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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.12EOD only
Max Pain
$79.00
Next expiry Sep 11, 2026
Expected Move
±$0.43
0.6% from close
Price Gap
-0.12
Distance to max pain
IV Rank
32
Middle-high premium
P/C OI
3.55
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Sep 8, 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 8, 2026 close
HYG Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Wait for clarity
Invalidation: Spot breaches $79 support
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?
No

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

#1
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.