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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.27EOD only
Max Pain
$79.50
Next expiry Jul 31, 2026
Expected Move
±$0.41
0.5% from close
Price Gap
+0.23
Distance to max pain
IV Rank
4
Low premium
P/C OI
3.08
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Jul 27, 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
Jul 27, 2026 close
HYG Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 12, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Iron condors on front-week
Invalidation: Spot moves outside $78-$82
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +1 VIX 18

IV Environment

IV Regime
Low
IV vs VIX
IV (7.1%) significantly below VIX (17.7%) indicating low implied vol relative to market fear
Favorable?
No

Term structure: Front-week put IV (36.7%) extreme vs call (13.9%); back months lower, strong put skew persists

⚠️Extreme put skew near-term signals high downside fear

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-917.7M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 455,226 (1.2% below spot)

OI concentrations: Max pain clusters at $80 across front expirations; put floor $75-$75

Verdict: High pin risk as spot ($79.5) near max pain; multiple expirations align at $80

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $79.00/$78.50 put wing and $80.50/$81.00 call wing
Sell put spread $79/$78.5 and call spread $80.5/$81 expiring 2026-06-18. Low IV but skewed; premium $0.04.
Credit: $0.03-$0.04
Max loss: $0.46
BE: 78.96 / 80.54
Mgmt: Exit at 50% max gain or if spot moves outside $78-82 range. Liquidity warning: Liquidity constraints: long_call: Wide spread (67%).

Risk Alerts

!Extreme put skew near-term (put IV 36.7% vs call 13.9%)
!Negative dealer gamma (-$917.7M) amplifies spot moves
!Put/Call OI ratio 3.84 indicates bearish positioning
How to Use These Reports
This theta reflects the market close on June 12, 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.