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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.91EOD only

Max Pain

$79.50

Next expiry May 29, 2026

Expected Move

±$0.41

0.5% from close

Price Gap

-0.41

Distance to max pain

IV Rank

Low premium

P/C OI

3.84

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: May 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

May 22, 2026 close

HYG Flow Report

Analysis based on market close May 26, 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 0.9% from MP; +1 VIX 17

Watch next session: May 29 weekly put activity; Oct 16 & Nov 20 put buildup

Flow Summary

Net premium: -$6.0M bearish

P/C volume ratio: 3.34

P/C OI ratio: 3.90

Heavy put buying dominates HYG options flow. Negative gamma and high put/call ratios signal bearish bias. Immediate risk at $79 gamma flip level.

Notable Prints

HYG 2026-10-16 $75.00 Put

Vol: 12,500

OI: 524

Vol/OI: 23.9x

IV: 19.5%

Notional: ~$612K

Intent: Bearish speculation on HYG <$75 by Oct

Dual read: Hedging or outright bearish

Read-through: Large new put position at deep OTM strike

HYG 2026-10-16 $78.00 Put

Vol: 7,505

OI: 420

Vol/OI: 17.9x

IV: 18.9%

Notional: ~$698K

Intent: Bearish bet on HYG <$78 by Oct

Dual read: Hedging or bearish speculation

Read-through: Significant put volume, new bearish position

HYG 2026-12-18 $82.00 Call

Vol: 1,000

OI: 155

Vol/OI: 6.5x

IV: 6.5%

Notional: ~$14K

Intent: Small bullish contrarian bet

Dual read: Could be short call if IV rise expected

Read-through: Modest call volume in bearish flow

HYG 2026-05-29 $81.00 Put

Vol: 2,003

OI: 548

Vol/OI: 3.7x

IV: 17.2%

Notional: ~$180K

Intent: Directional or hedging near expiry

Dual read: Closing trade or new bearish bet

Read-through: High volume close to expiration

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 20.3%

Notional: ~$164K

Intent: Bearish positioning for Nov

Dual read: Hedging or bearish speculation

Read-through: Additional bearish put volume

Institutional Positioning

Call additions: Minimal; small Dec $82 call (1k vol)

Put additions: Heavy; Oct $75 (12.5k) & $78 (7.5k) puts, weekly $81 (2k) put

GEX/DEX consistency: GEX -$220M aligns with put buying; DEX +165.8M shares from hedging

OI clusters: Large put OI at $79 (520k), gamma flip near $79

Hedging evidence: Put accumulation across expirations shows downside hedging

Max pain context: Spot near MP; gamma flip at $79 signals accelerated sell-off below

Signal vs Noise

~Heavy put volume on Oct $75/$78 (vol/oi >15) is signal

~Small Dec $82 call (vol/oi 6.5) is noise

Key Conclusions

🛡️Institutions adding put protection at $75 and $78 for Oct expiry

📉Dealer gamma negative below $79, risk of downside acceleration

How to Use These Reports

This flow reflects the market close on May 26, 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.