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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.58EOD only

Max Pain

$79.50

Next expiry Apr 24, 2026

Expected Move

±$0.24

0.3% from close

Price Gap

-1.08

Distance to max pain

IV Rank

Low premium

P/C OI

4.89

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 20, 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 20, 2026 close

HYG Theta Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +0.5 VIX 20

IV Environment

IV Regime

Low

IV vs VIX

Underlying IV (avg ~9.9) is materially below VIX 19.5; short-dated puts show marked skew/richness vs calls.

Favorable?

Term structure: Mixed term structure: very rich short-dated puts (4–17d) with higher longer-dated ATM in places; front-week skew concentrates downside risk.

⚠️Dealers net short gamma (GEX -$192M) increases short-squeeze vulnerability

📌Max-pain cluster at $80 across near expiries creates elevated pin risk

🛑Premium-selling discouraged: assignment/early-exercise and margin/financing costs raise effective risk and sizing

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-192.4M)

Gamma flip: ~$78.00 — Approx — based on put OI concentration of 390,133 (2.9% below spot)

OI concentrations: Heavy put OI at $80 (major pins); put OI 390,133 ~2.9% below spot; gamma flip ~78

Verdict: High pin risk into next three expiries around $80; localized support $74–$76 but fragile; assignment probability elevated for short put positions

Premium Opportunities

Call diagonal

Sell 2026-05-29 $82.50 call / buy 2026-06-18 $81.00 call

Buy longer-dated $81 call, sell nearer-dated $82.50 call to fund most of the long, capturing front-week theta while retaining longer upside exposure; edge is cheap carry (short leg theta > long leg theta) with defined downside risk = debit.

Debit: $0.10-$0.13

Max loss: $0.13

BE: Path-dependent

Mgmt: Buy back short call if underlying closes >$83 on daily basis or if IV short >+40% vs long; consider selling another near-dated call to roll credit if short expires worthless; exit long if underlying <$77 or net debit doubles. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Wide spread (56%).

Call diagonal

Sell 2026-05-22 $81.50 call / buy 2026-06-18 $86.00 call

Short near-term $81.50 call to harvest premium and hold longer-dated $86 call for convex upside; edge is time decay financing a cheap long call that benefits from a sustained move or IV rise.

Credit: $0.32-$0.40

Max loss: $0.01

BE: Path-dependent

Mgmt: Close or roll short before a daily close >$82.50 or if IV short >+45% vs long; trim the long if underlying rallies past $88; cut if underlying falls below $76. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Dealer -gamma and negative net premium amplify short-squeeze/gap risk

!Front-week put IV skew can reprice quickly on down moves

!Assignment / early-exercise risk for short options; margin/financing exposure can force reductions and invalidate positions

!Invalidation: breach of 1w guardrails with rising IV

How to Use These Reports

This theta reflects the market close on April 21, 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.