thetaOwl
HomeOptionsHYGReports

HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.26EOD only
Max Pain
$80.00
Next expiry Apr 17, 2026
Expected Move
±$0.29
0.4% from close
Price Gap
-0.26
Distance to max pain
IV Rank
50
Middle-high premium
P/C OI
4.63
Slightly put-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 13, 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
Apr 13, 2026 close
HYG AI Consensus Report
Analysis based on market close April 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
6.5

out of 10

6.5 because positioning, dealer gamma and concentrated strikes create a clear operational thesis (pin at $80 with downside risk if breached), but conviction is capped by conflicting flow signals (institutional hedging could absorb and reverse moves) and by a single precise technical trigger (a sub-$79 gamma flip) that would quickly invalidate the structural view.

Where Perspectives Agree

Market is effectively pinned at $80 in the near term — dealer gamma and concentrated option interest create a magnet that will keep HYG sticky around $80 unless a decisive break occurs; current positioning and premium dynamics favor range-bound, premium-driven trades with downside risk if the pin fails.

Where They Diverge

Directional sees a biased drift lower and expects a gamma-amplified breakdown; flow signals (institutional hedges/protective put accumulation) suggest sizable bid under the tape that would absorb selling and blunt momentum — these two views directly contradict whether downside selling can sustain a trend. Theta recommends aggressive premium selling because of low front-week IV and pin stability, but that approach would suffer materially if flow-led buying absorbs and then reverses into a short-squeeze or if a gamma flip occurs — so theta and directional are at odds on trade survivability.

Top Trade
via theta

Sell May 01 2026 80/78 put spread for a net credit (defined-risk premium sell)

Key Risk

A decisive break below $79.00 triggers a dealer gamma flip (loss of the $80 pin), which would accelerate downside into the $76 area and invalidate the range/premium-selling thesis.

Read the AI Analyst Consensus for HYG for 2026-04-13. This synthesis report combines directional, theta, flow, and earnings perspectives into one conviction view with setup, trigger, and invalidation context.