HYG Broken-Wing Bull Put — 2026-11-13

HYG (iShares iBoxx $ High Yield Corporate Bond ETF): $2307K of buyer-initiated unusual call flow (92% call-dominant), IV rank 44 (moderate). Our gamma model reads HYG in a NEGATIVE-gamma regime (net GEX -464.7M, flip —) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $77P / buy $76P) expiring 2026-11-13 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $19, max loss $81 (defined risk). Breakevens $76.81.

Underlying: HYG @ ~$77.44 | 2026-11-13 (14 DTE) | Net credit (entry): ~$19 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $77 put, buy the further-OTM $76 put with a WIDER gap on the far wing, expiring 2026-11-13 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $19. IV rank 44 is moderate — credit is workable but define risk and don't oversize. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($81). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $19 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near HYG's short strike(s) — currently 14 DTE, so plan the exit 0 day(s) out. Above $77 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $76.81. | IF TESTED: The risk is a hard drop into the wide wing. When HYG tests the $77 short put (delta ~0.30) or loss ≈$38, roll the structure DOWN and OUT ~7–14 days for a credit, or buy an extra long put to square the wing back into a symmetric (fully defined) spread. Treat a close below the $77 put wall as the hard trigger to act (the pin support has failed). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $77; call wall (resistance) at $78. If price reaches the $76 wing, you're at max loss ($81) — take it. | MAXIMIZE: Holding above $77? Let theta collect the full credit. Once most is banked, roll up toward the money next cycle for a richer credit, or convert into an iron condor by adding a call spread if the flow turns two-sided.