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NFLX

Netflix, Inc.Close $87.66EOD only

Max Pain

$90.00

Next expiry May 15, 2026

Expected Move

±$2.27

2.6% from close

Price Gap

+2.34

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 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 12, 2026 close

NFLX Directional Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias supported by strong call flow and positive dealer gamma. Spot below max pain ($90) suggests upward drift, but overhead resistance at $90/$91.99 caps near-term upside. High vol regime warrants caution.

Confidence:

9 / 10

Base 5 from positive flow and gamma; +2 GEX/flow aligned; +1 GEX pinning; +1 low VIX

Supports: Bullish flow, positive gamma, low VIX, strong dealer positioning
Conflicts: High vol regime, overhead resistance at $90/$91.99, spot below max pain

🟢Bullish flow: Net premium positive with strong call buying

🟡Gamma pinning: Heavy OI at $90, short-term magnet

🔴Resistance cluster: $90 max pain and $91.99 upside resistance

Regime Classification

Vol Regime

High

High implied volatility reflects stock-specific event; VIX low (18) supports relative richness.

Gamma Regime

Pinning

Positive gamma near term, $90 flip-heavy OI pins spot; dealer hedging bullish.

Flow Regime

Bullish

Call-heavy with net positive premium, strong bullish sentiment.

Spot vs Max Pain

Below

Spot below max pain ($90), typical bullish drift pre-expiry.

Thesis duration: Event-specific — High vol and gamma pinning align with weekly expiry (2026-05-15); flow supports short-term bullish bias.

Price Range Forecast

Next 2 days

$85.64$89.47

Range $85.64-$89.47; resistance at $89.47, pin at $90 above range

Next 1 week

$84.02$91.10

Range $84.02-$91.10; pin at $91, support $84.02

Next 2 weeks

$83.13$91.99

Range $83.13-$91.99; upside to $91.99, deep support $83.13

Key Levels

Max pain pins: $90 (2026-05-15); $91 (2026-05-22); $90 (2026-05-29)

EM guardrails: 2d $85.64/$89.47; 1w $84.02/$91.10

Support: $83.13

Resistance: $90.00 · $91.99

Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,292 (16.6% below spot)

Structural: Support $83.13; resistance $90 (max pain) and $91.99; gamma flip ~$73; EM guardrails $85.64/$89.47 (2d), $84.02/$91.10 (1w).

Dealer Positioning (GEX/DEX)

GEX: $+54.9M

DEX: +137.0M shares

Gamma flip: ~$73 (Approx — based on put OI concentration of 48,292 (16.6% below spot))

NTM gamma: GEX +$54.9M (positive), DEX +137M shares; gamma flip ~$73 based on put OI concentration.

IV Analysis

IV vs VIX: Ticker IV elevated vs VIX (17.87), indicating rich premium; event-driven vol.

Term structure: Front-end elevated, backwardation expected due to near-term event; longer-dated decays.

Skew: Put skew slight premium; consider short-dated call spreads to capture bullish drift with defined risk.

Flow Analysis

Net premium: Bullish net premium of $10.3M with put/call volume ratio 0.61, indicating strong call buying.

Directional prints: 31 call 88 OTM 2026-05-15 — Vol/OI 2.6, 30k vol vs 11.5k OI. Bought likely; bullish near-term call sweep on 0DTE? Preferred read: aggressive bullish positioning. 32 call 89 OTM 2026-05-15 — Vol/OI 1.8, 23.5k vol vs 12.8k OI. Bought; OTM call buying expecting upside. Preferred read: bullish continuation bet.

Unusual: 50.3 call 66 ITM 2027-01-15 — Vol/OI 3.5, deep ITM call with high IV. Bought; long-dated bullish positioning. Preferred read: institutional accumulation. 35.8 put 81 OTM 2026-12-18 — Vol/OI 2.8, 3.6k vol vs 1.3k OI. Bought; bearish hedge or speculative put in a bullish flow. Preferred read: hedging against pullback. 47.5 call 76 ITM 2026-12-18 — Vol/OI 3.1, 1k vol vs 323 OI. Bought; ITM call buying for upside exposure. Preferred read: accumulation by large traders.

Risks & Catalysts

!Break below support $83.13 triggers gamma flip and dealer hedging

!Resistance rejection at $90/$91.99 could reverse flow

!High vol regime may persist if event outcome bears

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-07-17 $90.00/$95.00 call spread Why now: ITM/ATM strikes, holds through earnings.	Max loss if spot below $85 at expiry.
Put credit spread	Moderate-Strong	Sell 2026-07-17 $85.00/$80.00 put spread Why now: Collects premium with buffer below support.	Max loss if spot below $80.
Bullish risk reversal	Moderate	Buy 2026-07-17 $90.00 call / sell 2026-07-17 $85.00 put Why now: Leverages call flow, short put at safe strike.	Downside risk if spot breaches $80.

Top Plays

Bull Call Spread

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

Buys ITM/ATM call spread to capture earnings move while limiting cost.

Why this play: Best risk/reward with defined profit zone just above resistance, aligns with bullish bias but caps upside given overhead resistance.

Debit: $1.61-$1.96

Max loss: $1.96

BE: $91.96

Mgmt: Set stop loss below $83.13; take profit near max gain.

Traders seeking defined risk and reward.

Bullish Risk Reversal

Buy 2026-07-17 $90.00 call / sell 2026-07-17 $85.00 put

Combines long call and short put to finance upside exposure.

Why this play: Leverages strong call flow with cheap premium, unlimited upside but higher risk.

Debit: $0.65-$0.80

Max loss: $85.00

BE: $85.00

Mgmt: Stop loss below $83.13; roll if vol spikes.

Aggressive traders wanting leverage.

Put Credit Spread

Sell 2026-07-17 $85.00/$80.00 put spread

Sells OTM put spread to earn theta while staying above support.

Why this play: Collects premium with buffer below key support, defensive bullish play.

Credit: $1.55-$1.90

Max loss: $3.10

BE: $83.10

Mgmt: Let theta decay; close if stock drops near short strike.

Income-focused traders with bullish view.

Watchlist Triggers

Entry Triggers

IFSpot>$83.13 & IV down → Buy Jul17 $90/$95 call spread @1.61-1.96

IFSpot>$85 & 50-day MA cross up → Sell Jul17 $85/$80 put spread @1.55-1.90 credit

Exit Triggers

EXITSpot<$83.13 → Close all longs

Tactical Summary

Bullish with resistance $90/$91.99. Prefer bull call spread for defined risk. Use put credit spread for income. Exit if $83.13 breaks. High vol.

How to Use These Reports

This directional reflects the market close on May 13, 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.