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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.16EOD only
Max Pain
$79.00
Next expiry Sep 11, 2026
Expected Move
±$0.30
0.4% from close
Price Gap
-0.16
Distance to max pain
IV Rank
3
Low premium
P/C OI
3.58
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Sep 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
Sep 4, 2026 close
HYG Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short Put Spread
Invalidation: Spot breaks below $79 gamma flip
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +0.5 VIX 19

IV Environment

IV Regime
Low
IV vs VIX
HYG IV 8.1% well below VIX 18.9
Favorable?
Yes

Term structure: Front-week put IV 16.9% vs call 10%, steep skew; back-month also elevated

💰Avg IV 8.1% moderate, but put skew offers rich premiums
⚠️Front-week put IV 16.9% indicates high tail risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-2.7B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 550,212 (0.7% below spot)

OI concentrations: Heavy put OI at $80 multiple expirations; call OI thin

Verdict: Max pain $80; elevated pin risk if spot lingers near $80

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $79.00/$78.00 put spread
Sell 2026-07-17 $79/$78 put spread for $0.15 credit, expressing theta decay with support at $79.
Credit: $0.13-$0.15
Max loss: $0.85
BE: $78.85
Mgmt: Exit if spot breaches $79; monitor pin risk near $80 expiration Liquidity warning: Liquidity constraints: long_put: Wide spread (55%).

Risk Alerts

!Negative dealer gamma ($-2.7B) amplifies moves
!Put/call OI ratio 3.84:1 extremely bearish
!Front-week put IV 2x call IV signals hedging demand
How to Use These Reports
This theta reflects the market close on June 8, 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.