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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.83EOD only
Max Pain
$80.00
Next expiry Jul 2, 2026
Expected Move
±$1.50
1.9% from close
Price Gap
+0.17
Distance to max pain
IV Rank
23
Low premium
P/C OI
3.24
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Jun 26, 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 26, 2026 close
HYG Directional Report
Analysis based on market close June 29, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

HYG pinned $80, neutral bias, bearish flow caution.

Confidence:
7 / 10
Base7: gamma pinning, spot MP, VIX support; -1 flow.
Supports: Gamma, MP, VIX.
Conflicts: Bearish flow.
🛡️Gamma $1.8B pins $80
⚠️Flow bearish, watch breakdown
📊Max pain $80 weekly

Regime Classification

Vol Regime
Low
Low vol for HYG, VIX 18 moderate.
Gamma Regime
Pinning
Pinning $80, GEX +1.8B. Flip $79.
Flow Regime
Bearish
Bearish net flow.
Spot vs Max Pain
At
Spot at $80 MP.
Thesis duration: Event-specific — Weekly pins at $80.

Price Range Forecast

Next 2 days
$79.49$80.53
Range $79.49-$80.53, pinned $80
Next 2 weeks
$79.50$80.53
Same range, breakout above $80.53

Key Levels

Max pain pins: $80 (2026-07-02); $80 (2026-07-10); $80 (2026-07-17)
EM guardrails: 2d $79.49/$80.53
Support: $80.00 · $79.00 · $78.00
Resistance: $80.53 · $81.00
Gamma flip: ~$79.00 — Approx — based on put OI concentration of 326,949 (1.3% below spot)
Structural: Max pain $80 Jul2/10/17. Support $79 (flip). Resistance $80.53, $81.

Dealer Positioning (GEX/DEX)

GEX: $+1.8B

DEX: +166.7M shares

Gamma flip: ~$79 (Approx — based on put OI concentration of 326,949 (1.3% below spot))

NTM gamma: GEX +1.8B, DEX +166.7M. Flip $79.

IV Analysis

IV vs VIX: IV cheap vs VIX 18.

Term structure: Flat near term, weekly kinks.

Skew: Put skew rich; sell puts.

Flow Analysis

Net premium: Net -$38.9M premium, put-heavy with P/C vol ratio 7.29.

Directional prints: 8.6 put 80 OTM 2027-01-15 — Vol/OI 2.9; possible bought (bearish) or sold (bullish); preferred bought given bearish flow. 22 put 82 ITM 2026-11-20 — Vol/OI 2.2; possible bought (bearish) or sold (bullish); preferred bought given bearish flow.

Unusual: 8.6 put 80 OTM 2027-01-15 — Vol/OI 2.9; possible bought (bearish) or sold (bullish); preferred bought given bearish flow. 22 put 82 ITM 2026-11-20 — Vol/OI 2.2; possible bought (bearish) or sold (bullish); preferred bought given bearish flow.

Risks & Catalysts

!Break below $79
!Bearish flow
!Rate spike.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Iron condorModerate-Weak
Sell 2026-07-24 $78.50/$77.00 put wing and $81.00/$81.50 call wing
Why now: Iron condor captures rangebound premium with defined risk; aligns with pinned $80 and low IV.
Upside or downside breakout beyond wings; tail risk from rate spike or bearish flow. Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Volume below 5.
Bear put spreadModerate-Weak
Buy 2026-07-24 $80.00/$78.50 put spread
Why now: Bear put spread profits from modest decline with defined risk; uses liquid strikes near $80.
If HYG rallies, spread loses; theta decay works against if spot stays above short strike. Liquidity constraints: long_put: Wide spread (139%).; short_put: Open interest below 25.
Call credit spreadWeak
Sell 2026-07-24 $81.00/$81.50 call spread
Why now: Call credit spread offers premium with defined risk; aligns with bearish tilt.
Short call potentially in-the-money if HYG rallies; limited profit but defined loss. Liquidity constraints: short_call: Volume below 5.

Top Plays

#1
Bear Put Spread
Buy 2026-07-24 $80.00/$78.50 put spread
Buy $80/$78.50 put spread for defined-risk bearish bet.
Why this play: Best aligns with bearish flow and risk tags; profits from modest decline near $80.
Debit: $0.14-$0.18
Max loss: $0.18
BE: $79.82
Mgmt: Exit if HYG breaks above 80.53. Liquidity warning: Liquidity constraints: long_put: Wide spread (139%).; short_put: Open interest below 25.
Traders expecting a small decline.
#2
Call Credit Spread
Sell 2026-07-24 $81.00/$81.50 call spread
Sell $81/$81.50 call spread for bearish premium collection.
Why this play: Captures premium with bearish tilt and defined risk.
Credit: $0.05-$0.07
Max loss: $0.43
BE: $81.07
Mgmt: Close if HYG nears 81. Liquidity warning: Liquidity constraints: short_call: Volume below 5.
Traders selling time premium with bearish view.
#3
Iron Condor
Sell 2026-07-24 $78.50/$77.00 put wing and $81.00/$81.50 call wing
Sell put wing $78.50/$77 and call wing $81/$81.50 for rangebound play.
Why this play: Neutral bias aligns with pinned $80, but less suited for bearish flow.
Credit: $0.30-$0.36
Max loss: $1.14
BE: 78.14 / 81.36
Mgmt: Adjust if HYG breaks $79 or $81. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Volume below 5.
Traders expecting low volatility around $80.

Watchlist Triggers

Entry Triggers
IFHYG drops below $80.00 with bearish momentum → Buy $80/$78.50 put spread for $0.14-$0.18
IFHYG rallies to $81 resistance → Sell $81/$81.50 call spread for $0.05-$0.07
Adjustment Triggers
ADJHYG breaks below $79 or above $81 → Adjust iron condor strikes
Exit Triggers
EXITHYG breaks above $80.53 → Exit bear put spread and call credit spread

Tactical Summary

HYG pinned $80, neutral bias, bearish flow caution. Key support $79 (gamma flip), resistance $80.53, $81. Prefer bear put spread on drop below $80, exit above $80.53. Secondary call credit spread at $81. Iron condor adjust at $79/$81 breaks. Keep positions defined-risk.
How to Use These Reports
This directional reflects the market close on June 29, 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.

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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.