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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $78.67EOD only

Max Pain

$78.50

Next expiry Sep 25, 2026

Expected Move

±$0.57

0.7% from close

Price Gap

-0.17

Distance to max pain

IV Rank

Low premium

P/C OI

3.73

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Sep 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

Sep 22, 2026 close

HYG Theta Report

Analysis based on market close June 24, 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 24, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 19

IV Environment

IV Regime

Low

IV vs VIX

Avg IV 5.6% vs VIX 18.6% — very low implied vol for HYG, likely due to bond ETF nature.

Favorable?

Term structure: Term structure: relatively flat beyond 16d, with notable spike at 30d (13.5% ATM IV) then elevated in longer-dated expiries.

📌Strong put OI concentration at $80, max pain for multiple expiries.

📉Low avg IV of 5.6%; term structure spike at 30d may offer premium opportunities.

🏦Positive GEX $233.5M, put/call OI ratio 3.28 — dealer hedging supports pinning.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+233.5M)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 300,822 (1.1% below spot)

OI concentrations: Put OI heavy at $80 across all expiries; gamma flip at $79.0 based on 300,822 put OI (1.1% below spot).

Verdict: High pin risk at $80 due to max pain and put concentration. Spot near $79.9, within support/resistance. Gamma flip at $79.0 is key downside risk.

Premium Opportunities

Put diagonal

Sell 2026-07-24 $78.50 put / buy 2026-08-21 $79.00 put

Sell near-term put, buy further-out put to profit from time decay and volatility skew while limiting downside risk.

Debit: $0.16-$0.19

Max loss: $0.19

BE: Path-dependent

Mgmt: Monitor $80 support; exit if spot breaks below $79.50 to limit losses. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Wide spread (53%).

Risk Alerts

!High put volume ratio 3.62 indicates bearish sentiment.

!Impending 2-day expiry may cause gamma squeeze near $80.

How to Use These Reports

This theta reflects the market close on June 24, 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.