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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $77.05EOD only

Max Pain

$77.00

Next expiry Oct 30, 2026

Expected Move

±$0.57

0.7% from close

Price Gap

-0.05

Distance to max pain

IV Rank

Low premium

P/C OI

2.92

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Oct 23, 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 23, 2026 close

HYG Theta Report

Analysis based on market close June 10, 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 10, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.0% from MP

IV Environment

IV Regime

Low

IV vs VIX

IV ~7.5% well below VIX 22.2%; HYG low vol relative to equity fear.

Favorable?

Term structure: Near-term with extreme put skew (2d put IV 24.5%); ATM IV curve mildly contango.

⚠️Near-term put IV 24.5% reflects high downside fear; avoid selling puts.

📉Dealer GEX -$2.7B negative gamma amplifies spot moves.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-2.7B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 478,249 (0.6% below spot)

OI concentrations: Max pain at $80 across 12, 18, 26 Jun expiries; put OI heavy at $79 near spot; structural put floor $75.

Verdict: Pin risk elevated near $80; spot at $79.65 risks pinning to $80 at expiry.

Premium Opportunities

Put calendar

Sell 2026-07-10 $79.00 put / buy 2026-08-21 $79.00 put

Sell near-term put, buy longer-term put; benefits from theta decay and vol convergence.

Debit: $0.34-$0.41

Max loss: $0.41

BE: Path-dependent

Mgmt: Monitor $80 pin risk; exit if spot breaks $79. Liquidity warning: Liquidity constraints: short_put: Wide spread (72%).

Risk Alerts

!Extreme put skew in 2d expiration

!Negative dealer gamma ($-2.7B) may accelerate declines

!Bearish flow with put/call ratio >4

How to Use These Reports

This theta reflects the market close on June 10, 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.