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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.84EOD only

Max Pain

$80.00

Next expiry Jun 5, 2026

Expected Move

±$0.29

0.4% from close

Price Gap

+0.16

Distance to max pain

IV Rank

Low premium

P/C OI

3.85

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

HYG Theta Report

Analysis based on market close April 15, 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 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

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?

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

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%).

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

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.

How to Use These Reports

This theta reflects the market close on April 15, 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.