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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.71EOD only

Max Pain

$79.50

Next expiry Jul 10, 2026

Expected Move

±$0.42

0.5% from close

Price Gap

-0.21

Distance to max pain

IV Rank

Low premium

P/C OI

3.63

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Jul 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

Jul 2, 2026 close

HYG Theta Report

Analysis based on market close May 20, 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 20, 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 0.5% from MP; +1 VIX 17

IV Environment

IV Regime

Low

IV vs VIX

IV (8.2%) well below VIX (17.4%), not rich for selling

Favorable?

Term structure: Near-term IVs 8-13% with put skew; longer-dated puts elevated vs calls

📉Negative dealer gamma (-$902.8M) amplifies moves

📊Put-call OI ratio 3.9 signals heavy put protection near $80 max pain

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-902.8M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 517,812 (1.1% below spot)

OI concentrations: Heavy put OI (PC OI 3.9) with max pain at $80 across multiple expirations

Verdict: High pin probability at $80; spot near max pain

Premium Opportunities

Put credit spread

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

Sell $79/$78 put spread to capture theta while limiting gamma exposure.

Credit: $0.15-$0.18

Max loss: $0.82

BE: $78.82

Mgmt: Exit if HYG breaks below $79; adjust if IV expands.

Risk Alerts

!Negative dealer gamma may exacerbate price swings

!IV low relative to VIX reduces premium yield

!High put concentration near $80 increases pin risk

How to Use These Reports

This theta reflects the market close on May 20, 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.