450,304 (0.9% below spot)

Structural: MP $80 across expiries; support $79 (gamma flip), $78; resistance $80.52, $81.

Dealer Positioning (GEX/DEX)

GEX: $-52.9M

DEX: +180.0M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 450,304 (0.9% below spot))

NTM gamma: Neg gamma -$52.9M; long delta +180M shares; flip ~$79.

IV Analysis

IV vs VIX: IV low vs VIX, potential expansion if downside accelerates.

Term structure: Flat, slight contango; near-term elevated due to OPEX.

Skew: Put skew elevated; short put spreads attractive if $80 holds.

Flow Analysis

Net premium: Net put premium -$6.19M (credit from put selling), but highlighted prints show aggressive put buying; mixed signals.

Directional prints: 5.9 put 79 OTM 2026-06-26 — Vol/OI 17.2x, aggressive put buying; bearish. 6.1 put 81 ITM 2026-06-26 — Vol/OI 1.9x, elevated put volume; bearish.

Unusual: 5.9 put 79 OTM 2026-06-26 — Vol/OI 17.2x, unusually high; likely bought puts for downside; preferred read: bearish. 20.4 put 82 ITM 2026-11-20 — Vol/OI 2.2x, long-dated put; possible hedge; likely bought; bearish. 6.1 put 81 ITM 2026-06-26 — Vol/OI 1.9x, elevated; OTM puts with high volume; likely bought; bearish.

Risks & Catalysts

!Gamma flip at $79

!Macro shock

!Low vol compression

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-07-17 $79.00/$78.00 put spread Why now: Aggressive put buying and negative gamma at $79; low vol favors defined-risk debit spread.	Max loss if HYG stays above $79; vol crush reduces profit. Liquidity constraints: short_put: Wide spread (76%).
Call credit spread	Moderate-Weak	Sell 2026-07-02 $80.50/$81.00 call spread Why now: Bearish flow and negative gamma limit upside; low vol allows credit harvest.	Loss if HYG rallies above $80; max loss $1 width. Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.
Long put	Moderate-Weak	Buy 2026-07-02 $79.00 put Why now: Aggressive put buying and OPEX pin risk; direct bearish convexity.	Time decay and low vol; needs directional move to profit. Liquidity constraints: long_put: Open interest below 25.

Top Plays

Bear Put Spread

Buy 2026-07-17 $79.00/$78.00 put spread

Buy $79/$78 put spread for capped risk, benefiting from low vol and bearish flow.

Why this play: Best defined-risk bearish play; aligns with aggressive put buying and gamma flip risk at $79.

Debit: $0.09-$0.11

Max loss: $0.11

BE: $78.89

Mgmt: Exit if HYG breaks above $80. Liquidity warning: Liquidity constraints: short_put: Wide spread (76%).

Traders seeking defined risk bearish bias

Long Put

Buy 2026-07-02 $79.00 put

Buy $79 put for high leverage on downside, matching aggressive put buying.

Why this play: Direct convexity at key $79 strike but higher premium and risk; second choice.

Debit: $0.27-$0.33

Max loss: $0.33

BE: $78.67

Mgmt: Monitor gamma risk; exit part before OPEX. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Aggressive traders with high conviction

Call Credit Spread

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

Sell $80.50/$81 call spread to harvest premium with bearish bias.

Why this play: Low credit and liquidity fail make it less attractive; only for income.

Credit: $0.01-$0.01

Max loss: $0.49

BE: $80.51

Mgmt: Close if HYG nears $80.50. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Open interest below 25.

Income-focused bearish traders

Watchlist Triggers

Entry Triggers

IFHYG breaks below $79.00 support (gamma flip) → Buy 2026-07-17 $79.00/$78.00 bear put spread (HYG-001) for defined-risk bearish trade

IFHYG fails to hold $79.00 with put premium < 0.30 → Buy 2026-07-02 $79.00 put (HYG-003) for direct downside exposure

Exit Triggers

EXITHYG trades above $80.00 resistance → Close all bearish positions to limit loss

Tactical Summary

Bearish bias with gamma flip at $79 and resistance at $80. Low vol favors defined-risk bear put spread (#1) or long put (#2) below $79. Exit if HYG reclaims $80. Monitor OPEX pin risk.

How to Use These Reports

This directional reflects the market close on June 17, 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.