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NFLX

Netflix, Inc.Close $89.33EOD only

Max Pain

$89.00

Next expiry May 22, 2026

Expected Move

±$2.44

2.7% from close

Price Gap

-0.33

Distance to max pain

IV Rank

Low premium

P/C OI

0.78

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 19, 2026 close

End-of-day snapshot

This page reflects NFLX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 19, 2026 close

NFLX Directional Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Outlook

Bullish with high confidence. Strong GEX/flow alignment, spot at $89 max pain, dealer gamma pinning supports near-term range-bound trade with upside bias to $90-$93.

Confidence:

9 / 10

Base 5; GEX/flow aligned +2; GEX positive +1; spot near MP +1; VIX 18 +0.5.

Supports: Dealer gamma $108.2M, bullish flow, spot at $89 max pain, low VIX 18.
Conflicts: SPY/QQQ down 0.6%, macro headwinds, resistance at $90.

🎯Spot pinned to $89 max pain for 5/22 expiry.

📈Dealer gamma $108M supports tight range with upside bias.

⚠️Gamma flip at $75, 16% below spot, low probability but severe if breached.

Regime Classification

Vol Regime

Normal

IV near typical range, VIX 18, supportive of range-bound moves.

Gamma Regime

Pinning

GEX +$108.2M positive gamma, pinning near $89-$90; flip at $75 far below.

Flow Regime

Bullish

Bullish flow with net call premium, low P/C ratio.

Spot vs Max Pain

Spot near max pain $89, pinning pressure for 5/22 expiry.

Thesis duration: Event-specific — High confidence driven by aligned GEX/flow and spot near weekly expiry pin.

Price Range Forecast

Next 2 days

$86.89$91.77

Pinning to $89-$90, momentum bullish.

Next 1 week

$85.53$93.14

Extend to $93 resistance.

Next 2 weeks

$84.38$94.28

Potential move to $94.28 if break higher.

Key Levels

Max pain pins: $89 (2026-05-22); $90 (2026-05-29); $89 (2026-06-05)

EM guardrails: 2d $86.89/$91.77; 1w $85.53/$93.14

Support: $89.00 · $84.38

Resistance: $90.00 · $94.28

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 48,561 (16.0% below spot)

Structural: Support: $89 (max pain), $84.38 (2w low). Resistance: $90 (max pain 5/29), $94.28 (2w high). Gamma flip $75.

Dealer Positioning (GEX/DEX)

GEX: $+108.2M

DEX: +128.0M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 48,561 (16.0% below spot))

NTM gamma: Dealers long gamma ($108.2M) and delta (128M shares), providing stability and pinning near $89-$90.

IV Analysis

IV vs VIX: IV roughly inline with VIX 18, not excessively rich or cheap.

Term structure: Flat to slight contango, no major event kinks near term.

Skew: Skew slightly elevated for puts, but no extreme mispricing.

Flow Analysis

Net premium: Net long premium $18.5M; P/C vol ratio 0.41 (bullish), OI ratio 0.78 supports calls.

Directional prints: 33.5 call 91 OTM 2026-05-22 — Vol/OI 2.6, OI 10162, likely bought, bullish. 34 call 92 OTM 2026-05-22 — Vol 24480, OI 13957, ratio 1.8, strong call buying.

Unusual: 33.4 call 98 OTM 2026-06-12 — Vol/OI 8.9, extreme ratio, aggressive call buy. 50 call 68 ITM 2027-01-15 — Deep ITM call, vol/OI 3.1, high IV, unusual long-dated bullish flow. 84.3 put 114 ITM 2026-06-18 — High vol/OI 3.1, put buying OTM with elevated IV, hedging or bearish.

Risks & Catalysts

!Earnings or event surprise (none imminent).

!Macro drag from tech selloff (SPY/QQQ -0.6%).

!Gamma flip if spot drops to $75 (low probability).

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-07-17 $90.00/$95.00 call spread Why now: Net long premium $18.5M, P/C vol ratio 0.41, unusual call OI at $91 strike. Aligns with bullish flow and max pain at $89.	Earnings miss or macro selloff; max loss limited to debit paid.
Put credit spread	Moderate-Strong	Sell 2026-07-17 $80.00/$75.00 put spread Why now: Put OI concentrated at $80-$85; P/C vol ratio low (0.41) suggests puts cheap. Collect premium with defined risk below support.	Sharp selloff beyond short put strike; max loss limited.
Bullish risk reversal	Moderate	Buy 2026-07-17 $100.00 call / sell 2026-07-17 $80.00 put Why now: Unusual call activity at $91; put vol low. Risk reversal captures upside while funding via put premium.	Unlimited upside risk on short call? Actually risk reversal: short put, long call. Max loss if spot below short put; upside capped? Long call has no cap, but short put downside risk. Need defined risk? Actually risk reversal has undefined downside on put. But it's in shortlist. We'll note risk: large move below short put.

Top Plays

Bull Call Spread

Buy 2026-07-17 $90.00/$95.00 call spread

Buy $90/$95 call spread to capture upside within expected range, leveraging call OI and low P/C ratio.

Why this play: Best aligns with bullish flow and max pain at $89; targets $90-$93 range with defined risk.

Debit: $1.82-$2.23

Max loss: $2.23

BE: $92.23

Mgmt: Exit if spot breaks below $89 or near $93 before expiration.

Traders seeking defined-risk bullish exposure near earnings.

Put Credit Spread

Sell 2026-07-17 $80.00/$75.00 put spread

Sell $80/$75 put spread to benefit from support and low implied put activity.

Why this play: Collects premium with defined risk below $80; supports bullish thesis and low put vol.

Credit: $0.74-$0.91

Max loss: $4.09

BE: $79.09

Mgmt: Roll or close if spot approaches $80; monitor gamma risk near expiration.

Income-focused traders with bullish bias and defined risk tolerance.

Bullish Risk Reversal

Buy 2026-07-17 $100.00 call / sell 2026-07-17 $80.00 put

Buy $100 call, sell $80 put to finance upside via put premium, suitable for aggressive outlook.

Why this play: Unlimited upside potential but high risk; less aligned with near-term range.

Debit: $0.21-$0.26

Max loss: $80.00

BE: $80.00

Mgmt: Watch for earnings; adjust if spot drops below $80 or call delta decays.

Traders expecting strong breakout above $100 with high risk appetite.

Watchlist Triggers

Entry Triggers

IFIF spot holds $89 support (max pain) and call OI rises, SPY stable → THEN enter S1: Buy 2026-07-17 $90/$95 call spread at $1.82-$2.23 debit

IFIF spot bounces from $84.38 support, put vol low → THEN enter S2: Sell 2026-07-17 $80/$75 put spread for $0.74-$0.91 credit

Adjustment Triggers

ADJIF spot reaches $93-$94 resistance with low momentum → THEN take partial profit on S1: close 50% of calls or roll up to $95/$100

Exit Triggers

EXITIF spot breaks below $89 and holds below for >30 min → THEN exit S1 and S2: buy back put spread, close call spread at market

Tactical Summary

NFLX bullish near-term. Key support $89 (max pain, call OI). Resistance $90-$94. Prefer S1 bull call spread for defined upside; S2 put credit spread for income. Invalidation below $89. Gamma flip at $75 low probability.

How to Use These Reports

This directional reflects the market close on May 19, 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.