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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $76.98EOD only
Max Pain
$77.50
Next expiry Nov 6, 2026
Expected Move
±$0.36
0.5% from close
Price Gap
+0.52
Distance to max pain
IV Rank
13
Low premium
P/C OI
2.88
Slightly put-heavy
Consensus
4.5/10
Bearish tilt
Published snapshot: Nov 3, 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
Nov 3, 2026 close
HYG Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 16, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Selling puts
Invalidation: Spot breaks below 79.00
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.0% from MP; +1 VIX 16

IV Environment

IV Regime
Low
IV vs VIX
IV 5.8% well below VIX 16.4%
Favorable?
Yes

Term structure: Front spike to 10.35% ATM at 2DTE, then contango

⚠️Put IV 3-4x call IV across front months, extreme bearish skew

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-771.4M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 455,324 (1.3% below spot)

OI concentrations: Max pain cluster at $80 for Jun18, Jun26, Jul02; gamma flip at $79

Verdict: High pin risk at $80 due to concentrated OI

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $80.00/$79.00 put spread
Sells $80/$79 put spread to collect premium with capped downside.
Credit: $0.26-$0.32
Max loss: $0.68
BE: $79.68
Mgmt: Close if spot breaks below $79 invalidation. Liquidity warning: Liquidity constraints: long_put: Wide spread (63%).
#2
Cash-secured put
Sell 2026-08-21 $78.00 cash-secured put
Sells $78 put to collect premium with cash collateral.
Credit: $0.31-$0.37
Max loss: $77.63
BE: $77.63
Mgmt: Roll or accept assignment if spot nears $79.

Risk Alerts

!Extreme put skew indicates tail risk
!Negative dealer gamma (-$771M) may amplify moves
How to Use These Reports
This theta reflects the market close on June 16, 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.