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NFLX

Netflix, Inc.Close $94.83EOD only

Max Pain

$98.00

Next expiry Apr 24, 2026

Expected Move

±$2.74

2.9% from close

Price Gap

+3.17

Distance to max pain

IV Rank

Low premium

P/C OI

0.81

Slightly call-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 20, 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

Apr 20, 2026 close

NFLX Directional Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bias: modestly bullish-to-neutral. Dealers net short gamma (+$58M GEX, +129M shares DEX) and concentrated OI pins near $97-$98, producing pinning pressure; with spot below MP and bullish flow, expect price to gravitate up toward the $96–98 pin zone over the next 1–2 weeks but remain range‑bound unless a catalyst breaks collar.

Confidence:

8 / 10

Strong dealer GEX/flow alignment, concentrated max‑pain pins, spot slightly below MP, VIX ~19.5 (normal).

Supports: Dealer net short gamma, bullish option flow, max‑pain concentration at $97–98, near‑term EM guardrails.
Conflicts: Spot ~4.6% below MP and resistance at $97–100; no large volatility spike to rapidly push price.

📌Max pain cluster at $97–98 with dealer GEX +$58M — pinning likely

↗️Bullish flow + dealer short gamma favors drift up into pin zone

⚠️Spot ~4.6% below MP — upside requires steady flow or catalyst

Regime Classification

Vol Regime

Normal

Normal IV relative to market (VIX ~19.5); no acute vol dislocation.

Gamma Regime

Pinning

Pinning regime: concentrated OI around $97–98, dealer GEX net +$58M, gamma flip ~73 below current spot.

Flow Regime

Bullish

Net bullish premium flow supporting dealer short gamma and pinning dynamics.

Spot vs Max Pain

Below

Spot sits ~4.6% below mid‑price (MP); price biased to drift up toward MP/pin levels.

Thesis duration: Multi-week — Sustained dealer positioning, persistent OI concentration at $97–98 and ongoing bullish flow imply multi‑week pin/range behavior absent a catalyst.

Price Range Forecast

Next 2 days

$90.17$95.00

Contained inside 2d guardrails $90.17–$95; limited gamma bleed short term.

Next 1 week

$88.63$96.54

Drift toward $95–$97 as dealer short gamma and bullish flow push price into pin zone.

Next 2 weeks

$87.63$97.53

Likely rangebound around $92–$98 with pin pressure at $97–98 unless catalyst arrives.

Key Levels

Max pain pins: $97 (2026-04-24); $98 (2026-05-01); $97 (2026-05-08)

EM guardrails: 2d $90.17/$95.00; 1w $88.63/$96.54

Support: $87.63

Resistance: $97.00 · $97.53 · $100.00

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,172 (21.1% below spot)

Structural: EM guardrails 2d $90.17/$95.00; 1w $88.63/$96.54. Structural support ~$87.63. Resistance/pins $97, $97.53, $100. Gamma flip ≈ $73.

Dealer Positioning (GEX/DEX)

GEX: $+58.0M

DEX: +129.1M shares

Gamma flip: ~$73 (Approx — based on put OI concentration of 48,172 (21.1% below spot))

NTM gamma: Dealer GEX +$58.0M (net short gamma), DEX +129.1M shares; concentrated put OI creates pinning at $97–98; gamma flip ≈ $73.

IV Analysis

IV vs VIX: IV is in line/normal vs VIX ~19.5 — not rich enough to favor long vol trades, but supports premium selling if risk appetite exists.

Term structure: Flat-to-slightly upward term structure with short‑dated IV modestly higher; no extreme event kinks visible in snapshot.

Skew: Put skew concentrated below spot; opportunity to harvest premium via short put spreads or collars while respecting pin risk near $97.

Flow Analysis

Net premium: Large positive net premium; flow skewed to calls (put/call vol 0.64, put/call OI 0.79) — bullish bias.

Directional prints: 31.7 call 93 OTM 2026-04-24 — Very large same‑day call block (10.9k vol, 1.7k OI, vol/OI 6.5); likely buy-to-open directional call flow or covered-sell adjustment — reads bullish. 31.4 call 94 OTM 2026-05-01 — Big near-month call flow (6.7k vol, 1.07k OI, vol/OI 6.3) concentrated short-dated bullish exposure — favors call buying/rolls. 30.9 call 99 OTM 2026-05-22 — Multi-week call interest (2.5k vol, 439 OI) supporting sustained upside exposure; bullish.

Unusual: 62.9 call 117 OTM 2026-05-01 — High IV, small OI but concentrated block (1.28k vol, vol/OI 7.9) — directional speculative or dispersion trade; bullish tilt. 32.9 put 84 OTM 2026-05-22 — Significant put flow (5.0k vol, 1.06k OI) — could be protective buys or distribution; offsets some call bias.

Risks & Catalysts

!Unexpected earnings/catalyst or sector move that spikes IV and breaks pin

!Large buy/sell flow that overwhelms dealer capacity and shifts gamma sign

!Rapid market-wide volatility surge (VIX spike) invalidating range bias

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Strong	Sell 2026-05-08 $88.00/$83.00 put spread Why now: Dealers net short gamma and pins near $96–98; sell OTM puts to collect premium while defined long protects tail over multi-week horizon.	Unexpected IV spike or downside flow that breaks the pin and widens strikes' losses.
Bull call spread	Moderate	Buy 2026-05-08 $95.00/$99.00 call spread Why now: Bullish flow and call blocks suggest upside; buy nearer ITM call and sell higher call to finance and define risk over several weeks.	Rapid IV surge or failed follow-through leaves spread under water.
Cash-secured put	Moderate-Weak	Sell 2026-05-22 $89.00 cash-secured put Why now: If comfortable owning stock, sell a single-month put around mid-90s to be assigned into the pin zone with premium collected.	Price gaps below short strike or IV spike increases mark-to-market.
Call diagonal	Conditional	Sell 2026-05-08 $98.00 call / buy 2026-07-17 $105.00 call Why now: Flow is call-heavy and short-term IV is rich; a near-term short call vs back-month long captures calendar skew with limited directional exposure.	Large directional move or IV term-structure shift will hurt short leg before long gains; manage if IV spikes.

Top Plays

Sell May $88/$83 put credit

Sell 2026-05-08 $88.00/$83.00 put spread

Receive premium selling OTM puts into multi-week modestly bullish-neutral tape; low capital, defined loss if breach.

Why this play: Highest risk/reward vs thesis: collects premium while defined long limits tail and benefits from dealer short-gamma pinning toward $96–$98.

Credit: $0.54-$0.65

Max loss: $4.35

BE: $87.35

Mgmt: Keep if premium > break-even; tighten or buy back if stock falls toward 87.6 or IV spikes.

Traders wanting income with limited downside risk over weeks.

Buy May $95/$99 bull call spread

Buy 2026-05-08 $95.00/$99.00 call spread

Long call spread offers leveraged upside toward pin zone with defined risk and lower theta bleed than naked calls.

Why this play: Directional upside play aligned with call-heavy flow and bullish prints while capping cost.

Debit: $0.83-$1.01

Max loss: $1.01

BE: $96.01

Mgmt: Let run toward 99; trim or roll if IV rises or price breaches invalidation ~87.6.

Traders seeking directional exposure with capped loss.

Near-term short / back-month long call diagonal

Sell 2026-05-08 $98.00 call / buy 2026-07-17 $105.00 call

Sell May $98 short call vs Jul $105 long to collect near-term premium and keep longer upside exposure.

Why this play: Expresses neutral-to-slight-bull bias while monetizing rich short-term IV and calendar skew.

Debit: $1.30-$1.59

Max loss: $1.59

BE: Path-dependent

Mgmt: Manage short leg if pinned near 96–98; roll or close into earnings or on large IV move.

Traders who want to harvest time premium while retaining tail upside.

Watchlist Triggers

Entry Triggers

IFIF NFLX > 87.63 and sell 2026-05-08 $88/$83 put spread mid-market premium between $0.54–$0.65 → THEN enter s1 short put credit (sell 88 / buy 83) size per risk plan (max risk per trade = X% portfolio)

IFIF NFLX ≥ 97 and 2026-05-08 $95/$99 spread mid premium between $0.83–$1.01 → THEN enter s2 bull call spread (buy 95 / sell 99) sized per risk plan (max risk per trade = X% portfolio)

IFIF 30d IV ≥ 90d IV + 3% and NFLX between 95–98 and diagonal mid premium $1.30–$1.59 → THEN enter s4 call diagonal: sell May $98 / buy Jul $105 as defined, size per risk plan

Adjustment Triggers

ADJIF NFLX ≤ 87.63 OR 30d IV rises ≥ +6% vs 90d IV OR any position mid-market debit to close ≥ 125% of received credit (premium widened >25%) → THEN for s1: if convertible, roll to wider 2026-05-08 $90/$80 put credit (maintain net credit) otherwise close when debit ≥ 1.25× received; for s2/s4: buy back short legs if debit ≥ 1.25× received or IV spike persists >3 trading days; cap loss per trade at defined max risk

Exit Triggers

EXITIF NFLX pins between $96–$98 for ≥3 trading sessions OR within 7–10 trading days of 2026-07-16 earnings → THEN trim/close short near-term legs: close if remaining time premium <50% of entry or if position profit ≥ target; otherwise roll to back-months per risk limits

Tactical Summary

Modestly bullish-to-neutral, 2–12 week horizon: harvest premium with defined-risk put credits, selective bull-call and diagonal exposure; strict IV thresholds (30d vs 90d) and concrete adjustment/close rules; enforce per-trade max risk and explicit roll/close criteria.

How to Use These Reports

This directional reflects the market close on April 21, 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.