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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.94EOD only
Max Pain
$79.50
Next expiry Jun 26, 2026
Expected Move
±$0.23
0.3% from close
Price Gap
-0.44
Distance to max pain
IV Rank
2
Low premium
P/C OI
3.28
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jun 22, 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 22, 2026 close
HYG Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short put credit spread
Invalidation: Break below $79.0 support
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.5% from MP; +0.5 VIX 19

IV Environment

IV Regime
Low
IV vs VIX
IV (5.9%) is well below VIX (19.5%): low implied volatility relative to market fear.
Favorable?
No

Term structure: Term structure shows low near-term (3.7%) but elevated put skew across expirations, reflecting persistent downside hedging.

📌Max pain at $80 across multiple expirations reinforces pinning at $80.
📊Put/call OI ratio at 3.27 indicates heavy put dominance, increasing downside risk.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+544.5M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 296,650 (1.1% below spot)

OI concentrations: Put OI of 296,650 contracts near $79 (1.1% below spot) creates gamma flip level at $79. Support 79.5, 79.0, 78.0.

Verdict: Elevated pin risk due to max pain $80 and put-heavy OI; spot likely to gravitate to $80 but put wall at $79 may cap declines.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $79.00/$78.00 put spread
Sell July 2026 $79/$78 put spread to collect premium in low IV, backed by support and put wall.
Credit: $0.07-$0.09
Max loss: $0.91
BE: $78.91
Mgmt: Close if HYG breaks below $79.5; roll if pin risk shifts. Liquidity warning: Liquidity constraints: long_put: Wide spread (67%).
#2
Iron condor
Sell 2026-07-17 $79.00/$78.00 put wing and $81.00/$82.00 call wing
Sell July 2026 $79/$78 put and $81/$82 call wings, betting price stays near $80 max pain.
Credit: $0.07-$0.09
Max loss: $0.91
BE: 78.91 / 81.09
Mgmt: Adjust wings if price approaches $79 or $81; close if volatility spikes. Liquidity warning: Liquidity constraints: long_put: Wide spread (67%).

Risk Alerts

!Bearish flow and high put volume suggest potential downside pressure.
!Low IV environment limits premium collected; consider smaller size.
!Max pain pinning may fail if spot breaks below $79 support.
How to Use These Reports
This theta reflects the market close on June 23, 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.