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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.50EOD only
Max Pain
$80.00
Next expiry Apr 17, 2026
Expected Move
±$0.16
0.2% from close
Price Gap
-0.50
Distance to max pain
IV Rank
76
High premium
P/C OI
4.65
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 14, 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 14, 2026 close
HYG AI Consensus Report
Analysis based on market close April 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
6.0

out of 10

Score 6 because structural dealer pinning and concentrated GEX give a real, actionable bias, but the conviction is capped by clear, active bearish flow and the risk of a fast gamma flip; low IV reduces hedging cost but raises tail vulnerability, so the signal is meaningful but fragile.

Where Perspectives Agree

Market is pinned to $80 by dealer gamma and positioning, creating a low-volatility, mean-reverting regime where premium sellers and defined-risk income strategies are favored so long as the pin holds.

Where They Diverge

Flow-driven institutional put accumulation and net negative premium flow create a latent downward pressure that directly contradicts the pin-as-permanent-support thesis — if flow intensifies it undermines dealer net short-gamma and can force a fast downside move; additionally, the low short-dated IV regime means a volatility shock would disproportionately harm naked premium sellers despite the pin.

Top Trade
via theta

Sell May 01 2026 $79/$77 put spread for credit (defined-risk theta income).

Key Risk

A decisive break and close below $79 triggers a dealer gamma flip and removes the pin, causing rapid downside to the $77–$74 cluster and invalidating short/neutral income trades.

Read the AI Analyst Consensus for HYG for 2026-04-14. This synthesis report combines directional, theta, flow, and earnings perspectives into one conviction view with setup, trigger, and invalidation context.