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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.84EOD only

Max Pain

$80.00

Next expiry Jun 5, 2026

Expected Move

±$0.29

0.4% from close

Price Gap

+0.16

Distance to max pain

IV Rank

Low premium

P/C OI

3.85

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

HYG Flow Report

Analysis based on market close April 15, 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 15, 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 0.6% from MP; +0.5 VIX 18

Watch next session: Follow-through volume at the $77–$79 strikes (especially fills/prints in the 2026-12-18 and 2026-09-18 expiries).; Any significant call demand at $81 that would neutralize the current put-dominant premium (-$9.7M) and reduce P/C volume ratio from 3.99.

Flow Summary

Net premium: -$9.7M bearish

P/C volume ratio: 3.99

P/C OI ratio: 4.77

Flow is decisively bearish: large put premium concentrated in the $74–$79 band across short and long-dated expiries, with material blocks in Sep and Dec (e.g., HYG260918P00077000 Vol=10,000 and HYG261218P00076000 Vol=12,000) and multiple ITM long-dated puts (Nov/Feb/Mar) showing institutional downside protection. Dealer GEX (-$114.0M) and near-term GEX concentration at $81.00/$80.50 keep spot tethered intraday but amplify downside should put demand continue.

Notable Prints

HYG260918P00077000

Vol: 10,000

OI: 703

Vol/OI: 14.2x

IV: 11.3%

Notional: ~$850K

Intent: Large directional/hedge put buying in Sep; institutional protection or long-dated downside exposure.

Dual read: Could be outright speculative directional puts or portfolio tail hedging — size (Vol=10,000 vs OI=703, 14.2x) and 11.3% IV suggest a fresh opening block rather than minor roll.

Read-through: Points to durable institutional interest at the $77 level into Q3; supports bearish positioning and increases tail protection demand that can pressure spot if follow-up prints occur.

HYG261218P00076000

Vol: 12,000

OI: 1,369

Vol/OI: 8.8x

IV: 15.7%

Notional: ~$1.9M

Intent: Material put accumulation in Dec at $76; likely protective hedges or directional put purchases.

Dual read: Could be part of structured collars (buy puts, sell calls) but the magnitude (Vol=12,000 vs OI=1,369, 8.8x) and elevated IV (15.7%) favor fresh put buys.

Read-through: Reinforces persistent put demand in the 74–77 corridor across expiries — increases probability of downside pressure into the structural put floor if dealers hedge aggressively.

HYG260717C00079000

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 6.8%

Notional: ~$220K

Intent: Significant call activity at $79 (ITM) in Jul; potentially part of a spread or call accumulation against other put buys.

Dual read: Could be a hedge against short puts or a call leg from a broader structure (e.g., put-write offset or roll); Vol=2,227 vs OI=731 (3.0x) and low IV (6.8%) make it ambiguous.

Read-through: Not enough to offset the heavy put flow; may indicate active structuring around the 79–81 zone, but overall flow remains put-dominant.

HYG261120P00083000

Vol: 425

OI: 214

Vol/OI: 2.0x

IV: 20.7%

Notional: ~$242K

Intent: ITM long-dated protection at $83 (Nov) — portfolio-level hedging or risk transfer.

Dual read: High IV (20.7%) and ITM status favor protective buying vs speculative shorting; Vol=425 vs OI=214 (2.0x) indicates fresh demand rather than reallocation.

Read-through: Confirms institutions are buying ITM protection above spot into late-year expiries, strengthening the defensive read and adding to negative dealer gamma.

HYG270219P00084000

Vol: 232

OI: 114

Vol/OI: 2.0x

IV: 21.6%

Notional: ~$1.6M

Intent: Long-dated deep ITM put at $84 (Feb 2027) — likely strategic tail hedging or large-account protection.

Dual read: Size and high IV point to purposeful portfolio insurance rather than liquidity trades; Vol=232 vs OI=114 (2.0x) supports fresh position building.

Read-through: Adds weight to the thesis that multiple institutions are layering long-dated, ITM downside protection (Nov–Feb), which is consistent with the observed put-heavy net premium and amplifies dealer hedging dynamics.

Institutional Positioning

Call additions: Call OI is concentrated at $81.00 (210,305 OI) and $80.00 (103,255 OI), with near-term GEX support at $81.00 (+$518.4M). New call flow today is present but secondary to puts.

Put additions: Institutions are adding puts across both near and long expiries: heavy OI cluster at $79.00 (520,372 OI), $77.00 (418,401 OI), $74.00 (369,382 OI), and fresh unusual blocks at 2026-09-18 $77 (Vol=10,000) and 2026-12-18 $76 (Vol=12,000). Additionally, multiple ITM long-dated put prints (HYG261120P00083000 $83.00; HYG261120P00084000 $84.00; HYG261120P00073000 $73.00; HYG270219P00084000 $84.00) indicate portfolio-level protection rather than isolated short-term hedges.

GEX/DEX consistency: Flow is consistent with dealer exposure: GEX negative (-$114.0M) while DEX is long (+158.7M shares). Put buying into concentrated OI bands increases dealer short-gamma risk and the likelihood of hedging flows that exacerbate moves.

OI clusters: Largest OI clusters form a put band at $74–$79 (notably $79.00 OI=520,372; $77.00 OI=418,401; $74.00 OI=369,382) creating a structural put floor at $74–$76 and a near-term pin around $80–$81 from call OI.

Hedging evidence: Strong evidence of large-scale hedging: multiple ITM long-dated puts (Nov/Feb/Mar expiries at $83/$84/$77/$73) and the large Sep/Dec blocks point to genuine portfolio insurance and tail-risk transfers rather than small speculative positions. This aligns with negative net premium and elevates downside vulnerability if dealers hedge dynamically.

Max pain context: Max pain pins are clustered at $80–$80.00 for front expiries (2026-04-17 MP=$80.00 and near-term MPs $79.50–$80.00). Positioning and GEX concentration (+$518.4M at $81; +$198.7M at $80.50) keep price tethered to the $80–81 area intraday, but heavy put demand below spot tilts vulnerability to a downside move toward the structural put floor if flow persists.

Signal vs Noise

~Large long-dated put blocks (Sep/Dec/Mar) likely represent institutional hedges or strategic directional exposure rather than short-term speculation — treat as signal for structural positioning, not intraday momentum.

~The $79 Jul call block (HYG260717C00079000) could be part of a spread or risk-management trade (roll/hedge) and in isolation is not sufficient to offset the pervasive put flow — treat as ambiguous/structure noise until matched legs appear.

~High OI at short-dated strikes (e.g., concentrated $80–81 calls) can reflect dealer pinning and gamma management rather than fresh bullish conviction.

Key Conclusions

🐻Flow is bearish and tilted toward put-buying across expiries (net premium -$9.7M, P/C vol 3.99, P/C OI 4.77). Major put blocks at $76–$79 increase downside pressure.

⚠️Dealers are net short gamma (GEX -$114.0M) into concentrated put OI; additional put prints could trigger outsized hedging flows and accelerate downside.

📍Key levels to watch: Support = ["$79.00","$78.00","$77.00"]; Resistance = ["$81.00","$81.43"]. Pins and GEX cluster keep spot anchored near $80–81, but persistent put flow favors testing the put floor $74–76 over the medium term.

How to Use These Reports

This flow reflects the market close on April 15, 2026.

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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.