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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.65EOD only

Max Pain

$79.50

Next expiry Apr 24, 2026

Expected Move

±$0.33

0.4% from close

Price Gap

-1.15

Distance to max pain

IV Rank

100

High premium

P/C OI

4.82

Slightly put-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 17, 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 17, 2026 close

HYG Theta Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

30d avg IV ~17–19% vs VIX 18.9%; short-dated put IV higher (24–26%) producing a skew premium.

Favorable?

Yes

Term structure: Elevated near-term put IV vs calls (4–18d expiries) — strong tail demand and front-loaded skew.

⚠️Premium selling feasible only with defined risk and tight sizing given rich short-dated put IV and pin risk.

📉Dealer GEX negative (~-$2.5M) and heavy net premium sold — flow is bearish, increasing downside gamma exposure.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-2.5M)

Gamma flip: ~$77.00 — Approx — based on put OI concentration of 359,680 (4.4% below spot)

OI concentrations: Put OI clustered at $80 across near expiries; cluster ~4.4% below spot; gamma flip near $77.

Verdict: High near-term pin risk into expiries (2026-04-24, 05-01, 05-08); monitor order flow and spot drift toward $80 closely.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $80.00/$77.00 put spread

Sell 2026-05-15 80/77 put spread to collect elevated put premium with defined loss.

Credit: $0.12-$0.14

Max loss: $2.86

BE: $79.86

Mgmt: Close or roll if spot slides toward $80–$77, or if short-put IV spikes >30% vs current. Liquidity warning: Liquidity constraints: long_put: Wide spread (133%).

Iron condor

Sell 2026-05-29 $80.00/$79.50 put wing and $81.00/$82.50 call wing

Sell 2026-05-29 80/79.5 put wing and 81/82.5 call wing to widen edge across both sides.

Credit: $0.23-$0.29

Max loss: $1.21

BE: 79.71 / 81.29

Mgmt: Tighten or hedge if pin risk into expiries or spot approaches put wing. Liquidity warning: Liquidity constraints: short_put: Wide spread (147%).; long_put: Open interest below 25.; long_call: Open interest below 25.

Covered call

Buy shares + sell 2026-06-18 $81.00 call

Buy shares and sell 2026-06-18 81 call to collect modest premium.

Credit: $0.18-$0.22

Max loss: Stock downside to $0 less call premium

BE: $80.36

Mgmt: Reduce stock exposure if spot falls toward $80 or IV conditions worsen. Liquidity warning: Liquidity constraints: short_call: Wide spread (70%).

Risk Alerts

!Spot slide toward $80/$77 rapidly increases short-put losses and gamma exposure

!Short-dated put IV repricing (spike) invalidates premium-selling edge

!Large buy-to-open put blocks or dealer flow reversals can steepen skew and amplify moves

How to Use These Reports

This theta reflects the market close on April 20, 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.