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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.48EOD only

Max Pain

$79.00

Next expiry Aug 7, 2026

Expected Move

±$0.46

0.6% from close

Price Gap

-0.48

Distance to max pain

IV Rank

Low premium

P/C OI

3.13

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Jul 31, 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 31, 2026 close

HYG Theta Report

Analysis based on market close June 18, 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 18, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

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

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%).

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.

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.