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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.23EOD only

Max Pain

$79.50

Next expiry Jul 31, 2026

Expected Move

±$0.81

1.0% from close

Price Gap

+0.27

Distance to max pain

IV Rank

Low premium

P/C OI

3.08

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Jul 24, 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 24, 2026 close

HYG Flow Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 9, 2026. A newer flow report is available for June 29, 2026.

View latest report

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 20

Watch next session: Monitor put volume and spot action near gamma flip

Flow Summary

Net premium: -$3.7M bearish

P/C volume ratio: 3.45

P/C OI ratio: 3.72

Heavy put dominance with negative net premium and elevated put/call ratios indicates strong bearish flow. Unusual puts at various strikes reinforce downside positioning. Market weakness supports bearish lean.

Notable Prints

HYG 2026-12-18 $45.00 Put

Vol: 2,000

OI: 112

Vol/OI: 17.9x

IV: 33.8%

Notional: ~$10K

Intent: Tail risk hedge or speculative put purchase

Dual read: Potential cheap insurance against extreme downside

Read-through: Bearish tail risk positioning

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.7%

Notional: ~$164K

Intent: Bearish directional bet or hedge

Dual read: Could hedge a long bond position

Read-through: Moderate bearish bias

HYG 2026-06-18 $80.50 Put

Vol: 300

OI: 200

Vol/OI: 1.5x

IV: 10.7%

Notional: ~$30K

Intent: Position closing or rolling

Dual read: May reflect profit-taking or expiry management

Read-through: Near-term bearish or neutral adjustment

Institutional Positioning

Call additions: Minimal; put/call ratio >3

Put additions: Elevated; large OTM buys (Dec $45, Nov $82, Jun $80.50) >2,600

GEX/DEX consistency: GEX -$2.2B bearish; DEX +186M shares long – mixed

OI clusters: Put OI 511k at $79 (0.8% below spot); gamma flip at $79

Hedging evidence: Deep OTM Dec $45 put (IV 33.8%, vol/oi 18) tail hedge

Max pain context: Spot at MP; pinning likely near $79

Signal vs Noise

~Elevated put volume and negative GEX are real bearish signals; tail hedging via deep OTM puts is consistent. Low volume individual prints are noise.

Key Conclusions

⚠️Heavy put buying & negative GEX confirm bearish institutional tilt.

🔒Outlier Dec $45 put (IV 33.8%, vol/oi 18) signals tail risk hedging.

📌Spot at max pain near $79; gamma flip at $79 supports pinning.

How to Use These Reports

This flow reflects the market close on June 9, 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.