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NFLX

Netflix, Inc.Close $89.30EOD only

Max Pain

$89.00

Next expiry May 22, 2026

Expected Move

±$1.29

1.4% from close

Price Gap

-0.30

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.5/10

Bullish tilt

Published snapshot: May 21, 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 21, 2026 close

NFLX Directional Report

Analysis based on market close May 21, 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 support and max pain pinning near $89. Spot at MP, positive gamma, and bullish flow support upside within ranges. Confidence high (9/10).

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; +1 spot at MP; +1 low VIX.

Supports: Strong GEX/flow alignment, max pain $89 pinning, spot at MP, low VIX (16.8), bullish regime.
Conflicts: Resistance at $90 and $93.54. Gamma flip at $75 far below spot but not near-term risk.

🟢Strong GEX/flow alignment supports bullish bias

📌Max pain $89 acts as magnetic pin across expiries

📊Spot within 0.3% of MP increases pin probability

📉Low VIX (16.8) favors further upside as vol tailwind

Regime Classification

Vol Regime

Normal

IV normal relative to VIX (~17), no unusual vol.

Gamma Regime

Pinning

Positive gamma ($117M GEX) as dealer hedge support, pinning near $89.

Flow Regime

Bullish

Bullish net premium flow, put/call ratio skewed bullish.

Spot vs Max Pain

Spot trading ~$91.24, within 0.3% of max pain $89, at MP support zone.

Thesis duration: Multi-week — Max pain pins at $89 across three expiries, combined with positive GEX and bullish flow, suggest sustained drift toward $89-90 area over 1-2 weeks.

Price Range Forecast

Next 2 days

$88.02$90.59

Supported by GEX and MP pin, test $90.

Next 1 week

$86.37$92.24

Drift to $90-92 with resistance at range high.

Next 2 weeks

$85.07$93.54

Bias up toward $93.54, but watch gamma flip risk.

Key Levels

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

EM guardrails: 2d $88.02/$90.59; 1w $86.37/$92.24

Support: $89.00 · $85.07

Resistance: $90.00 · $93.54

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 48,646 (16.0% below spot)

Structural: Support $89 (MP) & $85.07 (2w low); resistance $90 (near) & $93.54 (2w high). Gamma flip at $75: low probability near-term.

Dealer Positioning (GEX/DEX)

GEX: $+117.2M

DEX: +127.1M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 48,646 (16.0% below spot))

NTM gamma: Dealers net long gamma +$117M, aligned with bullish flow. Gamma flip at $75: low risk current level.

IV Analysis

IV vs VIX: NFLX IV in line with VIX (16.8); cheap vs historical but not extreme.

Term structure: Contango, vol rises toward events; near-term flat.

Skew: Put skew elevated but not excessive; no obvious vol arbitrage.

Flow Analysis

Net premium: Net call premium $26.9M (P/C 0.45) but unusual puts imply bearish hedging; mixed signals.

Directional prints: 26.2 call 89 ITM 2026-05-22 — Volume 32k vs OI 12k, 2.6x, bought call flow, bullish. 27.5 call 90 OTM 2026-05-29 — Volume 28k vs OI 6.5k, 4.3x, aggressive call buying.

Unusual: 28.9 put 88 OTM 2026-06-26 — Vol/OI 10.2, unusually high put volume, bearish hedge or speculative. 147.9 call 60 ITM 2026-05-29 — Deep ITM call with extreme IV, possible volatility trade or high leverage. 25.2 put 87 OTM 2026-05-22 — Vol 15k vs OI 5k, 3x, expiring next day, bearish near-term bet.

Risks & Catalysts

!Earnings surprise or macro event

!Break of $89 support / MP fails

!Spike in VIX above 20

!Dealer gamma flip at $75 if spot drops 16%

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Strong	Buy 2026-07-17 $90.00/$100.00 call spread Why now: Max pain near $89, bought call flow, and multi-week thesis support bullish defined-risk play.	Earnings miss or macro shock could cause loss up to net debit.
Bullish risk reversal	Moderate-Strong	Buy 2026-07-17 $100.00 call / sell 2026-07-17 $80.00 put Why now: Bullish flow and dealer support align with risk reversal; defined risk via put strike below support.	Sharp breakdown below $85 could cause large loss on short put.
Cash-secured put	Moderate	Sell 2026-07-17 $80.00 cash-secured put Why now: Cash-secured put aligns with bullish thesis and allows premium collection below MP.	Stock drops below $85, forcing assignment at higher price than market.

Top Plays

Bull Call Spread

Buy 2026-07-17 $90.00/$100.00 call spread

Buy $90/$100 call spread to capture upside within range with limited loss.

Why this play: Directly exploits bullish flow and max pain pinning near $89 with defined risk.

Debit: $2.96-$3.61

Max loss: $3.61

BE: $93.61

Mgmt: Exit if NFLX drops below $89 or at 50% max gain.

Traders wanting defined-risk bullish exposure aligned with multi-week thesis.

Bullish Risk Reversal

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

Buy $100 call, sell $80 put for costless upside with risk below $80.

Why this play: Leverages bullish flow with unlimited upside, but mixed puts add caution.

Debit: $0.23-$0.28

Max loss: $80.00

BE: $80.00

Mgmt: Close if stock nears $80 or adjust put strike to manage risk.

Aggressive traders seeking leverage and willing to accept downside risk.

Cash-Secured Put

Sell 2026-07-17 $80.00 cash-secured put

Sell $80 put to collect premium, obligating purchase at discount.

Why this play: Conservative premium collection below support, aligning with bullish thesis.

Credit: $1.43-$1.75

Max loss: $78.25

BE: $78.25

Mgmt: Roll if stock approaches $80 or close at 50% max profit.

Income-focused traders comfortable buying NFLX at $80 if assigned.

Watchlist Triggers

Entry Triggers

IFIF NFLX holds above $89.00 support on daily close → THEN initiate bull call spread (buy $90/$100 call spread) in entry range $2.96-$3.61

IFIF bullish momentum persists and spot above $89 → THEN consider risk reversal: buy $100 call / sell $80 put for credit $0.23-$0.28

Exit Triggers

EXITIF NFLX breaks below $89.00 → THEN close bull call spread to limit loss

Tactical Summary

Bullish multi-week outlook with earnings 56d away. Max pain at $89 provides support. Favor bull call spread for defined risk. Manage risk if $89 fails. Alternative: cash-secured put at $80 for premium.

How to Use These Reports

This directional reflects the market close on May 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.