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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.83EOD only

Max Pain

$79.50

Next expiry Jun 5, 2026

Expected Move

±$0.19

0.2% from close

Price Gap

-0.33

Distance to max pain

IV Rank

Low premium

P/C OI

3.84

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

HYG Flow Report

Analysis based on market close June 4, 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 0.4% from MP; +1 VIX 15

Watch next session: 78.5 support; 80.5 resistance; gamma flip 79.0

Flow Summary

Net premium: -$6.4M bearish

P/C volume ratio: 1.63

P/C OI ratio: 3.84

Heavy put flow dominates, net premium negative $6.4M, put/call OI ratio 3.84, negative gamma -$1.7B. Confirms bearish regime with high confidence.

Notable Prints

HYG 2026-06-18 $80.50 Put

Vol: 1,300

OI: 200

Vol/OI: 6.5x

IV: 6.5%

Notional: ~$87K

Intent: Bearish speculative bet near expiry

Dual read: Hedging against near-term downside

Read-through: Expectation of HYG decline within two weeks

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.9%

Notional: ~$164K

Intent: Bearish position on HYG over longer horizon

Dual read: Rolling or closing of existing short puts

Read-through: Sustained bearish view on high-yield bonds

HYG 2027-05-21 $75.00 Call

Vol: 273

OI: 180

Vol/OI: 1.5x

IV: 13.8%

Notional: ~$135K

Intent: Long-term bullish leveraged position

Dual read: Part of a covered call or spread strategy

Read-through: Bet on HYG recovery or stability over 11 months

Institutional Positioning

Call additions: Minimal; far-dated $75 call (273 vol) but negligible vs put flow

Put additions: Heavy: near-term $80.5 put (1300 vol, 6.5x OI), Nov $82 put (396 vol), put/call OI ratio 3.84

GEX/DEX consistency: GEX -$1.7B (short gamma) aligns with bearish puts; DEX +172M shares (long delta) may hedge short gamma

OI clusters: Put OI concentrated near spot; gamma flip ~79 based on 565K put OI 1% below spot

Hedging evidence: Massive put accumulation could hedge HYG long or reflect directional bearish view; net premium -$6.4M

Max pain context: Spot near max pain; VIX low (15.4); negative GEX reduces pin probability

Signal vs Noise

~Signal: high put/call OI ratio (3.84) and volume (1.63) with negative net premium

~Signal: unusual $80.5 put print (1300 vol, new OI) signals bearish conviction

~Signal: negative gamma (-$1.7B) amplifies downward moves

~Noise: far-dated $75 call (273 vol) is small, likely long-term or hedge

~Noise: some put OI may be stale; volume ratio lower than OI ratio

Key Conclusions

🔻Institutions aggressively adding puts, especially near-term $80.5, signaling bearish short-term view

⚠️Negative gamma (~$1.7B) indicates potential for accelerated declines if spot breaks below $80

How to Use These Reports

This flow reflects the market close on June 4, 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.