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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.35EOD only

Max Pain

$79.50

Next expiry May 22, 2026

Expected Move

±$0.23

0.3% from close

Price Gap

+0.15

Distance to max pain

IV Rank

Low premium

P/C OI

3.74

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

HYG Theta Report

Analysis based on market close May 15, 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 15, 2026. A newer theta report is available for May 19, 2026.

View latest report

Theta Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.7% from MP; +0.5 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

IV (9.27%) is below VIX (18.43), options relatively cheap

Favorable?

Term structure: Elevated put premiums near expiration, dip at 1w, then rise; near-term uncertainty high

⚠️Put OI ratio 4.05:1 indicates heavy put concentration, potential floor near $80

📉IV at 9.27% is low relative to VIX, limiting premium income

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-4.3B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 497,995 (0.6% below spot)

OI concentrations: Put OI heavily concentrated at $80 strike across multiple expirations (max pain). Put/Call OI ratio 4.05:1.

Verdict: Pin risk elevated: spot near $80 max pain, heavy put OI may pin at expiration

Premium Opportunities

Put calendar

Sell 2026-06-18 $78.00 put / buy 2026-07-17 $78.00 put

Sell near-term put, buy later expiry to profit from term structure steepening and pin risk.

Debit: $0.26-$0.31

Max loss: $0.31

BE: Path-dependent

Mgmt: Close if spot breaks below $79 invalidation.

Risk Alerts

!Heavy put OI skew could trigger dealer hedging if spot declines below $79 gamma flip

!Low IV environment favors buying options; consider long put spreads

How to Use These Reports

This theta reflects the market close on May 15, 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.