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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $77.10EOD only

Max Pain

$77.00

Next expiry Oct 23, 2026

Expected Move

±$0.24

0.3% from close

Price Gap

-0.10

Distance to max pain

IV Rank

Low premium

P/C OI

2.89

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Oct 22, 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 22, 2026 close

HYG Theta Report

Analysis based on market close June 9, 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 June 9, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 20

IV Environment

IV Regime

Low

IV vs VIX

IV 9.4% << VIX 19.9%

Favorable?

Term structure: Put IV much higher than call IV across term; steep put skew near expiry

📉Put IV 22.95% vs call 9.63% for 3-day expiry

⚠️Avg IV 9.4% well below VIX 19.9%

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-2.2B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 511,815 (0.8% below spot)

OI concentrations: Put OI ratio 3.72, max pain $80, heavy put concentration at $79 and below

Verdict: Pin risk elevated at $80 due to max pain and high put OI; potential pin at $80

Premium Opportunities

Iron condor

Sell 2026-07-17 $79.00/$78.00 put wing and $80.00/$81.00 call wing

Sells put/call wings at $79/$80 and $80/$81, collecting time decay around max pain.

Credit: $0.33-$0.40

Max loss: $0.60

BE: 78.60 / 80.40

Mgmt: Close at 50% profit or if HYG breaks $79 or $81.

Put credit spread

Sell 2026-07-17 $79.00/$78.00 put spread

Sells $79/$78 put spread, aiming to profit from pin support with limited premium in low IV.

Credit: $0.14-$0.17

Max loss: $0.83

BE: $78.83

Mgmt: Exit if HYG closes below $79.

Risk Alerts

!Bearish flow and low IV limit premium selling opportunities

!High put OI concentration increases pin risk at $80

!Skew suggests demand for downside protection

How to Use These Reports

This theta reflects the market close on June 9, 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.