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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.90EOD only
Max Pain
$79.50
Next expiry May 22, 2026
Expected Move
±$0.24
0.3% from close
Price Gap
-0.40
Distance to max pain
IV Rank
3
Low premium
P/C OI
3.88
Slightly put-heavy
Consensus
8.0/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
HYG Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: N/A
Invalidation: Spot below $79 gamma flip
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 (7%) well below VIX (16.8)
Favorable?
No

Term structure: Put IV elevated at long tenors; short-term IV inverted

📉IV cheap vs VIX; low premium for sellers
⚠️Put skew high; selling puts yields high premium but elevated tail risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-763.2M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 512,616 (1.1% below spot)

OI concentrations: Max pain $80 across multiple expiries; 512k put OI just below spot

Verdict: High pin risk: spot at max pain with heavy put concentration

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $79.00/$77.00 put spread
Sell put spread to collect premium while limiting downside to $77, using $79 gamma flip as stop.
Credit: $0.28-$0.34
Max loss: $1.66
BE: $78.66
Mgmt: Exit if spot closes below $79; take profit at 50% of max gain. Liquidity warning: Liquidity constraints: long_put: Wide spread (184%).
#2
Call credit spread
Sell 2026-07-17 $81.00/$88.00 call spread
Sell call spread above resistance, benefiting from negative GEX limiting upside.
Credit: $0.04-$0.06
Max loss: $6.94
BE: $81.06
Mgmt: Monitor spot near $80.6; exit early for minimal loss if tested. Liquidity warning: Liquidity constraints: short_call: Wide spread (67%).; long_call: Open interest below 25.

Risk Alerts

!Negative GEX -$763M amplifies moves
!Put/call OI ratio 3.9:1 skews bearish
!Gamma flip at $79 if spot declines
How to Use These Reports
This theta reflects the market close on May 21, 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.