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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 13, 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 13, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +0.5 VIX 19.1

Watch next session: New put flow or acceleration at $79 and $77 strikes (volume/OI pickup); Build in calls at $81 that would flip near-term GEX from negative to neutral (+$440.1M at $81.00 is key)

Flow Summary

Net premium: -$7.3M bearish

P/C volume ratio: 2.27 — heavy put-dominant intraday volume

P/C OI ratio: 4.63 — structurally put-heavy open interest

Flow is clearly skewed toward puts: both intraday premium and OI are concentrated on downside strikes ($79, $77, $74). Dealers sit with negative total GEX (-$1.2B) and DEX long exposure, creating asymmetric dealer hedging that will amplify moves below the $79 gamma flip. Short-dated max pain pins at $80 and heavy put OI create a near-term pin/magnet while larger-dated put accumulation signals persistent institutional downside protection.

Notable Prints

HYG 2027-01-15 $81.00 Call

Vol: 6,001

OI: 2,324

Vol/OI: 2.6x

IV: 5.4%

Notional: ~$630,105

Intent: Directional call purchase / longer-term yield play

Dual read: Buy-to-open (bullish) or sell-to-open as part of calendar/roll (neutral); but size vs OI suggests fresh long exposure

Read-through: Long-dated call buying at $81 is notable but much smaller vs put concentration; it could be tactical upside protection or a small opportunistic bullish sleeve — not large enough to offset near-term put pressure.

HYG 2026-07-17 $79.00 Call (ITM)

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 7.1%

Notional: ~$220,473

Intent: Speculative directional call buying or conversion/positioning vs puts

Dual read: Bought calls (bullish) or opens of call leg for structured trade (neutral/hedged)

Read-through: High vol/OI ratio at an ITM call suggests a concentrated trade — but not large enough notionally to meaningfully offset the dominant put premium. Watch if follow-through adds to $81 calls.

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 20.2%

Notional: ~$164,340

Intent: Long-dated protective put (institutional insurance)

Dual read: Protective buys (bearish/hedge) or part of spread (collar or put spread)

Read-through: Long-dated puts around $82/$83/$84 in the unusual list show systematic downside protection layering beyond near-term expiries — consistent with institutional hedging rather than isolated spec.

HYG 2027-02-19 $84.00 Put

Vol: 232

OI: 114

Vol/OI: 2.0x

IV: 21.3%

Notional: ~$163,560

Intent: Long-dated downside protection

Dual read: Bought puts (protective) or opened as part of longer-dated put spreads

Read-through: Reinforces the positioning theme: institutions are buying downside insurance out to 2027, signaling persistent caution on credit/interest-rate sensitivity in HYG.

HYG 2027-03-19 $77.00 Put

Vol: 742

OI: 371

Vol/OI: 2.0x

IV: 20.8%

Notional: ~$240, (~$241,? )

Intent: Long-dated put accumulation or structured hedges

Dual read: Protective positioning (likely) or part of multi-leg (possible)

Read-through: Further evidence of multi-expiry put demand centered below spot; notable because it layers protection nearer the concentrated $77 OI cluster.

Institutional Positioning

Call additions: Some long-dated calls appeared at $81 (OI concentration: 211,219 calls at $81 across expirations with premium net positive at $81: +$1,161,913), but call flow is smaller vs puts and appears selective at the $81 strike.

Put additions: Large put concentration at $79 (OI=530,520), $77 (420,374), $74 (369,382) and continued net premium outflow into these strikes (top premium flows show $79 net -$1,671,502 put heavy). Institutions appear to be layering protection across 74-79 strikes.

GEX/DEX consistency: Yes — negative Total GEX (-$1.2B) aligns with bearish flow and heavy put OI; DEX is +163.5M shares which indicates dealers/market-makers are running long ETF exposure while short volatility/negative gamma.

OI clusters: Largest clusters: $79 put wall (530,520 OI), $77 put cluster (420,374), $74 put floor (369,382). On the call side $81 call cluster (211,219 OI) is the primary counterweight. These create a near-term pin region $79-$81 with downside pressure if puts are exercised/rolled.

Hedging evidence: Clear evidence of protective puts and long-dated downside insurance (multiple large-dated puts at $82-$84 and 2026-11/2027 expiries). Limited evidence of collars — call buying is smaller and looks more tactical than systematic.

Max pain context: Near-term max pain pins at $80 (4/17) and $79.50 (4/24, 5/1) line up with concentrated put OI and GEX flip near ~$79, supporting a short-term magnet at $79-$80 while downside structural put floor exists at $74-$76.

Signal vs Noise

~Large near-term put OI (e.g., $79, $77, $74) is likely structural ETF/portfolio protection rather than one-off speculative shorts; treat persistent open interest as positioning, not intraday signal.

~Some long-dated call prints (e.g., 2027-01-15 $81, 2026-07-17 $79) could be collar legs or part of structured rolls — isolated call buys without follow-through are noise vs dominant put premium.

~Expirations around 4/17 and 4/24 show heavy pinned strikes; activity within 4 trading days is often expiration rolling and dealer delta adjustments rather than new directional conviction.

~Low short-dated IV (ATM 5.5% - 5.9%) implies some flow may be calendar/spread related rather than naked long/short vol directional trades.

Key Conclusions

🐻Primary flow is bearish: net premium -$7.3M and P/C volume 2.27 with heavy put OI at $79 and $77 (OI 530,520 & 420,374).

⚠️Dealers carry significant negative GEX (-$1.2B) and the gamma flip sits near ~$79 — downside moves will be amplified by dealer hedging.

📌Near-term pin/magnet in $79–$81 band: max pain and GEX concentrations cluster there, making that range the key tactical battleground.

🛡️Institutions are layering long-dated protection (2026-11 to 2027 expiries) around $82–$84 and shorter-dated puts at $74–$79 — suggests structural hedging rather than transient speculation.

👀Watch for acceleration in put flow at $79/$77 and any rapid build of call OI at $81 — either will shift dealer hedging dynamics quickly.

How to Use These Reports

This flow reflects the market close on April 13, 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.