base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.0% from MP; +1 VIX 18
Watch next session: $79 gamma flip; $80 and $82 put strikes
Net premium: -$38.9M bearish
P/C volume ratio: 7.29
P/C OI ratio: 3.21
HYG exhibits heavy put buying (put/call vol ratio 7.3, net premium -$39M). Despite positive gamma (+$1.8B) pinning near $80, large put OI at 80 and 82 and unusual put prints suggest bearish sentiment. A break below $79 gamma flip could accelerate sell-off, while holding above $80 would invalidate.
#1HYG 2027-01-15 $80.00 Put
Intent: Large protective put hedge
Dual read: Or short put if sold, but volume suggests buying
Read-through: Bearish on HYG credit risk; hedging against a drop to $80
#2HYG 2026-11-20 $82.00 Put
Intent: Speculative bearish bet on near-term decline
Dual read: Could be rolling higher strikes
Read-through: Additional bearish sentiment on HYG downside
Call additions: Minimal; flow dominated by put buying.
Put additions: Heavy; unusual $80 put (45k vol vs 15.8k OI) and $82 put (396 vol vs 180 OI).
GEX/DEX consistency: GEX +1.8B (positive) aligns with pinning but contradicting bearish flow; likely hedging.
OI clusters: Large put OI at $80 (15.8k) and $82 (180) strikes; gamma flip near $79.
Hedging evidence: Puts added as hedges against HYG downside; collar activity possible.
Max pain context: Spot at MP ($79.50 approx); pinning expected; high put OI below.
~Unusual put volume on $80 strike is real signal; confirms bearish positioning.
~Low VIX (17.65) despite heavy put buying may be noise; complacency vs hedging.