thetaOwl
HomeOptionsHYGReports

HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.50EOD only
Max Pain
$80.00
Next expiry Apr 24, 2026
Expected Move
±$0.26
0.3% from close
Price Gap
-0.50
Distance to max pain
IV Rank
0
Low premium
P/C OI
4.57
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 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
Apr 22, 2026 close
HYG AI Consensus Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
5.5

out of 10

5.5 because dealer gamma and current pin provide a plausible short-term magnet, but low IV, potential macro shocks and the risk of a gamma flip below ~78 materially limit higher conviction.

Where Perspectives Agree

Dealer gamma is pinning HYG near $80 creating a chop regime where hedging dynamics favor mean-reversion and premium decay — the clean actionable bias is mild bearish-to-neutral with selling/opportunistic directional exposure into the pin.

Where They Diverge

No direct persona-level contradictions present in the supplied directional view; however, absent theta and flow details prevents identifying cross-persona incompatibilities — if flow shows strong institutional buying it would contradict the bearish skew implied by option flow.

Top Trade
via directional

Buy 2026-05-15 80/76 bear put spread (directional) — debit trade sized for defined risk and tilted to profit if spot slips through the gamma flip.

Key Risk

Break and close below ~78 (gamma flip) with follow-through selling — dealer hedge unwind removes the pin, cascades downside toward mid-$70s and invalidates the mild bearish-to-neutral thesis.

How to Use These Reports
This ai consensus reflects the market close on April 23, 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.