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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $80.01EOD only
Max Pain
$79.50
Next expiry Jun 26, 2026
Expected Move
±$0.31
0.4% from close
Price Gap
-0.51
Distance to max pain
IV Rank
100
High premium
P/C OI
3.75
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 18, 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
Jun 18, 2026 close
HYG Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short premium
Invalidation: Spot breaks decisively away from $80 max pain
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
Below VIX (avg IV 7.7% vs VIX 16.4)
Favorable?
Yes

Term structure: Extreme put skew near expiry (put IV 55.6% vs call 14.4%); back-month IVs flatter around 10-15%.

📉Put skew extreme on 0 DTE; IV for puts 55% vs calls 14%.
🎯Max pain at $80 across multiple expiries; spot exactly at $80.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-10.9B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 450,304 (1.3% below spot)

OI concentrations: Massive put OI concentration at $80 (max pain) for 6/18, 6/26, 7/2 expiries; total put OI ratio 3.74.

Verdict: High pin risk on expiry day; spot within guardrails ($79.70-$80.32). Dealer gamma negative (-10.9B) amplifies moves.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $79.00/$78.00 put wing and $81.00/$82.00 call wing
Sells puts and calls around $80 to capture premium with wings for tail risk.
Credit: $0.09-$0.10
Max loss: $0.90
BE: 78.90 / 81.10
Mgmt: Monitor spot; exit if pin breaks or close at 50% max gain. Liquidity warning: Liquidity constraints: short_put: Wide spread (63%).; long_put: Wide spread (67%).; short_call: Wide spread (143%).
#2
Put credit spread
Sell 2026-07-10 $79.00/$78.50 put spread
Sells put spread at $79/$78.50 to collect premium with defined loss.
Debit: $0.07-$0.08
Max loss: $0.50
BE: $79.00
Mgmt: Exit if spot approaches $79; manage to 50% gain. Liquidity warning: Liquidity constraints: short_put: Wide spread (174%).; long_put: Open interest below 25.
#3
Call credit spread
Sell 2026-07-17 $81.00/$82.00 call spread
Sells call spread at $81/$82 to collect small premium.
Credit: $0.02-$0.03
Max loss: $0.97
BE: $81.03
Mgmt: Close if spot rises above $80.92. Liquidity warning: Liquidity constraints: short_call: Wide spread (143%).

Risk Alerts

!Expiry day pin at $80; monitor spot closely.
!Extreme put/call OI ratio 3.75; puts dominate.
!Negative dealer gamma ($-10.9B) suggests amplified spot moves if pin breaks.
How to Use These Reports
This theta reflects the market close on June 18, 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.