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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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Selling premium near $80 strike
Invalidation: Break below $79 or above $80.65
Confidence:
7 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.6% from MP; +1 VIX 17

IV Environment

IV Regime
Low
IV vs VIX
Below VIX
Favorable?
Yes

Term structure: Put skew elevated; near-term put IVs significantly above calls; backwardation in some expirations.

📌Put OI at $80 is 3x calls; strong pinning
⚠️Put IV at 19% for 7/2 vs call IV 6%; extreme skew
🛡️GEX +$371M; dealers long gamma, reducing tail risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+371.3M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 309,326 (1.2% below spot)

OI concentrations: Heavy put OI at $80; 309K puts vs 94K calls at that strike (OI ratio 3.3:1).

Verdict: Elevated pin risk at $80; spot within 0.2% of max pain, increasing likelihood of pin.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $79.00/$78.00 put wing and $80.00/$81.00 call wing
Sells put wing at 79/78 and call wing at 80/81 to profit from theta while limiting risk.
Credit: $0.25-$0.30
Max loss: $0.70
BE: 78.70 / 80.30
Mgmt: Monitor pin risk; adjust wings if spot breaks 79 or 80.65. Liquidity warning: Liquidity constraints: short_put: Wide spread (97%).; short_call: Wide spread (56%).; long_call: Wide spread (67%).
#2
Put credit spread
Sell 2026-07-17 $79.00/$78.00 put spread
Sells 79/78 put spread to collect credit while betting $79 holds.
Credit: $0.10-$0.12
Max loss: $0.88
BE: $78.88
Mgmt: Exit if spot breaks below $79.50. Liquidity warning: Liquidity constraints: short_put: Wide spread (97%).
#3
Call credit spread
Sell 2026-07-17 $81.00/$82.00 call spread
Sells 81/82 call spread to profit from limited upside.
Credit: $0.01-$0.01
Max loss: $0.99
BE: $81.01
Mgmt: Close if spot exceeds $80.64. Liquidity warning: Liquidity constraints: short_call: Wide spread (67%).

Risk Alerts

!Bearish flow (-1 GEX/flow) could pressure spot below $80.
!Gamma flip at $79; break below may accelerate selling.
!Net premium negative; dealers are net short premium, adding to reversal risk.
How to Use These Reports
This theta reflects the market close on June 22, 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.