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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.90EOD only

Max Pain

$79.50

Next expiry May 22, 2026

Expected Move

±$0.24

0.3% from close

Price Gap

-0.40

Distance to max pain

IV Rank

Low premium

P/C OI

3.88

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 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

May 21, 2026 close

HYG Flow Report

Analysis based on market close May 21, 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: Monitor put activity and spot vs gamma flip

Flow Summary

Net premium: -$7.2M bearish

P/C volume ratio: 2.27

P/C OI ratio: 3.88

Sustained bearish flow with heavy put buying, negative net premium, and elevated put/call ratios. GEX deeply negative, supporting downside. Unusual put prints at $81 and $82 add conviction. Spot near gamma flip, but bearish momentum persists.

Notable Prints

HYG 2026-05-29 $81.00 Put

Vol: 2,003

OI: 548

Vol/OI: 3.7x

IV: 13.8%

Notional: ~$180K

Intent: Bearish directional bet near expiry

Dual read: Could also be a hedge against short HYG position

Read-through: Expects near-term decline in HYG

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.3%

Notional: ~$164K

Intent: Bearish outlook or long-term hedge

Dual read: Could be a protective put for long position

Read-through: Anticipates weakness over months

HYG 2026-06-26 $73.00 Put

Vol: 282

OI: 177

Vol/OI: 1.6x

IV: 16.0%

Notional: ~$1K

Intent: Tail risk hedge against large drop

Dual read: Speculative cheap premium bet on crash

Read-through: Low probability but high reward hedge

Institutional Positioning

Call additions: Minimal call activity; focus on puts.

Put additions: Aggressive: May29 $81, Nov20 $82, Jun26 $73 puts; high vol/OI.

GEX/DEX consistency: Consistent: bearish flow, negative GEX (-$763M), positive DEX (+171M shares) as hedge.

OI clusters: Put OI concentration at $79 (gamma flip) with 512K contracts.

Hedging evidence: Multi-expiration put buying suggests portfolio protection or directional bearish bets.

Max pain context: Spot at MP; potential pin near current levels.

Signal vs Noise

~Signal: Strong put buying across expirations (May, Nov) with high vol/OI ratios.

~Noise: Jun26 $73 put has low premium and OI; likely noise or tail hedge.

Key Conclusions

📉Institutions adding puts heavily in HYG, indicating bearish credit outlook.

⚠️Negative GEX and bearish flow limit upside; $79 gamma flip key.

🔍Dealer hedging of puts provides support, but trend is bearish.

How to Use These Reports

This flow reflects the market close on May 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.