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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.37EOD only
Max Pain
$80.00
Next expiry Apr 24, 2026
Expected Move
±$0.33
0.4% from close
Price Gap
-0.37
Distance to max pain
IV Rank
11
Low premium
P/C OI
4.94
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Apr 21, 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 21, 2026 close
HYG Flow Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: High put-call volume/OI ratios and large concentrated put prints (notably Aug 75k 5k vol/3k OI) plus net negative premium and regime 'Bearish' align with downside flow.
Invalidation: Sustained rally above gamma-flip (~78) or rapid unwinding of put OI/volume and falling put-call ratios would negate bearish view.
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 19

Watch next session: Track HYG vs gamma-flip (~78) and % below spot; Follow changes in put OI around 75–84 strikes (esp. Aug 75 print); Monitor VIX and dealer GEX shifts

Flow Summary

Net premium: -$15.0M bearish

P/C volume ratio: 5.18

P/C OI ratio: 4.57

Concentrated, heavy put demand and elevated put-call ratios with negative net premium create a bearish flow backdrop; dealer positioning (GEX +) may pin until price moves through the ~78 gamma-flip.

Notable Prints

#1
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 19.3%
Notional: ~$164K
Intent: hedge
Dual read: bearish

Read-through: pinning

#2
HYG 2026-11-20 $73.00 Put
Vol: 644
OI: 322
Vol/OI: 2.0x
IV: 23.8%
Notional: ~$61K
Intent: insurance
Dual read: bearish

Read-through: protection

#3
HYG 2026-11-20 $83.00 Put
Vol: 425
OI: 214
Vol/OI: 2.0x
IV: 20.3%
Notional: ~$242K
Intent: hedge
Dual read: bearish

Read-through: pinning

#4
HYG 2026-11-20 $84.00 Put
Vol: 398
OI: 200
Vol/OI: 2.0x
IV: 21.7%
Notional: ~$273K
Intent: hedge
Dual read: bearish

Read-through: pinning

#5
HYG 2027-02-19 $84.00 Put
Vol: 232
OI: 114
Vol/OI: 2.0x
IV: 22.1%
Notional: ~$164K
Intent: speculative
Dual read: bearish

Read-through: roll

Institutional Positioning

Call additions: Limited call buying; no large concentrated call accumulation observed.

Put additions: Notable put blocks concentrated in low-80s (75, 82–84 strikes) consistent with downside protection or spread trades; quantities suggest material institutional interest but not definitive directional conviction.

GEX/DEX consistency: GEX positive (+$486.9M) and DEX net buys (+154.8M) counterbalance put pressure—could mute realized downside; impact uncertain and time-dependent.

OI clusters: Largest put OI cluster around low-80s (~393k puts, ~3.1% below spot) with concentration at 75 and 82–84 strikes.

Hedging evidence: Flow consistent with protective puts/collars and some directional hedges; presence of blocks and longer-dated puts supports hedging intent but spread strategies possible.

Max pain context: Spot ~0.6% from Max Pain; gamma may increase pinning probability near low-80s but probability is moderate, not certain.

Signal vs Noise

~Signal: large put blocks at 75 and 82–84 indicate institutional downside hedging or structured trades—material but not unambiguous.
~Signal: elevated put-call OI ratio supports bearish bias in options positioning.
~Noise: positive GEX/DEX and front‑month small-ticket/high vol prints temper put signals—short-dated noise may dominate realized moves.

Key Conclusions

📌Institutions show concentrated downside protection in low-80s; treat pinning as possible, not certain.
⚖️Positive GEX/DEX and front‑month noise could limit downside; balance bearish flow with these offsetting forces.
How to Use These Reports
This flow reflects the market close on April 22, 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.