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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.91EOD only
Max Pain
$79.50
Next expiry May 29, 2026
Expected Move
±$0.41
0.5% from close
Price Gap
-0.41
Distance to max pain
IV Rank
4
Low premium
P/C OI
3.83
Slightly put-heavy
Consensus
9.0/10
Bearish tilt
Published snapshot: May 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
May 22, 2026 close
HYG AI Consensus Report
Analysis based on market close April 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 9, 2026. A newer ai consensus report is available for May 22, 2026.

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Conviction
6.5

out of 10

6.5 because strong negative GEX and concentrated put positioning give structural downside skew, but low IV, clustered expiries this month (pin risk), and the possibility of a fast gamma flip keep conviction from being higher — the thesis is credible but fragile to an expiry-driven squeeze or volatility spike.

Where Perspectives Agree

Market positioning and flow converge on a bearish pin toward $79 — dealer short-gamma and concentrated put interest make $79 the magnet and amplify downside once that level cracks.

Where They Diverge

Low market-implied vol and narrow short-term bounds argue for premium-selling/mean-reversion (theta), but the directional view warns a break below $79 will trigger dealer gamma-driven acceleration that would liquidate short-premium trades — this directly undermines aggressive credit-selling. Flow signals of institutional accumulation of protection (puts) further conflict with any high-conviction short-gamma income stance.

Top Trade
via theta

Sell 2026-04-24 79/76 put spread for a credit (theta trade) — defined-risk premium capture ahead of pin expiries.

Key Risk

A daily close decisively below $79 triggers the dealer gamma flip — dealers shift from short- to long-gamma, removing the pin and accelerating downside toward $76 (gap-fill), which would invalidate short-premium and neutral-bear continuation trades.

How to Use These Reports
This ai consensus reflects the market close on April 9, 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.