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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.35EOD only
Max Pain
$80.00
Next expiry Apr 17, 2026
Expected Move
±$0.12
0.1% from close
Price Gap
-0.35
Distance to max pain
IV Rank
100
High premium
P/C OI
4.79
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 16, 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 16, 2026 close
HYG Theta Report
Analysis based on market close April 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6.5 / 10
Sizing: Moderate
Primary: Put credit spreads near 79/77 OI support
Invalidation: Close below gamma flip ~$79
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 7.7% vs VIX 18.17 — IV is depressed relative to market
Favorable?
No

Term structure: Very low near-term IV (2026-04-17 ATM 5.0%, 2026-04-24 ATM 7.3%) with a bump in mid-month (2026-05-01 ATM 13.6%).

⚠️Low ATM IV (7.7%) compresses premium — collectable theta is limited
📌IV curve shows a mid-month vol pick-up (5/01 ATM 13.6%) — use calendars/diagonals to harvest the kink

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-114.0M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 520,372 (1.8% below spot)

OI concentrations: Large put OI at $79.00 (520,372), $77.00 (418,401) and call OI cluster at $81.00 (210,305). Near-term GEX magnets at $81.00 (+$518.4M) and $80.50 (+$198.7M); max pain sits at $80.00 across front expirations.

Verdict: Threatening — negative total GEX (-$114.0M) and bearish flow mean dealers are net short gamma and positioning is trending; although large put OI and near-term GEX magnets around $80-$81 provide a short-term pin, the negative GEX increases tail risk and can threaten credit positions if price trends down through the ~79 gamma flip.

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $80.00/$69.00 put spread
Sell the 2026-05-15 80/69 put credit spread to collect credit while keeping a defined 11-point wing as protection; prefer moderate sizing and manage below the gamma flip ~$79.
Debit: $0.01-$0.01
Max loss: $11.00
BE: $80.00
Mgmt: Close at 50–65% of max profit; exit or convert to long-dated protection on daily close below ~$79 Liquidity warning: Liquidity constraints: short_put: Wide spread (61%).; long_put: Wide spread (196%).
#2
Put calendar
Sell 2026-04-24 $79.00 put / buy 2026-06-18 $79.00 put
Sell near-term puts into the 5/01 expiry and buy back-month puts to capture term-structure — strike selection around 78–79 to align with OI support.
Debit: $0.45-$0.54
Max loss: $0.54
BE: Path-dependent
Mgmt: Trim if IV collapses across both expiries or if price moves decisively through $79
#3
Cash-secured put
Sell 2026-05-15 $79.00 cash-secured put
Sell cash-secured puts with 30–45 DTE targeting 0.20–0.30 delta around $77–$78; manage size given negative GEX.
Credit: $0.09-$0.12
Max loss: $78.88
BE: $78.88
Mgmt: Avoid selling into a close below gamma flip; scale into position and set buyback targets at 50% of collected premium Liquidity warning: Liquidity constraints: short_put: Wide spread (181%).

Risk Alerts

!Earnings/windows: 2026-04-17 (2d), 2026-04-24 (9d), 2026-05-01 (16d) — front expirations sit on earnings; avoid selling naked through these events.
!Negative total GEX (-$114.0M) and bearish net premium flow (-$9.7M) — trending regime increases risk of quick one-way moves against short premium.
!Low ATM IV (Avg IV 7.7%) — compressed premium limits edge for naked premium sellers; consider defined-risk structures or calendars.
!Gamma flip ~$79 — a close below this level can accelerate selling pressure and invalidate short put/condor theses.
!Large concentrated put OI at $79/$77/74 can pin short term but also concentrate assignment and liquidity risk if those levels are breached.

Read the Theta analysis for HYG for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.