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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.91EOD only
Max Pain
$80.00
Next expiry May 15, 2026
Expected Move
±$0.18
0.2% from close
Price Gap
+0.09
Distance to max pain
IV Rank
52
Middle-high premium
P/C OI
5.26
Slightly put-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: May 13, 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
May 13, 2026 close
HYG Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Put debit spread
Invalidation: Spot below $79 gamma flip; put wall breach
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.2% from MP; +1 VIX 17

IV Environment

IV Regime
Low
IV vs VIX
IV 8.5% vs VIX 17.3 – cheap options overall
Favorable?
No

Term structure: Front put IV 36% vs call 14% extreme skew; back months normalize

⚠️Extreme put skew 0DTE – short-term tail risk priced in

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-3.5B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 487,614 (1.1% below spot)

OI concentrations: Max pain $80 pins 5/15,5/22,5/29; put OI 487k at $79 (1.1% below spot)

Verdict: Elevated – spot near $80 max pain, gamma flip at $79

Premium Opportunities

Risk Alerts

!Gamma flip at $79 may accelerate moves
!Dealer negative gamma -$3.5B amplifies price swings
!Front-month expiration exposes pin risk
How to Use These Reports
This theta reflects the market close on May 14, 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.