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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.83EOD only
Max Pain
$79.50
Next expiry Jun 5, 2026
Expected Move
±$0.19
0.2% from close
Price Gap
-0.33
Distance to max pain
IV Rank
2
Low premium
P/C OI
3.84
Slightly put-heavy
Consensus
9.0/10
Bearish tilt
Published snapshot: Jun 4, 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
Jun 4, 2026 close
HYG Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Call spreads or covered calls to avoid elevated put premiums
Invalidation: Spot closes below $79 support
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +0.5 VIX 22

IV Environment

IV Regime
Low
IV vs VIX
Avg IV 8.6% is significantly below VIX 21.5, indicating low premium environment
Favorable?
No

Term structure: Near-term put IV (22.5%+) is elevated relative to calls, reflecting strong bearish demand

📉Put skew steep: 7d put IV 22.5% vs call 10.3%, bearish flow
📊Max pain $80 with strong OI, spot near $79
⚠️Extreme bearish sentiment extreme; expect possible reversal

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-3.0B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 565,101 (0.5% below spot)

OI concentrations: Max pain $80 across all expirations; heavy put OI at $80 and $75-78 strikes

Verdict: Elevated pin risk at $80 due to concentrated OI; spot close to max pain

Premium Opportunities

#1
Call credit spread
Sell 2026-06-26 $80.00/$81.00 call spread
Sells call spread at $80/$81 to profit from time decay and cap upside risk.
Credit: $0.14-$0.18
Max loss: $0.82
BE: $80.18
Mgmt: Close if HYG approaches $80.50. Liquidity warning: Liquidity constraints: short_call: Wide spread (100%).; long_call: Volume below 5. Substitutions: long_call: resolved contract 2026-06-26 $81.50 missing; used 2026-06-26 $81.00.
#2
Covered call
Buy shares + sell 2026-06-26 $80.50 call
Holds underlying HYG and sells call to collect premium.
Credit: $0.06-$0.08
Max loss: Stock downside to $0 less call premium
BE: $79.35
Mgmt: Roll or buy back if stock rallies.

Risk Alerts

!High put/call ratio and OI ratio indicate extreme bearish positioning
!Gamma flip at $79; a break could accelerate move
!Negative net premium suggests dealer short gamma, amplifying moves
How to Use These Reports
This theta reflects the market close on June 5, 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.