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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.94EOD only
Max Pain
$80.00
Next expiry Jun 18, 2026
Expected Move
±$0.32
0.4% from close
Price Gap
+0.06
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
3.84
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 12, 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 12, 2026 close
HYG Flow Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer flow report is available for June 12, 2026.

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Flow Verdict

BiasBearish
Confirmation: Sustained put dominance with high volume at $71 and $80 puts; net negative premium continues.
Invalidation: Price breaks above $79 gamma flip with call OI expansion.
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +0.5 VIX 19

Watch next session: Watch early expiration rolls for June 18 $80.50 put

Flow Summary

Net premium: -$16.0M bearish

P/C volume ratio: 4.09

P/C OI ratio: 3.82

Extreme put skew with 4.1 put/call volume ratio and negative net premium of -$16M. Outlier trades: massive put buying at $71 (13,382 vol) and $80 (2,882 vol). GEX -$1.4B reinforces bearish flow. Low vol environment supports directional puts.

Notable Prints

#1
HYG 2026-09-18 $71.00 Put
Vol: 13,382
OI: 165
Vol/OI: 81.1x
IV: 21.8%
Notional: ~$254K
Intent: Bearish speculation
Dual read: Tail risk hedge

Read-through: Massive new put volume signals high downside conviction

#2
HYG 2026-07-10 $79.50 Call
Vol: 790
OI: 100
Vol/OI: 7.9x
IV: 8.4%
Notional: ~$53K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#3
HYG 2026-06-18 $80.50 Put
Vol: 713
OI: 200
Vol/OI: 3.6x
IV: 10.1%
Notional: ~$41K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
HYG 2027-03-19 $70.00 Put
Vol: 2,882
OI: 1,129
Vol/OI: 2.5x
IV: 14.0%
Notional: ~$231K
Intent: Long-term bearish hedge
Dual read: Potential put selling

Read-through: Long-dated protection reflects sustained bearishness

#5
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 20.6%
Notional: ~$164K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Minimal call activity; small OI at $79.50 call (790 vol) but not significant.

Put additions: Heavy put additions: $71 Sep18 put (13.4k vol, 81x OI), $70 Mar27 put (2.9k vol), and multiple near-term puts ($80.50, $80, $82).

GEX/DEX consistency: Negative GEX (-$1.4B) and positive DEX (+190M shares) consistent with dealer short gamma hedging via long stock.

OI clusters: Put OI concentrated at $71 (new) and $70, with gamma flip near $79 (roughly spot-1.2%).

Hedging evidence: Large put blocks (e.g., $71) across multiple expirations suggest institutional downside hedging.

Max pain context: Spot near max pain (~$79-80), pinning expected unless volatility spike.

Signal vs Noise

~Signal: massive put volume on $71 Sep18 (vol/OI 81) and $70 Mar27 (vol/OI 2.5) - bearish positioning.
~Noise: small call volume on $79.50 and $80 calls (vol/OI <8) likely routine activity.
~Signal: extreme put/call ratios (vol 4.1, OI 3.8) confirm bearish sentiment.

Key Conclusions

🐻Heavy put buying on $71 Sep18 and $70 Mar27 indicates strong bearish bets on HYG downside.
⚡Negative gamma environment with dealer long stock amplifies moves; spot near max pain suggests pinning risk.
📉Put/call ratios at extreme levels (4.1x vol) signal heightened bearish sentiment in high yield credit.
How to Use These Reports
This flow reflects the market close on June 11, 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.

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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.