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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.91EOD only

Max Pain

$79.50

Next expiry May 29, 2026

Expected Move

±$0.41

0.5% from close

Price Gap

-0.41

Distance to max pain

IV Rank

Low premium

P/C OI

3.83

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: May 22, 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 22, 2026 close

HYG Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 1.0% from MP

Watch next session: Intraday flow into $79-$80 puts (volume continuing into the 04/24 and 04/17 expirations); Call build or block activity at $81.00 (OI 247,207) that would reduce negative GEX

Flow Summary

Net premium: -$11.3M bearish

P/C volume ratio: 4.60 — extreme put-heavy volume today

P/C OI ratio: 4.65 — structural put-heavy open interest (positioned bearish)

Flow is decisively put-biased: large premium into near-the-money puts (notably strikes $79, $77, $76, $80) while overall dealer GEX is strongly negative (-$899.9M). Combined with concentrated put OI at $79/$77/$74 and net negative premium, the smart-money signal is skewed to downside / protection demand rather than fresh bullish accumulation.

Notable Prints

HYG 04/17 $79.00 Put (ongoing large OI cluster)

Vol: 51,530

OI: 553,906

Vol/OI: 0.1x

IV: 10.6%

Notional: ~$413M

Intent: Large structural positioning / hedging (rolls and existing protection), not a one-off directional bet

Dual read: Heavy put OI could be protective buys (institutional hedges) or short put write exposure; context (net premium negative, P/C skew) favors buyers of puts / protective positioning

Read-through: This massive put cluster at $79 creates a near-term downside magnet and contributes to dealer negative gamma; it is the dominant structural feature anchoring price behavior around $79-$80.

HYG 04/24 $78.00 Put (Unusual Activity)

Vol: 5,250

OI: 114

Vol/OI: 46.0x

IV: 17.9%

Notional: ~$42.1M

Intent: Fresh directional put buying or tactical hedge into April 24 expiries

Dual read: Could be aggressive buyer of downside protection (bearish) or a dealer/structure leg for a larger spread

Read-through: High vol/OI ratio and elevated IV vs term suggest a genuine short-dated bearish trade — amplifies immediate downside pressure into the 2-week window.

HYG 04/24 $80.00 Put (Unusual Activity)

Vol: 3,547

OI: 170

Vol/OI: 20.9x

IV: 9.1%

Notional: ~$28.5M

Intent: Near-the-money protective put buying or short-dated directional exposure

Dual read: Bought puts (protective/bearish) or sellers opening short put exposure (less likely given net premium negative)

Read-through: Concentrated activity at the $80 strike (near MP) is consistent with institutions buying protection around today's spot, supporting continued downside bias over the next 1–2 weeks.

HYG 07/17 $79.00 Call (Unusual Activity)

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 6.8%

Notional: ~$17.9M

Intent: Long-dated call accumulation (speculative upside or part of a collar/structured trade)

Dual read: Could be directional call buying (bullish) or selling/overwriting against bond positions (neutral)

Read-through: Not large enough to offset near-term put pressure, but presence of longer-dated call flow suggests some players establishing upside optionality while near-term risk is actively hedged.

Institutional Positioning

Call additions: Limited — concentrated OI at $81.00 (247,207 OI) and smaller clusters at $80.00/$82.00/$83.00; most call flows are smaller than put counters and appear more like long-dated optionality than heavy front-month buying.

Put additions: Substantial: heavy put premium and OI concentration at $79.00 (553,906 OI), $77.00 (418,635 OI), $74.00 (368,381 OI), and significant premium flow into $76-$80 strikes — institutions are adding protection in the $74–$80 band.

GEX/DEX consistency: Yes — Total GEX = -$899.9M (negative gamma) aligns with bearish flow; DEX = +180.9M shares indicates dealers are net long delta exposure being hedged with puts/call structures.

OI clusters: Largest OI clusters: $79 put wall (553,906), $77 put (418,635), $74 put (368,381) on the downside; $81 call (247,207) on the upside. These create a put-floor band around $74–$77 and a short-term pin/magnet around $79–$81.

Hedging evidence: Clear protective put activity in near-dated expirations (04/10–04/24) and structured positioning implied by simultaneous call OI at $81; evidence points to large-scale downside hedging rather than pure speculative shorting.

Max pain context: Max pain pins are clustered at $79.50–$80.00 across near expirations — consistent with flow and OI positioning keeping spot near $80. The MP trend is rising longer-term, but near-term pins are at $79–$80 which is where price is 'at' now.

Signal vs Noise

~Large standing OI at $79 (553,906) is structural and directional/hedging — signal, not noise.

~Some Apr 10/17 expirations could see expiration-driven rolls; elevated activity in Apr24 strikes (e.g., $78/$80) could partly be rolls of expiring exposure rather than new directional bets.

~High vol/OI spikes for tiny OI lines (e.g., 04/24 $78 put OI=114) can be market-maker flows or block fills initiating larger bespoke structures — treat single high vol/OI entries as actionable when they align with net premium and GEX (they do here).

~Long-dated put prints (beyond 6–12 months) with modest volume are likely positioning or hedges for annuity/book exposures — lower immediate directional weight versus front-month flows.

Key Conclusions

🐻Flow is decisively bearish — net premium -$11.3M and P/C volume ratio 4.60 indicate strong demand for puts into $74–$80 strikes.

📌Near-term pins at $79.50–$80.00 are reinforced by massive $79 put OI (553,906) and concentrated GEX at $81.00 (+$715.6M) — expect price to gravitate to the $79–$80 band.

⚠️Dealer negative gamma (-$899.9M) increases fragility — volatility sell/buy dynamics may amplify moves if spot breaks below the gamma flip ~$79.

🛡️Institutional hedging dominant — heavy protective puts suggest downside protection (or outright bearish positioning) rather than pure speculative shorting.

👀Watch for continued front-month put flow into $78–$80 and any material call builds at $81 that would relieve negative GEX; these will confirm or soften the current bearish thesis.

How to Use These Reports

This flow reflects the market close on April 9, 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.