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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.94EOD only

Max Pain

$79.50

Next expiry Jun 26, 2026

Expected Move

±$0.23

0.3% from close

Price Gap

-0.44

Distance to max pain

IV Rank

Low premium

P/C OI

3.28

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 22, 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 22, 2026 close

HYG Flow Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +0.5 VIX 19

Watch next session: HYG 79.50 put activity; Net premium; Spot vs 79 gamma flip

Flow Summary

Net premium: -$17.3M bearish

P/C volume ratio: 4.10

P/C OI ratio: 3.27

Heavy put buying and bearish flow dominate, but positive dealer gamma may pin price near max pain. Downside risk if spot breaks below gamma flip at 79.

Notable Prints

HYG 2026-07-02 $79.50 Put

Vol: 4,502

OI: 197

Vol/OI: 22.9x

IV: 7.8%

Notional: ~$72K

Intent: Bearish opening

Dual read: Hedging vs speculation

Read-through: Bearish sentiment

HYG 2026-07-02 $80.00 Call

Vol: 2,500

OI: 720

Vol/OI: 3.5x

IV: 4.0%

Notional: ~$22K

Intent: Bearish call writing

Dual read: Selling vs buying

Read-through: Mixed, possibly short premium

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 21.2%

Notional: ~$164K

Intent: Long-term downside hedge

Dual read: Hedge vs speculative put

Read-through: Expectation of downside risk

Institutional Positioning

Call additions: HYG 07/02 $80 Call (2500 vol) small near MP

Put additions: Dominant: HYG 07/02 $79.50 Put (4502 vol, 22.9x OI); also $82 Nov put (396 vol) defensive

GEX/DEX consistency: Consistent: put selling fuels dealer short puts (positive GEX) and hedging long stock (positive DEX)

OI clusters: Put OI cluster at $79 (296.7k contracts, 1.1% below spot) = gamma flip level

Hedging evidence: Long-dated $82 Put (Nov) suggests protective hedging; $79.50 Put near-term downside hedge

Max pain context: Spot at MP (~$80), GEX positive → pinning expected, flat path

Signal vs Noise

~Unusual $79.50 put volume (22.9x OI) is strong bearish signal.

~Put/call volume ratio 4.1 confirms bearish flow signal.

~GEX/DEX consistency with bearish flow is real dealer positioning signal.

~VIX at 19 is noise in current context.

Key Conclusions

📉Heavy put buying at $79.50 signals bearish near-term bias for HYG.

🛡️Long-dated $82 put indicates institutional downside hedging.

🔮Positive GEX and spot at MP suggest pinning near $80, limiting downside.

How to Use These Reports

This flow reflects the market close on June 23, 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.