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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.83EOD only

Max Pain

$80.00

Next expiry Jul 2, 2026

Expected Move

±$1.50

1.9% from close

Price Gap

+0.17

Distance to max pain

IV Rank

Low premium

P/C OI

3.24

Slightly put-heavy

Consensus

4.5/10

Bearish tilt

Published snapshot: Jun 26, 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 26, 2026 close

HYG Theta Report

Analysis based on market close June 29, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.0% from MP; +1 VIX 18

IV Environment

IV Regime

Low

IV vs VIX

Avg IV 5.7% well below VIX 17.65; low implied volatility.

Favorable?

Yes

Term structure: Front-end elevated (12.9% at 3DTE), back-end flat; inverted term structure.

⚠️Put skew extreme: put IV 3-5x call IV across tenors.

📉Low IV limits premium; focus on high-probability OTM sells.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+1.8B)

Gamma flip: ~$79.00 — Approx — based on put OI concentration of 326,949 (1.3% below spot)

OI concentrations: Heavy put OI at $80 (326k) across weekly expiries; floor at $75.

Verdict: High pin risk at $80 due to concentrated put OI and max pain.

Premium Opportunities

Iron condor

Sell 2026-07-24 $78.50/$77.00 put wing and $80.50/$81.00 call wing

Sell put spread $78.50/$77 and call spread $80.50/$81; benefits from low IV and pinning probability.

Credit: $0.27-$0.33

Max loss: $1.17

BE: 78.17 / 80.83

Mgmt: Close at 50% max gain or near expiry; adjust wings if $79 or $80.53 breached. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Open interest below 25.; long_call: Volume below 5.

Put credit spread

Sell 2026-07-24 $78.50/$77.00 put spread

Sell $78.50/$77 put spread; expresses bullish bias with defined loss if spot drops below $77.

Credit: $0.24-$0.30

Max loss: $1.20

BE: $78.20

Mgmt: Exit at 50% profit or if HYG closes below $78; manage around invalidation $80. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Call credit spread

Sell 2026-07-24 $80.50/$81.00 call spread

Sell $80.50/$81 call spread; caps upside risk, profits from pinning below $80.50.

Credit: $0.03-$0.03

Max loss: $0.47

BE: $80.53

Mgmt: Let decay to zero; close early if HYG approaches $80.50 or volatility spikes. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.

Risk Alerts

!Put/call vol ratio 7.3 signals heavy hedging or bearish bias.

!Spot near gamma flip $79; break could trigger stops.

!Max pain at $80 across multiple expiries encourages pinning.

How to Use These Reports

This theta reflects the market close on June 29, 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.