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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.31EOD only

Max Pain

$80.00

Next expiry Jun 5, 2026

Expected Move

±$0.46

0.6% from close

Price Gap

-0.31

Distance to max pain

IV Rank

Low premium

P/C OI

3.80

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: May 29, 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 29, 2026 close

HYG Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 13, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

Avg IV 8.2% vs VIX 19.12 IV depressed vs market

Favorable?

Term structure: Very low front-week IV (4-11d: 5.5%-5.9%), a bump at the 18d point (2026-05-01 ATM 13.0%) — calendar convexity exists around the 18d tenor

⚠️Front-week ATM IV 5.5%-5.9% — poor theta edge for naked premium sells

🟢18d ATM vol (2026-05-01) is 13.0% — the only near-tenor with materially richer vol to harvest

Pin Risk Assessment

Spot vs MP: At (Spot $80.26 vs Max Pain $80.00 this week)

GEX regime: Trending (GEX -$1.2B) dealers short gamma — increases trend risk

Gamma flip: ~$79.00 — Below ~$79 dealers flip; negative GEX amplifies moves away from current spot, reducing safe pinning

OI concentrations: Put wall $79 (530,520 OI), $77 (420,374 OI), $74 (369,382 OI); Call wall $81 (211,219 OI), $83 (81,309 OI)

Verdict: Threatens credit positions — MP is close but negative GEX (trending) raises risk of sustained moves; defined-risk structures preferred

Premium Opportunities

put spread

Sell 79/76 put spread exp 2026-05-01 (18 DTE)

2026-05-01 tenor shows ATM IV = 13.0% (richer than front week). Large put OI at $79 creates both a pin and liquidity to sell into. Defined-risk spread protects against trending dealers (GEX -$1.2B).

Credit: $0.50-$0.80

Max loss: $2.20

BE: 78.50

Mgmt: Take profits at 60-70% of max credit; roll down 1-2 strikes or widen to the $76/$73 spread if price closes below $79; cut losses if HYG < $78.00 (close below gamma flip $79 triggers defensive action)

iron condor

Sell 76/74 put and 82/84 call iron condor exp 2026-05-15 (32 DTE)

32 DTE ATM vol 6.6% is low but the wings chosen sit near structural put floor (74-76) and call OI walls (82-83) to collect premium with defined risk. Use 32 DTE to capture steady theta while keeping width small against low IV.

Credit: $0.40-$0.65

Max loss: $1.60

BE: 75.60 / 82.65

Mgmt: Close at 50% of max profit; if either short strike is tested intraday, tighten by buying protective wing or close that side; exit entire position if HYG < $79 (gamma flip) with confirmed momentum.

cash-secured put (CSP)

Sell $77 put exp 2026-05-15 (32 DTE)

Conservative assignment-ready income near strong put OI at $77 (420,374). Lower IV implies small credit but acceptable entry for those willing to own HYG at a modest discount inside put floor range.

Credit: $0.20-$0.40

Max loss: $77.00

BE: $76.80

Mgmt: Take profits at 50-70% of premium collected; roll down one strike and out ~15-25 DTE if tested; close if HYG < $78.00 with accelerating negative flow.

short-dated put spread (aggressive wing)

Sell 79/78 put spread exp 2026-04-24 (11 DTE) — weekly

Front-week IV depressed (5.9% on 11d) so absolute credits are small; use defined-risk 1-point width to capture fast theta with limited risk as a tactical trade since spot ~max pain.

Credit: $0.06-$0.14

Max loss: $0.86

BE: 78.40

Mgmt: Close at 70% of max profit by mid-week; stop-loss if spread widens to >50% of width or if HYG < $79 intraday; avoid rolling into another low-IV weekly unless skew improves.

Risk Alerts

!Gamma flip ~$79 — dealers flip behavior below this level; tighten risk management for credits if HYG trades < $79

!Total GEX large negative (-$1.2B) trending regime increases chance of sustained moves away from max pain

!Very low short-dated IV (4-6% for 4-11d) — selling naked premium front-week yields minimal edge and higher assignment/volatility-normalization risk

!Large concentrated put OI at $79/$77/$74 — while providing liquidity, these walls can be broken if flow turns; defined-risk structures preferred

!No explicit earnings/ex-dividend data provided — absence noted (do not sell naked through unknown earnings if they exist)

How to Use These Reports

This theta reflects the market close on April 13, 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.