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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.96EOD only

Max Pain

$80.00

Next expiry Apr 17, 2026

Expected Move

±$0.53

0.7% from close

Price Gap

+0.04

Distance to max pain

IV Rank

High premium

P/C OI

4.63

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 10, 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 10, 2026 close

HYG Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7 / 10

base 8.0; -1 for Low IV (avg IV 9.7%, ATM 6.3% 7d) reducing edge; keep +1 for strong OI/pin structure

IV Environment

IV Regime

Low

IV vs VIX

Avg IV 9.7% (ATM 7d 6.3%) — IV is low for a bond ETF; no VIX provided

Favorable?

Term structure: Very flat/low near-term (7d 6.3%, 14d 9.1%, 35d 6.9%) with slight lift 21-35d — little term premium to harvest; calendars offer limited edge

⚠️Avg IV 9.7% / very low ATM vols — poor tail protection for naked premium sellers

📌Max pain pinned at $80 across near expirations — concentrated OI around $79/$80 provides level to work around

Pin Risk Assessment

Spot vs MP: At (pre-computed: Spot vs MP: At; MP levels $79.50-$80.00 near-term)

GEX regime: Trending (GEX -$2.5B) — dealers are net short gamma, which tends to amplify moves rather than gently pin

Gamma flip: ~$79.00 — Gamma flip ≈ $79. Below this level dealers' hedging will amplify moves (trend acceleration risk).

OI concentrations: Large put walls: $79 (543,301 OI), $77 (423,635), $74 (368,381). Call OI concentrated at $81 (246,639). Put-heavy flow net (Top premium flow shows heavy puts at $79/$76/$75).

Verdict: Mixed — heavy put OI and max-pain near $80 create a support/pin magnet, but strongly negative GEX (trending) increases risk of directional moves and makes naked short strikes vulnerable; prefer defined-risk structures.

Premium Opportunities

put spread

Sell 2026-05-15 77/74 put spread (35 DTE)

Defined-risk short put spread positioned at the large OI put wall ($77 OI 423,635) and inside structural put floor ($74-$75). Low IV means small credit but limited risk; works because dealers and OI concentration make $77–$74 an area with buying support while avoiding naked exposure below gamma flip.

Credit: $0.35-$0.55

Max loss: $2.65

BE: $76.65

Mgmt: Take profits at 50–65% of max credit; roll down-and-out if price closes below $76.50 or widen to 77/72 only if paid to do so; cut losses if spread trades at >70% of max loss or price closes below $74 with heavy follow-through.

put spread (shorter DTE)

Sell 2026-05-01 78/76 put spread (21 DTE)

Closer-term defined-risk spread that sits on top of the concentrated $79/$78 put interest; higher theta decay in near term while keeping risk limited given low IV and narrow expected move for next 2–3 weeks.

Credit: $0.25-$0.45

Max loss: $1.75

BE: $77.75

Mgmt: Close at 60% of max profit; roll down 1–2 strikes if short strike is tested and you receive >= current extrinsic value; cut losses if spread reaches 60–70% of max loss or if price closes below $76 with volume.

iron condor

Sell 2026-05-01 80/81 call spread and 77/75 put spread (21 DTE) — defined-risk two-wing condor

Short both sides while keeping defined risk; uses call OI magnet at $81 and massive put OI on the downside to create a range. Low IV reduces total credit, so use tight wings and smaller position size.

Credit: $0.40-$0.70

Max loss: $3.60

BE: 75.60 / 80.60

Mgmt: Take profits at 40–50% of max credit; close if either short strike is tested intra-day or if GEX-driven acceleration occurs (price closes beyond gamma flip $79 to the downside or >$81 to the upside).

cash-secured put (CSP)

Sell 2026-05-15 76 put (35 DTE) cash-secured

If comfortable owning HYG, selling the 76P collects a modest premium anchored by large put activity at 77/74. Lower IV means lower premium but put-heavy flow suggests support in the 74–77 area. Prefer cash-secured to avoid assignment stress.

Credit: $0.40-$0.70

Max loss: Spot - strike minus credit (approx $79.96 - 76 - credit)

BE: $75.60

Mgmt: Close at 60–75% of max profit; roll out-and-down if assigned risk is acceptable and you get paid; close before any structural break below $74 or if HYG trades and closes below gamma flip ~$79 with momentum.

short weekly call spread (defined-risk)

Sell 2026-04-17 81/82 call spread (7 DTE) — use weekly only for defined risk

Short weeklies are cheap (7d ATM IV 6.3%) but GEX shows call magnet at $81 with substantial OI — a small defined-risk call spread can capture quick theta if you want a very short-duration trade. Only use very small size because credits are minimal.

Credit: $0.03-$0.08

Max loss: $0.97

BE: $81.08

Mgmt: Close at 50–70% of max profit by mid-week; kill position if HYG trades >$81 intraday with volume or if unusual call flow accelerates; do not hold through sudden macro events.

Risk Alerts

!Gamma flip ≈ $79 — below this, dealer short-gamma hedging can accelerate downside; exit or hedge credit positions if HYG closes < $79 with momentum.

!Low IV environment (Avg IV 9.7%, 7d ATM 6.3%) — premiums are thin; avoid large naked short positions and prefer defined-risk spreads.

!Total GEX negative (-$2.5B) and net premium flow negative (Net Premium -$11.9M) — flow is put-heavy and bearish, increasing chance of directional moves.

!Concentrated put OI at $79/$77/$74 (543k / 423k / 368k) — while this provides support, it also creates pin risk and potential pin/unpin moves around those strikes.

!Unusual activity in longer-dated puts/calls (several large OTM/ITM trades in Jul-Nov 2026) — monitor multi-week flows for directional positioning by institutions.

Read the Theta analysis for HYG for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.