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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.86EOD only

Max Pain

$79.50

Next expiry May 22, 2026

Expected Move

±$0.31

0.4% from close

Price Gap

-0.36

Distance to max pain

IV Rank

Low premium

P/C OI

3.92

Slightly put-heavy

Consensus

7.5/10

Bearish tilt

Published snapshot: May 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

May 20, 2026 close

HYG Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +1 VIX 17

Watch next session: HYG 2026-08-21 $72.00 Put; HYG 2026-05-29 $81.00 Put; Gamma flip zone $79.00

Flow Summary

Net premium: -$10.3M bearish

P/C volume ratio: 1.91

P/C OI ratio: 3.92

HYG shows strong bearish flow with aggressive put buying, notably a large Aug $72 put (20k vs 2.8k OI) and elevated put/call ratios. Negative GEX (-$903M) and gamma flip at $79 amplify downside risk. The $80 call (6.25k vol) provides slight bullish counterpoint, but dominant bias remains bearish.

Notable Prints

HYG 2026-08-21 $72.00 Put

Vol: 20,000

OI: 2,751

Vol/OI: 7.3x

IV: 35.4%

Notional: ~$220K

Intent: Bearish hedge

Read-through: Downside risk

HYG 2026-05-29 $81.00 Put

Vol: 2,003

OI: 548

Vol/OI: 3.7x

IV: 17.7%

Notional: ~$180K

Intent: Bearish short-term

Dual read: Protective put

Read-through: Near-term bearish

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.2%

Notional: ~$164K

Intent: Long-term bearish

Read-through: Expect declines

HYG 2026-08-21 $80.00 Call

Vol: 6,250

OI: 3,180

Vol/OI: 2.0x

IV: 4.1%

Notional: ~$319K

Intent: Bullish speculative

Dual read: Short covering

Read-through: Bullish amid bearish

Institutional Positioning

Call additions: Modest call activity; notable 6,250 vol on Aug21 80 call (OI 3,180)

Put additions: Heavy put additions: 20,000 vol on Aug21 72 put, 2,003 on May29 81 put, 396 on Nov20 82 put

GEX/DEX consistency: Negative GEX (-$902.8M) with positive DEX (+175M shares) suggests mixed dealer positioning

OI clusters: Highest put OI concentration at 79 (gamma flip); notable call OI at 80

Hedging evidence: Deep OTM put buying (72 strike) indicates tail risk hedging; large put activity overall

Max pain context: Spot at max pain (~$79); high put OI at 79 resists upside

Signal vs Noise

~Net premium -$10.3M (bearish flow)

~Put/call OI ratio 3.92 (extreme bearish)

~GEX negative $902.8M (dealer short gamma)

~Large put buys: 20k at 72, 2k at 81

~Large call buy 6.25k at 80 (potential upside hedge)

Key Conclusions

📉Institutional flow bearish: heavy put buying and negative gamma.

⚠️Large put buys at 72 and 81 suggest hedging or downside speculation.

📌Spot pinned at max pain (~$79) with high put OI concentration.

How to Use These Reports

This flow reflects the market close on May 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.