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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.71EOD only
Max Pain
$79.50
Next expiry Jul 10, 2026
Expected Move
±$0.42
0.5% from close
Price Gap
-0.21
Distance to max pain
IV Rank
3
Low premium
P/C OI
3.63
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Jul 2, 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
Jul 2, 2026 close
HYG Flow Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 22, 2026. A newer flow report is available for June 29, 2026.

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Flow Verdict

BiasBearish
Confirmation: Negative net premium, elevated put/call ratios, unusual put activity, and negative gamma support bearish bias.
Invalidation: Price above $79 gamma flip or surge in call buying.
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +1 VIX 17

Watch next session: Monitor put volume persistence; Price relative to $79

Flow Summary

Net premium: -$6.8M bearish

P/C volume ratio: 2.14

P/C OI ratio: 3.83

Bearish flow dominated with heavy put buying and negative gamma. Key level $79 flip; invalidation above that.

Notable Prints

#1
HYG 2026-05-29 $81.00 Put
Vol: 2,003
OI: 548
Vol/OI: 3.7x
IV: 11.0%
Notional: ~$180K
Intent: Bearish directional or hedging.
Dual read: Volume suggests buying; could be short put if sold.

Read-through: Short-term downside fear on HYG.

#2
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 19.4%
Notional: ~$164K
Intent: Long-term bearish hedge.
Dual read: Alternatively, volatility premium capture if sold.

Read-through: Sustained concern on credit outlook.

Institutional Positioning

Call additions:

Put additions: Aggressive put buying: $81 5/29 weekly + $82 11/20 (vol/oi ratio 3.7 and 2.2)

GEX/DEX consistency: Consistent: negative gamma (-$615M) from put-heavy flow; positive DEX (+172M shares) suggests dealer delta hedging from large OTM put positions.

OI clusters: Largest OI at $79 put (511k contracts, ~1.1% below spot); also $81 and $82 puts building.

Hedging evidence: Collars possible: note put buying at two expirations suggests hedging of high-yield credit exposure.

Max pain context: Spot near MP; heavy put OI likely pinning price near $80-$81 region.

Signal vs Noise

~Signal: Unusual put volume with high vol/oi at two key strikes, net premium -$6.8M, put/call ratio >2.0.
~Noise: Low VIX (16.7) and small SPY/QQQ moves; flow is defensive, not panic.

Key Conclusions

🔻Large OTM put buying ($81 weekly) signals near-term downside protection or directional bearish bet.
🛡️Distant put buying ($82 Nov) indicates structural hedging of HY credit risk amid low vol.
How to Use These Reports
This flow reflects the market close on May 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.