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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.91EOD only

Max Pain

$80.00

Next expiry May 15, 2026

Expected Move

±$0.18

0.2% from close

Price Gap

+0.09

Distance to max pain

IV Rank

Middle-high premium

P/C OI

5.26

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: May 13, 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

May 13, 2026 close

HYG Flow Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.2% from MP; +1 VIX 17

Watch next session: Call volume persistence; Put/call volume ratio

Flow Summary

Net premium: +$29.9M bullish

P/C volume ratio: 0.31

P/C OI ratio: 5.21

Bullish flow with heavy call buying, net premium +$29.9M. Low put/call volume ratio 0.31. Large put OI below creates resistance, but spot at gamma flip $79 remains support. Watch for breakdown below $79.

Notable Prints

HYG 2026-11-20 $81.00 Call

Vol: 265,000

OI: 25,606

Vol/OI: 10.3x

IV: 6.9%

Notional: ~$11.7M

Intent: Bullish bet

Dual read: Could be closing

Read-through: Expect rise above $81

HYG 2026-05-29 $81.00 Put

Vol: 2,003

OI: 548

Vol/OI: 3.7x

IV: 11.9%

Notional: ~$180K

Intent: Bearish hedge

Dual read: Possible closing

Read-through: Short-term protection

HYG 2026-11-20 $80.00 Call

Vol: 2,000

OI: 663

Vol/OI: 3.0x

IV: 7.6%

Notional: ~$226K

Intent: Bullish

Read-through: Expect above $80

HYG 2026-11-20 $77.00 Put

Vol: 2,000

OI: 702

Vol/OI: 2.9x

IV: 13.1%

Notional: ~$262K

Intent: Bearish hedge

Dual read: Part of spread

Read-through: Expect below $77

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 18.8%

Notional: ~$164K

Intent: Bearish

Dual read: Hedging long

Read-through: Downside to $82

Institutional Positioning

Call additions: Massive call buying at $81 Nov 2026 (265k vol vs 25.6k OI)

Put additions: Scattered puts: $81 May 2026 (2k vol), $77, $82 Nov 2026 puts

GEX/DEX consistency: GEX negative (-$3.5B) vs DEX positive (+152M shares) – mixed; hedging likely

OI clusters: Put OI dominates (ratio 5.2); largest cluster near $77-82

Hedging evidence: Call buying at $81 may hedge short puts or upside exposure

Max pain context: Spot at MP; pin action expected near current levels

Signal vs Noise

~Signal: 265k call volume on $81 Nov 2026 (10.3x OI ratio)

~Noise: Low volume put prints (<2k) are noise

~Signal: Put/call volume ratio 0.31 indicates bullish flow

Key Conclusions

📈Institutions aggressively buying HYG upside via long-dated calls at $81, but hedging and negative gamma may cap gains

⚠️Negative gamma and high put OI suggest hedging; upside may be capped near $82

How to Use These Reports

This flow reflects the market close on May 14, 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.