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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $77.86EOD only

Max Pain

$78.00

Next expiry Oct 2, 2026

Expected Move

±$0.71

0.9% from close

Price Gap

+0.14

Distance to max pain

IV Rank

Low premium

P/C OI

3.32

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Sep 25, 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

Sep 25, 2026 close

HYG Theta Report

Analysis based on market close May 13, 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 May 13, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +1 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

IV (11.2%) below VIX (17.9%)

Favorable?

Term structure: Extreme near-term put skew; 2-day put IV 35.7% due to pin risk; structure normalizes after 2 weeks

⚠️Put OI at $79, 5.26x calls; max pain $80; pin risk elevated

📉IV lower than VIX, but near-term put skew extreme

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-3.0B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 486,264 (1.1% below spot)

OI concentrations: Heavy put OI at $79 (486k) and $80; put/call OI ratio 5.26

Verdict: Elevated pin risk near $80, especially for 2-day expiration

Premium Opportunities

Put credit spread

Sell 2026-06-18 $79.00/$78.00 put spread

Sell 2026-06-18 $79/$78 put spread to capture theta while limiting risk.

Credit: $0.14-$0.18

Max loss: $0.82

BE: $78.82

Mgmt: Close at 50% max profit or adjust if spot breaches $79 invalidation. Liquidity warning: Liquidity constraints: short_put: Wide spread (61%).

Risk Alerts

!2-day put IV 35.7% signals extreme pin risk

!Negative GEX (-$3B) may amplify spot moves

!Spot at max pain $80; expect pin action

How to Use These Reports

This theta reflects the market close on May 13, 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.