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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.50EOD only
Max Pain
$80.00
Next expiry Apr 24, 2026
Expected Move
±$0.26
0.3% from close
Price Gap
-0.50
Distance to max pain
IV Rank
0
Low premium
P/C OI
4.57
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 22, 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 22, 2026 close
HYG Flow Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Heavy put-printing, extreme put/call volume and OI ratios, net negative premium, large dec shares flow.
Invalidation: Positive GEX (+$70M) and pinning regime plus spot near MP and gamma flip just below spot could cap downside.
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +0.5 VIX 19

Watch next session: Monitor large put prints/prints charging IV; DEX flow and share delta prints; Spot vs gamma flip level; GEX movements and pin/pull

Flow Summary

Net premium: -$15.4M bearish

P/C volume ratio: 6.67

P/C OI ratio: 4.44

Flow is bearish with concentrated multi-expiry put flow and large negative premium confirming downside skew; positive GEX/pinning and gamma flip proximity create potential support and limit immediate decline.

Notable Prints

#1
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 19.0%
Notional: ~$164K
Intent: put buy
Dual read: hedge/speculative

Read-through: bearish flow

#2
HYG 2026-11-20 $73.00 Put
Vol: 644
OI: 322
Vol/OI: 2.0x
IV: 23.7%
Notional: ~$61K
Intent: put buy
Dual read: hedge/speculative

Read-through: bearish flow

#3
HYG 2026-11-20 $83.00 Put
Vol: 425
OI: 214
Vol/OI: 2.0x
IV: 22.3%
Notional: ~$242K
Intent: put buy
Dual read: hedge/speculative

Read-through: bearish flow

#4
HYG 2026-11-20 $84.00 Put
Vol: 398
OI: 200
Vol/OI: 2.0x
IV: 23.5%
Notional: ~$273K
Intent: put buy
Dual read: hedge/speculative

Read-through: bearish flow

#5
HYG 2027-02-19 $84.00 Put
Vol: 232
OI: 114
Vol/OI: 2.0x
IV: 21.9%
Notional: ~$164K
Intent: put buy
Dual read: hedge/speculative

Read-through: bearish flow

Institutional Positioning

Call additions: No meaningful call accumulation; activity skewed toward puts.

Put additions: Notable put builds at 73–84 strikes (Jul–Nov expiries) and a long‑dated 2027‑02‑19 $84 put; long‑dated activity is ambiguous—could be hedging or speculative flow, requires owner/trade context.

GEX/DEX consistency: Mixed: GEX modestly positive (supports pinning risk) while flow is net bearish; DEX shows large share blocks that can reinforce pinning but do not resolve the mixed signal.

OI clusters: Largest OI concentration around $82–84; put OI sits a few percent below spot with gamma flip near $78.

Hedging evidence: Protective put concentration consistent with hedging/collar activity but alternative explanations (directional spec, gamma trades) are plausible.

Max pain context: Spot near calculated Max Pain, making near‑term pinning plausible given GEX/DEX, but not certain given opposing bearish flow.

Signal vs Noise

~Signal: concentrated institutional put buying at 73–84 strikes including a long‑dated 2027 put (ambiguous intent).
~Signal: spot near Max Pain and gamma flip ~78 increases sensitivity to pinning behavior if dealers hedge gamma.
~Noise: elevated put/call skew and negative net premium could reflect skewed demand rather than imminent large directional move.

Key Conclusions

⚠️Put concentration at $82–84 implies defensive/income or directional positioning; intent ambiguous—confirm with trade/owner context.
📌GEX/DEX and spot≈Max Pain make near‑term pinning plausible but not assured given mixed flow signals.
How to Use These Reports
This flow reflects the market close on April 23, 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.