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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.50EOD only
Max Pain
$80.00
Next expiry Apr 24, 2026
Expected Move
±$0.26
0.3% from close
Price Gap
-0.50
Distance to max pain
IV Rank
0
Low premium
P/C OI
4.57
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 22, 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 22, 2026 close
HYG Theta Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell 1–8d put credit spreads or cash‑secured puts while buying a further OTM long put as tail hedge; avoid naked short puts or size small
Invalidation: Sustained move below gamma-flip $78 or VIX spike >25 that re-prices short-dated puts
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +0.5 VIX 19

IV Environment

IV Regime
Low
IV vs VIX
Avg IV ~9.7 vs VIX 19 — long-term IV depressed but very elevated short-dated downside IV
Favorable?
Yes

Term structure: Steep short-dated put skew (1–8d expiries) with highest IV near nearest strikes

⚠️High 1–8d put IV skew concentrates downside risk near $80
📌Gamma pinning at $80 with dealer GEX +$70M supports spot but increases pin pressure
💥Concentrated OI + dealer GEX raises assignment/forced-buy-in and margin-risk on sharp downsides

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+70.2M)

Gamma flip: ~$78.00 — Approx — based on put OI concentration of 402,297 (2.9% below spot)

OI concentrations: Put OI concentrated at $80 (~402k contracts) with repeated pins near that strike

Verdict: Elevated pin risk and assignment risk at $80; positive dealer GEX can amplify pin and cause forced buy-ins if spot breaches gamma-flip ~78

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $80.00/$79.50 put spread
Collect elevated short-dated premium while capping risk via a 50c vertical; avoids naked short-put gamma.
Debit: $0.09-$0.11
Max loss: $0.50
BE: $80.00
Mgmt: Keep size small; buy further OTM long put if hedge desired; close or roll if spot ≤78 or IV spikes >25. Liquidity warning: Liquidity constraints: short_put: Wide spread (108%).; long_put: Wide spread (194%).
#2
Cash-secured put
Sell 2026-06-18 $80.00 cash-secured put
Sell one-month-plus premium to collect higher credit; suits conservative sellers preferring assignment eligibility.
Credit: $0.57-$0.69
Max loss: $79.31
BE: $79.31
Mgmt: Size smaller than usual, buy tail protection, monitor concentrated OI at 80 and exit/roll if breach of 78 or sharp IV gap.

Risk Alerts

!Concentrated put OI at $80 increases pin, assignment and short‑squeeze risk
!Short-dated put IV skew can gap wider on downside prints — hedges may jump in cost
!Dealer GEX positive may exacerbate pin; breaking below 78 can trigger forced buys, margin stress and rapid repricing
How to Use These Reports
This theta reflects the market close on April 23, 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.