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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.04EOD only

Max Pain

$80.00

Next expiry Jun 18, 2026

Expected Move

±$0.18

0.2% from close

Price Gap

-0.04

Distance to max pain

IV Rank

Middle-high premium

P/C OI

3.89

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 15, 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 15, 2026 close

HYG Flow Report

Analysis based on market close June 16, 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 0.0% from MP; +1 VIX 16

Watch next session: Monitor further put accumulation; watch for gamma compression near $79.

Flow Summary

Net premium: -$3.7M bearish

P/C volume ratio: 2.23

P/C OI ratio: 3.86

Dominant bearish flow in HYG: strong put activity with elevated vol/OI ratios, net $3.65M premium sold, and negative GEX -$771M. Bias remains bearish while spot stays below gamma flip.

Notable Prints

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 21.2%

Notional: ~$164K

Intent: Opening bearish position, new OI.

Dual read: Hedging or directional bet.

Read-through: Bearish sentiment through Nov 2026.

HYG 2026-08-21 $74.00 Put

Vol: 15,000

OI: 9,671

Vol/OI: 1.6x

IV: 13.1%

Notional: ~$150K

Intent: Buying cheap tail risk protection.

Dual read: Speculative bearish at low cost.

Read-through: Expect downside to $74 by Aug.

HYG 2026-06-26 $81.00 Put

Vol: 864

OI: 576

Vol/OI: 1.5x

IV: 10.0%

Notional: ~$76K

Intent: Bearish bet near expiration.

Dual read: Hedge for existing long position.

Read-through: Near-term bearish conviction.

Institutional Positioning

Call additions: Minimal – flow dominated by puts

Put additions: Heavy: 74P (15k vol), 81P, 82P sweeps; put/call vol ratio 2.2, OI ratio 3.86

GEX/DEX consistency: Mixed: GEX -$771M (short gamma) vs DEX +176M shares (long delta) – dealers net short gamma but long delta

OI clusters: Largest put OI: 79 (455k) and 82; call OI negligible

Hedging evidence: Deep OTM 74P (0.1 premium) suggests protective puts; 81/82P near spot are downside hedges

Max pain context: Spot at max pain (~$80) – pinning likely; gamma flip at 79

Signal vs Noise

~High put/call ratio is clear bearish signal

~74P volume (15k) vs OI (9.7k) is unusual but may be short-term noise if not rolled

~Low VIX (16) suggests put volume is hedging, not panic

Key Conclusions

📉Heavy put accumulation near 79 and 74 strikes signals institutional hedging or bearish positioning

⚠️Negative GEX vs positive DEX creates gamma risk – dealers may flip hedge if spot breaks 79

🔗Spot at max pain (~$80) suggests pinning; large put OI below may attract price to test support

How to Use These Reports

This flow reflects the market close on June 16, 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.