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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 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 18

Watch next session: Volume and premium activity at $79-$80 puts (esp. 4/17 expiries) — acceleration confirms bearish / defensive positioning; Call OI or premium accumulation at $81 (near-term pin) — a strong build would reduce bearish conviction

Flow Summary

Net premium: -$6.3M bearish

P/C volume ratio: 2.43 — heavy put-dominant volume

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

Options flow is skewed toward puts: volume and premium both favor puts (net premium negative). Top OI clusters are concentrated in $79-$77-$74 puts while dealer GEX is positive (+$54.8M), which creates a pinning environment around $80-$81 even as flow reads bearish. The net picture is institutions either adding downside protection or placing directional put bets while dealers are positioned to hedge with positive gamma that compresses intraday moves and reinforces pin behavior near $80-$81.

Notable Prints

HYG261218P00077000 PUT $77.00 exp 2026-12-18

Vol: 7,500

OI: 937

Vol/OI: 8.0x

IV: 13.8%

Notional: ~$1,387,500

Intent: Directional put accumulation / long-term hedge

Dual read: Could be long puts (bearish exposure or portfolio insurance) or a complex sell as part of a longer-dated spread, but high vol/OI ratio and sizable notional favor fresh long put buying

Read-through: Large long-dated put flow indicates institutional downside protection or longer-dated directional bearishness; size (~$1.39M) is meaningful relative to single-day flow and suggests strategic hedging rather than noise.

HYG260717C00079000 CALL $79.00 exp 2026-07-17

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 6.8%

Notional: ~$220,473

Intent: Call buying / calendar spread leg or covered call adjustments

Dual read: Could be directional call buys (bullish) or sellers/overwrites from funds taking premium; out-of-line IV suggests modestly tactical activity rather than large hedges

Read-through: Smaller notional and the call being ITM relative to spot makes this less decisive vs the put-heavy flow; could represent collar/call-lamination against existing positions rather than a broad bullish reversal signal.

HYG261120P00082000 PUT $82.00 exp 2026-11-20

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 15.9%

Notional: ~$164,340

Intent: Long-dated protective puts (portfolio insurance)

Dual read: Likely protective puts for bond/credit portfolios or speculative longer-dated bearish positioning; could also be part of defined risk structure with sold premium elsewhere

Read-through: Adds to theme of institutions buying downside protection out on the curve; multiple mid- to long-dated put prints (82/84/83 strikes) point to active hedging interest beyond near-term expiries.

Institutional Positioning

Call additions: Some call accumulation at $80.00-$81.00 (notable OI: $81.00 calls OI=212,020; $80.00 calls OI=101,647) — likely short-term call liquidity and pin-related activity rather than broad bullish conviction.

Put additions: Large put concentration at $79.00 (OI=535,515), $77.00 (OI=418,417) and $74.00 (OI=369,382) with heavy premium flow into $77 and nearby strikes — institutions are adding downside exposure or protection primarily in the $74–$79 band.

GEX/DEX consistency: Mixed but overall consistent with a pinning bearish flow: GEX is positive (+$54.8M) which creates dealer gamma that pins spot near $80-$81 while net premium and put-heavy P/C ratios show institutional bearish/hedging intent.

OI clusters: $79 put wall (535,515 OI), $77 put wall (418,417 OI), $74 put floor (369,382 OI) on the downside; $81 call cluster (212,020 OI) and $80 call cluster (101,647 OI) on the upside — these create a pin/magnet near $80–$81 and a put-proved floor lower down.

Hedging evidence: Clear evidence of protective put buying and long-dated hedges (e.g., 12/18 $77 and multiple 11/20/2/27 dated puts at $82-$84). Collars are possible but explicit collar flows are not dominant in today's prints.

Max pain context: Max pain pins at $80 (multiple near-term expiries) align with dealer gamma concentrations (+$118.2M at $80.50 and +$672.0M at $81.00) — dealers have incentive to hedge toward the $80-$81 band, reinforcing the pin despite bearish institutional flow.

Signal vs Noise

~Large existing OI at $79/$77/$74 means many intra-day volumes against those strikes could be OI transfers or roll activity — single prints against huge OI should be interpreted cautiously.

~Near-term expiration dynamics (4/17 and 4/24) will drive roll/close activity — elevated volume at $80 and $81 calls can be expiration-related pinning hedges rather than new bullish conviction.

~Some long-dated put prints (e.g., 12/18 $77) may be portfolio tail hedges (insurance) rather than directional allocations — treat long-dated hedges as risk management unless followed by sustained premium flow.

~Dealer inventory and positive GEX (pinning) will mute intraday moves — order flow that looks directional in small print sizes may be market maker hedging rather than genuine directional exposure.

Key Conclusions

🐻Flow is bearish: net premium -$6.3M and P/C volume 2.43 indicate institutional put demand concentrated at $79 / $77 / $74.

📌Pinning pressure around $80-$81: strong GEX concentrations (+$118.2M at $80.50; +$672.0M at $81.00) and max pain at $80 support limited near-term range.

🛡️Evidence of hedging: multiple long-dated put prints (12/18 $77, 11/20 $82-$84) suggest institutions are buying multi-month protection rather than only short-term speculation.

🔍Watch $79-$80 put flow into next session: acceleration would confirm downside protective positioning and raise probability of spot slipping toward the gamma flip (~$79).

⚖️Dealer positioning (positive GEX) will likely compress realized moves — expect pin behavior near $80 even if put demand continues.

How to Use These Reports

This flow reflects the market close on April 14, 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.