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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.88EOD only
Max Pain
$79.50
Next expiry Jun 26, 2026
Expected Move
±$0.17
0.2% from close
Price Gap
-0.38
Distance to max pain
IV Rank
0
Low premium
P/C OI
3.28
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Jun 25, 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 25, 2026 close
HYG Flow Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Sustained put flow or break below $79 gamma flip level.
Invalidation: Sustained rally above $83 or sharp drop in put volume.
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 18

Watch next session: $79 gamma flip level; Put volume vs OI changes

Flow Summary

Net premium: -$38.2M bearish

P/C volume ratio: 7.35

P/C OI ratio: 3.24

Heavy put volume dwarfs calls, net premium negative, signaling aggressive hedging or bearish bets. However, positive GEX and low volatility point to dealer pinning near current levels. The unusual put print adds bearish conviction. Market context negative, but VIX moderate. Key level to watch is $79 gamma flip.

Notable Prints

#1
HYG 2026-11-20 $82.00 Put
Vol: 396
OI: 180
Vol/OI: 2.2x
IV: 21.3%
Notional: ~$164K
Intent: Hedging downside risk in HYG amid risk-off sentiment
Dual read: Speculative bearish bet on high-yield bonds

Read-through: New put positions suggest expectation of further decline or protection; aligns with market weakness and low VIX

Institutional Positioning

Call additions: Minimal; net premium -$38.2M

Put additions: Strong; put/vol ratio 7.35, unusual $82 put block (396 vol vs 180 OI)

GEX/DEX consistency: Mixed: GEX positive ($299M) pinning, DEX long (178.9M shares) but flow bearish

OI clusters: Put OI concentration at $79 (gamma flip) and $82 put

Hedging evidence: Large $82 put block: possibly hedging HYG, but could be directional speculation

Max pain context: Spot at MP (~$79.95); GEX positive suggests near-term pinning

Signal vs Noise

~Heavy put buying with 7.35 put/call volume ratio is real bearish signal
~Low VIX (18.4) despite equity selloff is noise due to low volatility regime

Key Conclusions

📉HYG put/call ratio 7.35 signals extreme bearish positioning; institutions hedging or speculating downside
⚠️GEX positive and spot at MP suggest pinning, but heavy put flow contradicts, raising reversal risk
How to Use These Reports
This flow reflects the market close on June 26, 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.