HYG
iShares iBoxx High Yield Corporate Bond ETFClose $79.85EOD onlyThis page reflects HYG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
HYG is range-bound near $80 max pain pin with bearish flow creating downside bias. Positive GEX supports pinning short-term, but a break below $79 (gamma flip) could accelerate selling. Confidence is moderate at 6.5 due to offsetting signals.
Conflicts: Bearish net flow, gamma flip at $79 (1.1% below spot), resistance at $80.44.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $+811.6M
DEX: +166.8M shares
Gamma flip: ~$79 (Approx — based on put OI concentration of 311,427 (1.1% below spot))
NTM gamma: GEX +$811.6M, DEX +166.8M shares; gamma flip at ~$79 (put OI concentration).
IV Analysis
IV vs VIX: HYG IV is low, consistent with VIX 18.9, indicating no credit stress.
Term structure: Term structure is likely flat to slightly upward; no notable event kinks.
Skew: Limited skew data; put skew may be elevated near $80 max pain, but no actionable vol opportunity.
Flow Analysis
Net premium: Net premium -$23.7M, put/call vol ratio 6.83, bearish.
Directional prints: 21.4 put 82 ITM 2026-11-20 — Vol/OI 2.2, net premium bearish suggests selling. 13.6 put 76 OTM 2026-10-16 — Vol/OI 1.7, net premium bearish suggests selling.
Unusual: 21.4 put 82 ITM 2026-11-20 — Unusual vol vs OI; bearish net premium. 13.6 put 76 OTM 2026-10-16 — Unusual vol vs OI; bearish net premium.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Bear put spread | Moderate | Buy 2026-07-02 $79.00/$78.00 put spread Why now: High put OI at 79 and 78 supports downside. Positive GEX may pin short-term but downside flow dominates. Defined risk avoids tail risk. | Implied move may not materialize; time decay works against if pinning continues. Spread width limits profit. Liquidity constraints: long_put: Open interest below 25.; short_put: Volume below 5. |
| Call credit spread | Moderate | Sell 2026-07-10 $80.00/$81.00 call spread Why now: Put/call vol ratio 6.83 indicates bearish sentiment. Selling upside calls aligns with downside bias. Defined risk caps loss. | If HYG rallies unexpectedly (e.g., credit event positive), spread loses. Premium collected may be small. Liquidity constraints: long_call: Volume below 5. |
| Long put | Moderate-Weak | Buy 2026-07-10 $79.00 put Why now: Negative net premium flow and high put OI at 78-79 suggest downside pressure. Gamma flip below 79 could accelerate selling. | Time decay if pinning persists; requires directional move. Premium cost may be high near money. Liquidity constraints: long_put: Wide spread (176%). |
| Bearish risk reversal | Conditional | Buy 2026-07-10 $79.00 put / sell 2026-07-10 $80.00 call Why now: Bearish flow and high put/call ratio favor downside. Selling OTM call funds put purchase, creating zero-cost structure if strikes chosen well. | Upside move (e.g., credit improvement) causes loss on short call. Undefined risk on call side; capped on put. Liquidity constraints: long_put: Wide spread (176%). |
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Watchlist Triggers
Tactical Summary
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.