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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.35EOD only
Max Pain
$79.50
Next expiry May 22, 2026
Expected Move
±$0.23
0.3% from close
Price Gap
+0.15
Distance to max pain
IV Rank
0
Low premium
P/C OI
3.74
Slightly put-heavy
Consensus
8.0/10
Bearish tilt
Published snapshot: May 19, 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
May 19, 2026 close
HYG Flow Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

BiasBearish
Confirmation: Continued put buying or break below gamma flip at $79.00
Invalidation: Sustained call buying or price holds above $79.00
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 18

Watch next session: HYG price action; put/call volume ratio

Flow Summary

Net premium: -$17.3M bearish

P/C volume ratio: 2.72

P/C OI ratio: 3.74

Dominant bearish flow: heavy put buying, high put/call ratios, and negative GEX. Unusual put prints indicate downside hedging. Trend likely lower if spot breaks $79.00.

Notable Prints

#1
HYG 2026-06-26 $80.00 Put
Vol: 510
OI: 101
Vol/OI: 5.0x
IV: 13.9%
Notional: ~$63K
Intent: Bearish

Read-through: Expects HYG below $80 by June

#2
HYG 2026-05-29 $81.00 Put
Vol: 2,003
OI: 548
Vol/OI: 3.7x
IV: 14.6%
Notional: ~$180K
Intent: Bearish short-term

Read-through: Expects decline before May expiration

#3
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 17.8%
Notional: ~$164K
Intent: Bearish longer-term

Read-through: Expects HYG below $82 by November

Institutional Positioning

Call additions: Minimal; net short premium -$17.3M.

Put additions: Heavy: 3 unusual puts (80/81/82 strikes) with vol/OI >2, put/call vol ratio 2.72.

GEX/DEX consistency: Consistent: GEX -$1.8B (bearish), DEX +179.8M shares (long delta) reflects hedging.

OI clusters: Largest put OI at 80-82 strikes, near spot $80.85.

Hedging evidence: Large put buys (e.g., 2003x 81P) suggest downside hedging.

Max pain context: Spot at max pain (~$81), pinning expected.

Signal vs Noise

~Signal: Sustained put accumulation and GEX negative indicate institutional bearish positioning.
~Noise: Low VIX (18) is not panic, but flow is real.

Key Conclusions

🔴Bearish: put/call vol ratio 2.72, OI ratio 3.74, unusual put prints at 80/81/82 strikes.
⚠️GEX -$1.8B and spot at max pain suggest pinning but downside risk elevated.
How to Use These Reports
This flow reflects the market close on May 19, 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.