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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.37EOD only
Max Pain
$80.00
Next expiry Apr 24, 2026
Expected Move
±$0.33
0.4% from close
Price Gap
-0.37
Distance to max pain
IV Rank
11
Low premium
P/C OI
4.94
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Apr 21, 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 21, 2026 close
HYG Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Short put spread (defined-risk)
Invalidation: Close below $78 with sustained IV rise/dealer gamma flip
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
Low
IV vs VIX
Low ATM IV (~9%) vs VIX ~18.9; pronounced short-dated put skew
Favorable?
Yes

Term structure: Steep near-term put vols (2–16d) >> calls; longer-term vols mixed

📌Max pain concentrated at $80 across near expiries
⚠️Short-dated put IV >> ATM — heightened downside option premium
🗓️Catalyst risk: earnings/dividend/news due within next 7 days — could spike IV

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+486.9M)

Gamma flip: ~$78.00 — Approx — based on put OI concentration of 393,312 (3.1% below spot)

OI concentrations: Put OI clustered at $80 (~3.1% below spot); gamma flip ≈ $78

Verdict: Elevated pin risk near $80 through next expiries

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $79.00/$63.00 put spread
Sell 2026-06-18 79/63 put spread to collect premium with capped loss; expresses premium selling edge while limiting tail risk.
Credit: $0.23-$0.29
Max loss: $15.71
BE: $78.71
Mgmt: Close or roll if HYG closes below 80 or IV spikes; trim on VIX>25 or rapid skew steepening. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
#2
Covered call
Buy shares + sell 2026-06-18 $89.00 call
Buy shares and sell 2026-06-18 89 call to earn carry and partial downside cushion from premium.
Credit: $0.04-$0.04
Max loss: Stock downside to $0 less call premium
BE: $80.46
Mgmt: Buy back calls or roll up if HYG rallies toward 89; cut equity if spot breaches 78 with rising IV. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Spot breach < $78 with rising IV/dealer buyback
!VIX spike >25 or rapid skew steepening
!Upcoming earnings/dividend/news within 7 days — stress: IV +50% or intraday spot gap >5%
How to Use These Reports
This theta reflects the market close on April 22, 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.