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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $76.86EOD only
Max Pain
$77.50
Next expiry Oct 23, 2026
Expected Move
±$0.48
0.6% from close
Price Gap
+0.64
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
2.77
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Oct 16, 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 16, 2026 close
HYG Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 4, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Bear put spreads
Invalidation: Break above $81 resistance
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.4% from MP; +1 VIX 15

IV Environment

IV Regime
Low
IV vs VIX
IV (6.8%) below VIX (15.4), low implied vol
Favorable?
No

Term structure: Put skew across expirations; calls cheap, puts elevated

⚠️Put IV elevated vs call IV, reflects bearish sentiment

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-1.7B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 565,060 (1.0% below spot)

OI concentrations: Heavy put OI at $75-$80; max pain $80 across multiple expirations

Verdict: Pinning likely near $80; risk of dealer hedging if spot breaks below $79 gamma flip

Premium Opportunities

#1
Call diagonal
Sell 2026-07-17 $81.00 call / buy 2026-08-21 $92.00 call
Bearish-neutral play using time decay advantage, with long calendar to hedge against volatility expansion.
Debit: $0.14-$0.17
Max loss: $0.17
BE: Path-dependent
Mgmt: Exit if spot breaks below $79; watch for liquidity issues. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Risk Alerts

!Put/call OI ratio 3.84 indicates crowded short put positioning
!Short-term gamma exposure -$1.7B increases volatility risk
How to Use These Reports
This theta reflects the market close on June 4, 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.