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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

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 15, 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 0.1% from MP; +1 VIX 16

Watch next session: $79 level; put/call ratio

Flow Summary

Net premium: -$5.3M bearish

P/C volume ratio: 2.64

P/C OI ratio: 3.89

Heavy put accumulation and negative gamma indicate persistent bearish bias in HYG despite equity gains. Large put blocks suggest hedging or directional bearishness on credit. High put/call OI ratio reinforces downside risks.

Notable Prints

HYG 2027-01-15 $78.00 Put

Vol: 1,544

OI: 479

Vol/OI: 3.2x

IV: 10.3%

Notional: ~$185K

Intent: Bearish speculation

Read-through: Reinforces bearish

HYG 2027-05-21 $75.00 Put

Vol: 2,200

OI: 905

Vol/OI: 2.4x

IV: 12.4%

Notional: ~$255K

Intent: Bearish hedge

Read-through: Adds bearish

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 21.1%

Notional: ~$164K

Intent: ITM put buying

Dual read: Hedging

Read-through: Near-term pressure

HYG 2026-06-26 $80.00 Call

Vol: 1,514

OI: 909

Vol/OI: 1.7x

IV: 5.9%

Notional: ~$39K

Intent: Call speculation

Dual read: Short covering

Read-through: Contrarian

HYG 2026-06-26 $81.00 Put

Vol: 864

OI: 576

Vol/OI: 1.5x

IV: 5.7%

Notional: ~$76K

Intent: Put buying

Dual read: Time decay play

Read-through: Bearish flow

Institutional Positioning

Call additions: Near-term $80 call added (likely hedging)

Put additions: Heavy put accumulation at $78/$75 Jan/May 2027 and $82 Nov 2026

GEX/DEX consistency: Bearish flow + negative GEX; positive DEX from put hedging

OI clusters: Largest put OI: 455k at 1.3% below spot; gamma flip at $79

Hedging evidence: Long-dated puts hedge HY exposure

Max pain context: Spot at MP; high OI near $80/81 pins

Signal vs Noise

~Signal: substantial put buying at $78/$75 for 2027 signals long-term bearish

~Noise: single $80 call add is small vs put flow

Key Conclusions

🛡️Institutions add deep downside puts (78/75) for 2027, hedging credit risk

📊Put/call OI ratio 3.9x, dealer gamma negative, flow bearish

🎯Spot at max pain $80; $79 gamma flip is key support level

How to Use These Reports

This flow reflects the market close on June 15, 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.