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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.43EOD only

Max Pain

$80.00

Next expiry Jun 12, 2026

Expected Move

±$0.54

0.7% from close

Price Gap

+0.57

Distance to max pain

IV Rank

Low premium

P/C OI

3.78

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

HYG Flow Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +0.5 VIX 19

Flow Summary

Net premium: -$14.8M bearish

P/C volume ratio: 3.18

P/C OI ratio: 3.84

HYG sees dominant put activity with net premium negative and put/call ratios over 3. Regime is bearish flow with low vol but trending gamma. Unusual put prints at $82 and $80.5 confirm aggressive hedging. Confidence base 8.5 suggests strong bearish conviction.

Notable Prints

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.4%

Notional: ~$164K

Intent: Bearish bet or hedge

Dual read: Could be premium collection on put sale

Read-through: Large volume, OI increase suggests new bearish positions

HYG 2026-06-18 $80.50 Put

Vol: 300

OI: 200

Vol/OI: 1.5x

IV: 31.0%

Notional: ~$30K

Intent: Short-term bearish speculation

Dual read: Possibly closing shorts

Read-through: High IV indicates short-term downside fear

Institutional Positioning

Call additions: Minimal; call volume low relative to puts.

Put additions: Heavy; put/call volume ratio 3.2x, OI 3.8x; large new put OI at $82 (Nov) and $80.50 (Jun).

GEX/DEX consistency: Consistent; strong put flow aligns with negative GEX (-$2.7B) and bearish dealer positioning.

OI clusters: Put OI concentrated near $80-82 (gamma flip at $79).

Hedging evidence: Unusual put prints (vol/oi >1.5) indicate active hedging against credit selloff.

Max pain context: Spot at MP (~$81.5); gamma flip at $79 pinning risk if downside breaks.

Signal vs Noise

~High put/call ratio is signal

~Unusual put prints are signal

~Low VIX is noise given bearish flow

~Net premium negative confirms bearish flow

Key Conclusions

📉Institutions aggressively hedging HYG downside with deep out-of-money puts; spot near MP but gamma flip at $79 signals potential breakdown.

How to Use These Reports

This flow reflects the market close on June 8, 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.