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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $76.91EOD only
Max Pain
$77.00
Next expiry Oct 9, 2026
Expected Move
±$0.39
0.5% from close
Price Gap
+0.09
Distance to max pain
IV Rank
13
Low premium
P/C OI
2.96
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Oct 2, 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
Oct 2, 2026 close
HYG Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 19, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put verticals around $79-$80
Invalidation: Spot breaks below $79 support
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
IV well below VIX (7.9% vs 18%)
Favorable?
Yes

Term structure: Near-term IV low but longer tenors show elevated put IV; backwardation pattern

⚖️Put/Call OI ratio 3.74 indicates heavy bearish positioning
📉Average IV 7.9% is low vs VIX 18; limited premium but low vol regime favorable

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-1.8B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 526,069 (0.4% below spot)

OI concentrations: Max pain $80 across 3 expirations; put OI concentration 526k at $79

Verdict: Spot near $79.9 straddles key $80 pin; limited expected move absent catalyst

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $79.00/$78.00 put spread
Sell 2026-06-18 $79/$78 put spread to capture premium near key support.
Credit: $0.19-$0.24
Max loss: $0.76
BE: $78.76
Mgmt: Exit if HYG breaks below $79; manage gamma risk at expiration.

Risk Alerts

!High put OI creates gamma trap below $79
!Low IV could expand rapidly on news
!Bearish flow with -$1.8B GEX may accelerate declines
How to Use These Reports
This theta reflects the market close on May 19, 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.