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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.87EOD only

Max Pain

$79.50

Next expiry Jun 26, 2026

Expected Move

±$0.18

0.2% from close

Price Gap

-0.37

Distance to max pain

IV Rank

Low premium

P/C OI

3.27

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 23, 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 23, 2026 close

HYG Flow Report

Analysis based on market close June 24, 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 0.4% from MP; +0.5 VIX 19

Watch next session: Monitor put volume continuation; Check for reversal patterns

Flow Summary

Net premium: -$50.0M bearish

P/C volume ratio: 3.62

P/C OI ratio: 3.28

Heavy put volume (P/C ratio 3.6) and net premium negative indicate bearish flow. Positive gamma ($233M) and pinning may slow decline. Deep OTM put buying suggests hedging or downside bets.

Notable Prints

HYG 2026-12-18 $79.00 Put

Vol: 16,500

OI: 242

Vol/OI: 68.2x

IV: 12.3%

Notional: ~$2.6M

Intent: Bearish speculation or hedge

Dual read: Institutional bond hedging

Read-through: Downside protection near spot

HYG 2027-01-15 $76.00 Put

Vol: 22,500

OI: 529

Vol/OI: 42.5x

IV: 20.5%

Notional: ~$2.1M

Intent: Long-dated bearish bet

Dual read: Tail-risk hedge

Read-through: Expects deeper credit downturn

HYG 2026-11-20 $80.00 Put

Vol: 52,530

OI: 19,040

Vol/OI: 2.8x

IV: 19.0%

Notional: ~$8.0M

Intent: Put spread or roll

Dual read: Profit-taking on prior bearish

Read-through: Moderate bearish view

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 21.2%

Notional: ~$164K

Intent: Small speculative buy

Dual read: Part of spread

Read-through: Low volume, limited signal

HYG 2026-09-18 $82.00 Call

Vol: 50,050

OI: 23,750

Vol/OI: 2.1x

IV: 4.5%

Notional: ~$100K

Intent: Closing prior call (very low IV)

Dual read: Speculative cheap gamble

Read-through: Negligible directional

Institutional Positioning

Call additions: Deep OTM call buying at $82 (50k vol) suggests speculative long or risk reversal.

Put additions: Heavy put volume at $79/$80/$75/$76 strikes, vol/oi >>1, opening positions.

GEX/DEX consistency: GEX +$233.5M conflicts with bearish flow; possible prior positioning.

OI clusters: Largest OI at $79 put (300k), ~1% below spot.

Hedging evidence: Large put hedge credit risk; gamma flip at $79.

Max pain context: Spot at max pain; GEX pins price.

Signal vs Noise

~Large put vol/oi ratios signal new institutional positioning.

~$82 call volume may be noise but could indicate risk reversal.

Key Conclusions

🛡️Institutions adding puts across curve, bearish credit view and hedging.

⚖️Positive GEX and spot at MP pinning, but conflicting flow risks breakdown below $79.

📉Net premium -$50M, put/call ratio 3.6 confirms bearish dominance.

How to Use These Reports

This flow reflects the market close on June 24, 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.