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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.31EOD only

Max Pain

$80.00

Next expiry Jun 5, 2026

Expected Move

±$0.46

0.6% from close

Price Gap

-0.31

Distance to max pain

IV Rank

Low premium

P/C OI

3.80

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: May 29, 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 29, 2026 close

HYG Flow Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.9% from MP

Watch next session: Fresh put volume or large buys at $77-$79 (especially 2w expirations); Dealer GEX movements around $79–$81 (rebalancing that reduces negative GEX)

Flow Summary

Net premium: -$20.6M bearish

P/C volume ratio: 3.55 — heavily put-dominant by volume

P/C OI ratio: 4.65 — structural put-heavy positioning

Large, concentrated put buying across the near-term strikes (especially $77-$79) is driving a clear bearish premium flow. Dealers are net short gamma (Total GEX = $-1.1B) so negative flow is likely to amplify downside moves and creates a bias toward pinning/pull toward the $79-$80 area.

Notable Prints

HYG 2026-04-17 $78.00 Put

Vol: 65,841

OI: 372,748

Vol/OI: 0.2x

IV: 15.0%

Notional: ~$528M

Intent: Directional put accumulation / institutional downside hedging into the 2-week window

Dual read: Client buying puts (bearish) OR dealers/issuers executing structural hedges/selling to primary buyers (neutral-to-bearish overall)

Read-through: Very large traded volume at a concentrated OI strike — signals meaningful skewed demand for downside protection and reinforces a short-gamma dealer profile around $78; raises probability of weakening price pressure below spot.

HYG 2026-04-10 $79.00 Put

Vol: 19,223

OI: 569,316

Vol/OI: 0.0x

IV: 11.7%

Notional: ~$154M

Intent: Near-term protective buying or expiration-focused positioning

Dual read: Near-term protective put buying (bearish protective) OR roll/close activity into nearby expiries (structural hedging)

Read-through: High OI at $79 (largest put cluster) combined with fresh volume keeps $79 as a focal level for dealers; given gamma flip ~ $79, this print increases short-gamma sensitivity and downside pressure around current spot.

HYG 2026-xx $77.00 Put (aggregated heavy activity)

Vol: 90,428

OI: 419,850

Vol/OI: 0.2x

IV: 24.3%

Notional: ~$727M

Intent: Institutional accumulation of deep near-ATM/OTM put exposure (directional or portfolio insurance)

Dual read: Large directional bearish position or systematic hedging (fund/ETF protection) — both increase put-side pressure

Read-through: Concentrated large OI cluster at $77 with recent spikes in volume implies layered protective structures and creates a tangible downside floor between $74-$77 (put floor) but also a puncturable level if sellers step in.

HYG 2026-04-17 $79.50 Put

Vol: 56,930

OI: 2,363

Vol/OI: 24.1x

IV: 13.4%

Notional: ~$274M

Intent: Tactical short-dated put buying (speculative or tactical hedge) concentrated 1% from spot

Dual read: Aggressive buys from directional traders (bearish) OR structures (e.g., leg of a wider spread) being opened

Read-through: Very high volume-to-OI ratio on $79.50 suggests fresh positioning into the short end that will force dealer hedging quickly if price moves; increases short-term downside gamma risk.

Institutional Positioning

Call additions: Some call OI at $81.00/$82.00/$83.00 (blocks at $81.00: 246,116 OI) but premium flow is dominated by puts — no material fresh call buying to offset put demand.

Put additions: Concentrated put accumulation at $79.00 (569,316 OI), $77.00 (419,850 OI), $78.00 (372,748 OI), plus deep clusters at $74.00 and $75.00 — institutions are adding downside protection across 0–6% strikes.

GEX/DEX consistency: Yes — Total GEX = $-1.1B and DEX = +189.3M shares align with bearish flow; negative GEX magnifies directional pressure from put buying.

OI clusters: $79.00 put (569,316 OI) is the dominant cluster; secondary concentration at $77.00 (419,850 OI) and $78.00 (372,748 OI). Call OI cluster at $81.00 (246,116 OI) creates a nearby resistance magnet.

Hedging evidence: Clear evidence of large-scale protective put buying and likely portfolio insurance at the $77-$79 strikes; limited collar signature in the near chain — most flow is straight put-dominant rather than balanced collars.

Max pain context: Max pain pins at $80 for multiple expirations; flow (heavy puts) sits slightly below or at MP which supports pinning risk near $79.50–$80 in the short term while downside exposure remains elevated.

Signal vs Noise

~$80.00 2026-04-10 put volume (Vol=5,622, OI=243) looks like concentrated near-expiry hedging/roll activity rather than a fresh multi-week directional bet.

~Large, static OI at $74-$77 is structural (longstanding ETF/issuer hedges) — not every uptick in volume at those strikes is new directional conviction.

~High call OI at $81.00 with little fresh call premium flow likely represents dealer positioning/gamma provision (pin magnet) rather than aggressive bullish buying.

~Several very high vol/OI ratios on short-dated strikes (e.g., $79.50 4/17) suggest tactical trades or spread legs — interpret as short-dated hedges or speculative plays unless followed by sustained premium.

Key Conclusions

🐻Net premium is decisively bearish (-$20.6M) with heavy put volume (P/C volume = 3.55) concentrated at $77–$79 strikes.

⚠️Dealers are net short gamma (Total GEX = $-1.1B) — puts will force dealer hedging that amplifies downside moves around the $79 gamma flip.

📌Max pain and near-term pins sit at ~$80; combined with large put clusters this creates a high-probability pin-pocket between $79–$81 over the next 2 sessions.

🧾Top OI concentration at $79 (569,316 OI) and $77 (419,850 OI) constitutes the principal defensive wall (put floor $74–$76) but also a source of liquidity that can be sold into if market pressure intensifies.

🔎Watch new put prints at $77–$79 and any rapid reduction in negative GEX — continued put buying confirms bearish thesis; a quick unwind/roll into calls would invalidate it.

How to Use These Reports

This flow reflects the market close on April 8, 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.