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NFLX

Netflix, Inc.Close $88.09EOD only

Max Pain

$89.00

Next expiry May 22, 2026

Expected Move

±$1.90

2.1% from close

Price Gap

+0.91

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

NFLX Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias with strong dealer bullish signals and pinning forces. Spot below max pain at $89, expected to rise. High confidence due to alignment of flow, GEX, and low VIX.

Confidence:

9 / 10

Base 5, +2 GEX/flow aligned, +1 GEX positive, +0.5 spot 1% from MP, +1 VIX 17.

Supports: Bullish flow, +$51.4M GEX, spot below $89 max pain, low VIX.
Conflicts: None significant.

📈Bullish flow indicates institutional buying.

🎯Positive GEX supports pinning to $89-$90.

🔻VIX at 17.44 favors drift upward.

Regime Classification

Vol Regime

Normal

Normal - IV in typical range.

Gamma Regime

Pinning

Pinning - $51.4M GEX, pinning to $89-$90.

Flow Regime

Bullish

Bullish - net call buying, low P/C.

Spot vs Max Pain

Below

Below - spot under $89 max pain, expected to rise.

Thesis duration: Multi-week — Multiple max pain pins across weekly expiries suggest sustained pinning.

Price Range Forecast

Next 2 days

$86.19$89.98

Spot below $89 max pain, expect drift to $89.

Next 1 week

$84.75$91.43

Pin target $90 supports upward movement.

Next 2 weeks

$83.57$92.61

Gradual climb toward $90-$92.61.

Key Levels

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

EM guardrails: 2d $86.19/$89.98; 1w $84.75/$91.43

Support: $83.57

Resistance: $89.00 · $90.00 · $92.61

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 48,612 (14.9% below spot)

Structural: Max pain pins: $89 (5/22), $90 (5/29), $90 (6/5). Support $83.57. Resistance $89, $90, $92.61. EM guardrails: 2d $86.19-$89.98, 1w $84.75-$91.43. Gamma flip ~$75.

Dealer Positioning (GEX/DEX)

GEX: $+51.4M

DEX: +126.3M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 48,612 (14.9% below spot))

NTM gamma: $+51.4M GEX, +126.3M shares DEX, gamma flip ~$75.

IV Analysis

IV vs VIX: IV in line with VIX at 17.44, no premium.

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

Skew: Slight put skew; consider selling puts at $83.57 support.

Flow Analysis

Net premium: Net premium $1.55M, put/call volume ratio 0.74, net bullish call buying.

Directional prints: 49.7 call 80 ITM 2026-05-29 — Vol/OI 2.1, bought 80C near expiration, bullish directional momentum. 34.9 call 88 ITM 2026-06-26 — Vol/OI 1.8, bought 88C OTM, continuation bet with moderate premium.

Unusual: 51.3 call 68 ITM 2027-01-15 — Vol/OI 3.1, bought deep ITM 68C, large long-term bullish position. 72.9 put 114 ITM 2026-06-18 — Vol/OI 3.1, bought 114P high IV, bearish hedge or speculation.

Risks & Catalysts

!Spot fails to hold support at $83.57.

!Gamma flip at $75 triggers selling.

!Unexpected vol spike due to macro event.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-17 $90.00/$95.00 call spread Why now: Flow shows aggressive call buying; dealer gamma positive supports upside.	Spot fails to hold $83.57 support; earnings miss.
Bullish risk reversal	Moderate	Buy 2026-07-17 $90.00 call / sell 2026-07-17 $80.00 put Why now: Low VIX, bullish flow, and strong dealer gamma indicate upside potential.	Sharp drop below short put strike ($80) leads to assignment.

Top Plays

Bull Call Spread

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

Buy $90/$95 call spread expiring Jul 17, capturing upside to max pain.

Why this play: Net bullish flow and dealer gamma support upside; limited risk aligns with high-confidence thesis.

Debit: $1.66-$2.03

Max loss: $2.03

BE: $92.03

Mgmt: Exit at 50% max gain or hold to expiry if spot nears $95.

Traders seeking defined-risk bullish play.

Bullish Risk Reversal

Buy 2026-07-17 $90.00 call / sell 2026-07-17 $80.00 put

Buy $90 call, sell $80 put, financing call via put credit.

Why this play: Leverages low VIX for unlimited upside; secondary due to assignment risk.

Debit: $2.44-$2.98

Max loss: $80.00

BE: $80.00

Mgmt: Monitor closely; roll put if spot falls below $83.57.

Aggressive traders with high conviction.

Watchlist Triggers

Entry Triggers

IFSpot holds above $83.57 and breaks above $86.19 (2d EM lower) → Enter bull call spread: buy $90/$95 call for $1.66-$2.03

IFSpot holds above $83.57 and VIX remains low → Enter bullish risk reversal: buy $90 call, sell $80 put for $2.44-$2.98

Exit Triggers

EXITSpot falls below $83.57 → Exit all bullish positions immediately

Tactical Summary

Bullish bias with strong dealer gamma and pinning to $89. Enter bull call spread on hold above $83.57 and break above $86.19, or risk reversal on low VIX. Exit all if $83.57 breaks. Target $89-$90 resistance, manage at $89.

How to Use These Reports

This directional reflects the market close on May 20, 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.