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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.58EOD only

Max Pain

$79.50

Next expiry Apr 24, 2026

Expected Move

±$0.24

0.3% from close

Price Gap

-1.08

Distance to max pain

IV Rank

Low premium

P/C OI

4.89

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 20, 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 20, 2026 close

HYG Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +0.5 VIX 20

Watch next session: spot vs MP around gamma flip; follow-up large put prints/rolls; VIX and GEX moves; DEX selling/covering

Flow Summary

Net premium: -$21.4M bearish

P/C volume ratio: 2.51

P/C OI ratio: 4.94

Dominant bearish flow: heavy institutional put buying and negative GEX confirm downside bias; invalidate only if spot rallies past gamma flip with call flow and falling VIX.

Notable Prints

HYG 2027-01-15 $40.00 Put

Vol: 30,000

OI: 1,420

Vol/OI: 21.1x

IV: 50.6%

Notional: ~$300K

Intent: large sweep; aggressive downside/speculative long-put accumulation

Dual read: could be portfolio tail hedge or low-strike directional bet

Read-through: points to skewed tail protection demand

HYG 2026-05-15 $79.50 Put

Vol: 7,364

OI: 831

Vol/OI: 8.9x

IV: 24.9%

Notional: ~$199K

Intent: near-term bearish hedging or protective purchase

Dual read: could be lean hedger or directional spec

Read-through: aligns with bearish flow regime

HYG 2026-05-15 $80.50 Call

Vol: 8,228

OI: 3,496

Vol/OI: 2.4x

IV: 3.6%

Notional: ~$197K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

HYG 2026-06-18 $82.00 Call

Vol: 53,965

OI: 23,627

Vol/OI: 2.3x

IV: 3.5%

Notional: ~$162K

Intent: mass call buying/roll or liquidity-driven spread leg

Dual read: could offset puts or reflect income trades

Read-through: significant short-delta/flow into calls

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 18.9%

Notional: ~$164K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Large near-term call buying at 82.00 (Jun) and 80.50 (May)—likely dealer hedges or directional overlays against short exposure.

Put additions: Heavy put flow across 73–84 strikes; notable 2027 $40 print is structural but long-dated and low near‑term impact given modest OI (~2.9% of float).

GEX/DEX consistency: Yes—negative GEX (~$-192M) aligns with bearish put skew; DEX buying partially offsets gamma footprint.

OI clusters: Concentrated put OI around low‑80s; call OI bulk at 82 (Jun) and 80.5 (May); overall OI size is material but not overwhelming vs. float.

Hedging evidence: Evidence of collars/put protection: coexistence of deep‑dated puts and short‑dated calls; net premium flow suggests bought protection.

Max pain context: Spot near MP; modest pin risk around low‑80s where OI clusters sit.

Signal vs Noise

~Signal: Put OI concentration and negative GEX indicate institutional bearish hedging centered ~82–84.

~Signal: Large Jun call prints likely dealer hedges tied to put‑heavy exposure.

~Noise: 2027 $40 is structurally large but long‑dated—limited near‑term binding risk given modest relative OI.

Key Conclusions

⚠️Bearish institutional posture with put protection clustered in low‑80s; dealer short‑gamma can amplify moves but effect depends on liquidity, order flow and catalysts (not solely an HYG breach).

🔁DEX buying partly offsets negative GEX but concentrated put skew remains; monitor gamma flip (~78) and May–Jun expiries.

How to Use These Reports

This flow reflects the market close on April 21, 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.