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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.65EOD only

Max Pain

$79.50

Next expiry Apr 24, 2026

Expected Move

±$0.33

0.4% from close

Price Gap

-1.15

Distance to max pain

IV Rank

100

High premium

P/C OI

4.82

Slightly put-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 17, 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

Apr 17, 2026 close

HYG Flow Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +0.5 VIX 19

Watch next session: Monitor put volume at front-week expiries (Apr 24); Watch DEX intraday selling vs. any sizable buyback; Track IV surge in mid/long-dated puts (>~20%)

Flow Summary

Net premium: -$15.9M bearish

P/C volume ratio: 9.25

P/C OI ratio: 4.89

Flow is dominated by concentrated put activity and negative GEX/DEX selling, producing a bearish directional bias despite low vol regime.

Notable Prints

HYG 2026-04-24 $80.50 Put

Vol: 10,187

OI: 651

Vol/OI: 15.7x

IV: 5.0%

Notional: ~$143K

Intent: protective-hedge

Read-through:

HYG 2026-05-01 $80.50 Call

Vol: 1,300

OI: 393

Vol/OI: 3.3x

IV: 7.0%

Notional: ~$25K

Intent: speculative-buy

Read-through:

HYG 2026-07-17 $79.00 Call

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 8.5%

Notional: ~$220K

Intent: speculative-buy

Read-through:

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.3%

Notional: ~$164K

Intent: long-term-hedge

Read-through:

HYG 2026-11-20 $73.00 Put

Vol: 644

OI: 322

Vol/OI: 2.0x

IV: 23.8%

Notional: ~$61K

Intent: downside-hedge

Read-through:

Institutional Positioning

Call additions: Fresh calls in mid/long-dated 79–80.5 strikes (blocks; could be directional or hedged upside exposure).

Put additions: Short‑ and long‑dated puts concentrated 80–84 and 73 strikes; notable volume in Apr/Nov/Feb expiries.

GEX/DEX consistency: Mixed: GEX modestly negative (~-$2.5M) suggesting hedge-driven downside; DEX shows large buying (+145.5M shares) which could offset or dominate hedge flows — overall ambiguous.

OI clusters: Largest put OI cluster ~359,680 (~4.4% below spot, low‑80s) — focal point for gamma/hedging activity if price approaches cluster.

Hedging evidence: Elevated put OI and high‑IV long puts are consistent with hedging/collar activity but could also reflect directional bearish positioning; evidence is suggestive, not definitive.

Max pain context: Spot ~1.4% above MP; pin risk to low‑80s remains plausible but not certain given mixed flow signals.

Signal vs Noise

~Signal: high put_call_volume (9.25) and put_call_oi (4.89) indicate real bearish demand pressure.

~Signal: concentrated put OI ~80–84 likely to create hedge/gamma flows near those strikes.

~Noise: large DEX buybacks may mask or overwhelm institutional hedge signals — could produce a neutral/mixed near‑term outcome.

~Noise: isolated small call prints and multi‑leg skews likely hedges, not clear directional bets.

Key Conclusions

⚠️Flow leans bearish (put concentration, negative GEX) but confidence is limited; watch for DEX buyback impact.

🔀Alternative: if DEX buying persists it may neutralize hedge pressure — prepare for mixed/sideways price action until clearer dominance emerges.

How to Use These Reports

This flow reflects the market close on April 20, 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.