Options

HYG options

Figures as of 28 Sep 2026

The options figures are from the close on 28 Sep 2026.

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At a glance

FigureValueDate
IV rank81 of 10028 Sep
At the money IV11.3%28 Sep
Priced move to 30 Oct5.2% down, 2.1% up28 Sep
Call wall and put wall79 and 7728 Sep
Last close77.5428 Sep

Options Snapshot

HYG's IV rank is 81 of 100 on 28 Sep 2026.

FigureValue
IV rank81 of 100
At the money IV11.3%, near month, 32 days
Put/call ratio, open interest3.19
Call open interest, strikes captured near the price2.02 million contracts
Put open interest, strikes captured near the price6.45 million contracts
Cost to trade at the moneyWide, 160.4% of the option's mid price

IV rank is where the at the money IV sits among HYG's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, HYG options priced a move of 5.2 percent down and 2.1 percent up by 30 Oct 2026.

ExpiryDaysDownUpRange
2 Oct 202641.5%1.5%76.36 to 78.72
9 Oct 2026112.2%2.2%75.82 to 79.26
23 Oct 2026254.5%2.5%74.05 to 79.50
30 Oct 2026325.2%2.1%73.53 to 79.14
18 Dec 2026817.5%3.5%71.73 to 80.29
15 Jan 20271097.7%2.7%71.60 to 79.65
19 Mar 20271728.5%5.2%70.96 to 81.55

The range is one standard deviation either side of the close of 77.54, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, HYG's call wall is the 79 strike and its put wall is the 77 strike.

FigureValue
Call wall, most open call gamma79
Put wall, most open put gamma77
Net dollar gamma, calls minus putsminus $2.11 billion
Total dollar gamma, both sides$4.7 billion
Close77.54

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 5 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, HYG's at the money IV is 11.3 percent against 20 day realized volatility of 3.8 percent.

FigureValue
At the money IV11.3%
Realized volatility, 20 trading days3.8%
Realized volatility, 60 trading days3.2%
IV against its own weekly recordHigh, in the top fifth
Weekly readings on record865, from 8 Jan 2010
Weeks the price moved more than the one week priced move13.1% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, HYG's at the money IV runs from 14.5 percent at 4 days to 11.9 percent at 172 days.

Days to expiryAt the money IV
414.5%
1112.8%
1811.6%
259.6%
538.2%
819.3%
1098.3%
17211.9%

Near expiries price more volatility than far ones, an inverted term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, HYG's surface spans 10 expiries out to 172 days, with IV from 4.3 to 54.7 percent near the price.

FigureValue
Expiries captured10
Nearest expiry2 Oct 2026, 4 days
Farthest expiry19 Mar 2027, 172 days
Points within 10% of the price, 7 days out or more146
Lowest IV among them4.3%
Highest IV among them54.7%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, HYG has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.

ExpiryDaysAt the money IVCall open interestPut open interest
2 Oct 2026414.5%8,75269,453
9 Oct 20261112.8%1,9733,253
16 Oct 20261811.6%453,9331.64 million
23 Oct 2026259.6%3,13669,503
30 Oct 20263211.3%4,89613,610
20 Nov 2026538.2%755,2931.38 million
18 Dec 2026819.3%342,7641.81 million
15 Jan 20271098.3%346,1631.09 million
19 Feb 202714411.5%105,089279,290
19 Mar 202717211.9%2,66593,137

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, HYG's largest open interest sits at the 75 strike, with 1.55 million contracts across the captured expiries.

StrikeCall open interestPut open interestTotal
755,0281.55 million1.55 million
79699,833694,6741.39 million
80692,551235,019927,570
772,856896,568899,424
7870,030598,182668,212
761,472602,689604,161

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, HYG's at the money IV moved from 9.2 percent to 11.3 percent.

Figure25 Sep28 SepChange
At the money IV9.2%11.3%+2.1 points
Open interest, strikes captured near the price8.02 million8.47 million+454,624
Put/call ratio, open interest3.203.19-0.02

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 894,525 HYG option contracts traded, 1.0 times its own recent average.

FigureValue
Calls traded287,933
Puts traded606,592
Against its recent average1.0 times
Busier than17 of its last 20 trading days
Open interest, whole chain8.89 million contracts
Volume to open interest0.10
Unusual volume flagYes, 2 contracts traded well above open interest
Largest flagged contractThe 78 call expiring 15 Jan, 50,050 traded against 324 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of HYG's option positioning, from 11 Aug 2026 to 28 Sep 2026.

DateCloseNet dollar gammaTop call strikeTop put strike
11 Aug 202679.51minus $986.24 million8079
21 Sep 202678.68minus $1.4 billion7978
28 Sep 202677.54minus $2.11 billion7977

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Price Chart

HYG closed at 77.86 on 25 Sep 2026.

FigureValue
Last close77.86
Change over 5 trading days-0.9%
Change over 21 trading days-2.0%
Change over 63 trading days-1.0%
Change over 252 trading days+1.8%
52 week high79.53
52 week low75.72
20 day moving average78.72
50 day moving average78.88
200 day moving average78.24
RSI, 14 days29

Worked out from the desk's own daily bars, adjusted for share splits.

The desk's own daily bars run to 25 Sep 2026. The options figures on this page are from the close on 28 Sep 2026.

From the daily bars through 25 Sep 2026. Current on every plan.

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Questions

What is HYG's IV rank?
HYG's IV rank is 81 of 100 on 28 Sep 2026.
What move are HYG options pricing?
On 28 Sep 2026, HYG options priced a move of 5.2 percent down and 2.1 percent up by 30 Oct 2026.
Where are HYG's call wall and put wall?
On 28 Sep 2026, HYG's call wall is the 79 strike and its put wall is the 77 strike.

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