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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias driven by dealer gamma pinning at $89, bullish flow, and spot near max pain. Upside to $91-$92.56 within 1-2 weeks.

Confidence:

9 / 10

Base 5 +2 GEX/flow alignment +1 gamma pin +1 spot near MP +1 low VIX = 9.

Supports: Bullish flow, gamma pinning at $89, spot ~0.4% from MP, low VIX.
Conflicts: Resistance at $89-$92.56, gamma flip ~$75.

📌Gamma pin at $89 across 3 expiries; spot at $88.85.

📈Bullish flow premium positive.

⚠️Resistance cluster $89-$92.56 may cap.

Regime Classification

Vol Regime

Normal

Normal vol; IV ~30th percentile, no stress.

Gamma Regime

Pinning

Pinning; $89 gamma attracts spot, dealer hedging reinforces.

Flow Regime

Bullish

Bullish; net premium positive, call skew supportive.

Spot vs Max Pain

At; spot $88.85 vs MP $89, within pin range.

Thesis duration: Multi-week — Gamma structure and flow align over 1-2 week horizon; no event catalyst.

Price Range Forecast

Next 1 week

$86.03$91.16

Max pain pin $89, resistance $91.16.

Next 2 weeks

$84.63$92.56

Support $84.63, resistance $92.56.

Key Levels

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

EM guardrails: 1w $86.03/$91.16

Support: $84.63

Resistance: $89.00 · $90.00 · $92.56

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 59,411 (15.3% below spot)

Structural: MP $89 (3 exp), S $84.63, R $89/$90/$92.56, gamma flip ~$75.

Dealer Positioning (GEX/DEX)

GEX: $+118.1M

DEX: +125.4M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 59,411 (15.3% below spot))

NTM gamma: GEX +$118M, DEX +125M shares, gamma flip ~$75.

IV Analysis

IV vs VIX: IV ~30% vs VIX 16.7, slight premium but normal for NFLX.

Term structure: Flat to slight contango; no major event kinks.

Skew: Put skew moderate; call spreads for upside with limited tail risk.

Flow Analysis

Net premium: Strong net buying of $13.3M with low put/call vol ratio 0.48, supporting bullish flow.

Directional prints: 25.2 call 89 OTM 2026-05-29 — Vol/OI 2.7x, 11303 vol vs 4137 OI. Bought call spread or outright? Preferred read: aggressive bullish bet on upside by expiration.

Unusual: 25.2 call 89 OTM 2026-05-29 — High vol/OI 2.7, IV 25.2%. Unusual concentrated buying; likely opened for upside speculation. 50.9 call 74 ITM 2027-01-15 — Vol/OI 2.1, IV 50.9%. Large ITM call activity; potential long-term bullish positioning. 24.1 put 88 OTM 2026-05-29 — Vol/OI 1.8, IV 24.1%. Above-normal put volume; could be hedge or bearish bet.

Risks & Catalysts

!Break below gamma flip ~$75

!Resistance cluster $89-$92.56

!VIX spike risk

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-06-05 $92.00/$93.00 call spread Why now: Dealer gamma pin at $89, bullish flow, low put/call ratio.	Max loss = debit paid if spot declines.
Put credit spread	Moderate-Weak	Sell 2026-06-12 $84.00/$80.00 put spread Why now: High OI at $82 put, IV supports premium collection.	Max loss if spot falls below short put. Liquidity constraints: long_put: Wide spread (67%).
Long call	Moderate-Strong	Buy 2026-06-05 $92.00 call Why now: Aggressive call print at $89, gamma squeeze potential.	Total premium loss if direction wrong; theta decay.

Top Plays

Bull Call Spread

Buy 2026-06-05 $92.00/$93.00 call spread

Buy $92/$93 call spread expiring 6/5, capturing near-term upside within 1-2 weeks.

Why this play: Best risk/reward with defined gain, bullish flow support, and gamma pin near $89.

Debit: $0.18-$0.22

Max loss: $0.22

BE: $92.22

Mgmt: Exit if price drops below $84.63; take profit near $92.56 or at expiry.

Traders seeking defined risk with high probability of profit.

Long Call

Buy 2026-06-05 $92.00 call

Buy $92 call expiring 6/5, leveraging gamma squeeze potential in bullish flow.

Why this play: Aggressive bullish bet with unlimited upside, supported by large call print at $89.

Debit: $0.72-$0.88

Max loss: $0.88

BE: $92.88

Mgmt: Set stop-loss below $84.63; take partial profits above $92.56.

Aggressive traders comfortable with higher risk and unlimited gain.

Put Credit Spread

Sell 2026-06-12 $84.00/$80.00 put spread

Sell $84/$80 put spread expiring 6/12, aiming to collect premium if price stays above $84.

Why this play: Bullish but lower confidence due to liquidity failure and conflicting with bullish bias.

Credit: $0.46-$0.56

Max loss: $3.44

BE: $83.44

Mgmt: Monitor liquidity; adjust if price breaks below $84.63. Liquidity warning: Liquidity constraints: long_put: Wide spread (67%).

Conservative traders seeking premium income in bullish trend.

Watchlist Triggers

Entry Triggers

IFIF spot > 89.0 → THEN buy $92/$93 call spread (nflx-1) for 0.18-0.22

IFIF spot > 90.0 → THEN buy $92 call (nflx-3) for 0.72-0.88

Exit Triggers

EXITIF spot < 84.63 → THEN exit all bullish positions

EXITIF spot reaches 92.56 → THEN take profit on bull call spread and long call

Tactical Summary

Bullish bias, dealer gamma pin at $89. Target $92.56 in 1-2 weeks. Use call spreads for defined risk. Invalidation level $84.63. Put credit spread not recommended due to liquidity failure.

How to Use These Reports

This directional reflects the market close on May 22, 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.