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NFLX

Netflix, Inc.Close $88.60EOD only

Max Pain

$89.00

Next expiry May 29, 2026

Expected Move

±$2.56

2.9% from close

Price Gap

+0.40

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

NFLX Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias targeting $89 MP pin, backed by strong dealer gamma (+$53.5M GEX) and bullish flow. Spot ~1.5% below MP, low VIX 17 supportive. High confidence in upward drift within ranges.

Confidence:

9 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; +0.5 spot near MP; +1 VIX 17 low vol.

Supports: Bullish flow, positive gamma, spot below MP, low VIX, multiple expiries pinning $89.
Conflicts: Resistance at $89 may cap; gamma flip at $75 distant but risk if selloff.

🔺Bullish flow: net call buying dominant, P/C low.

📌MP pin $89 across 3 expiries, dealer gamma attracts spot.

🟢GEX +$53.5M, strong dealer hedging support.

📉VIX 17 low, vol normal; no stress.

Regime Classification

Vol Regime

Normal

IV normal vs 14d HV, VIX 17 indicates benign environment.

Gamma Regime

Pinning

Positive gamma $53.5M, dealer hedges support drift toward $89 pin.

Flow Regime

Bullish

Bullish flow with net call premium, low put/call ratio.

Spot vs Max Pain

Below

Spot ~1.5% below $89 MP, favoring upside to pin.

Thesis duration: Multi-week — Consistent pinning structure across expiries, normal vol, low VIX, no single event driver.

Price Range Forecast

Next 2 days

$85.54$89.82

Target $89 push, supported by flow and gamma.

Next 1 week

$84.00$91.36

Potential to test $89-90, range high $91.36.

Next 2 weeks

$82.88$92.49

Broader range but $89 remains magnet; upside to $92.49.

Key Levels

Max pain pins: $89 (2026-05-29); $89 (2026-06-05); $89 (2026-06-12)

EM guardrails: 2d $85.54/$89.82; 1w $84.00/$91.36

Support: $82.88

Resistance: $89.00 · $90.00 · $92.49

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 59,812 (14.5% below spot)

Structural: Support 82.88, 85.54; resistance 89.0 (MP), 90.0, 92.49; gamma flip $75.

Dealer Positioning (GEX/DEX)

GEX: $+53.5M

DEX: +122.2M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 59,812 (14.5% below spot))

NTM gamma: Next-term gamma positive +$53.5M, pinning at $89; flip risk at $75.

IV Analysis

IV vs VIX: IV in line with realized vol, not cheap relative to VIX 17; sector norms suggest fair.

Term structure: Flat to slight contango, no event kinks; normal expiry shape.

Skew: Moderate put skew, calls expensive; consider put spreads if hedging.

Flow Analysis

Net premium: Net +$5.24M, P/C vol 0.57 → bullish.

Directional prints: 30.9 call 90 OTM 2026-05-29 — 26911/13601 (2.0x) OTM call, likely bought → bullish. 28.7 put 87 OTM 2026-05-29 — 12304/3948 (3.1x) OTM put, likely hedge given bullish flow. 31.7 call 86 ITM 2026-05-29 — 3307/667 (5.0x) ITM call, bought → directional bet.

Unusual: 33 call 90 OTM 2026-07-02 — 1042/142 (7.3x) OTM call far exp, speculative buy. 52 call 121 OTM 2026-06-18 — 2290/712 (3.2x) deep OTM call high IV, lottery buy. 31.7 put 81 OTM 2026-06-26 — 574/237 (2.4x) OTM put, protective buy.

Risks & Catalysts

!Failure to hold $85.54 support.

!Unexpected market selloff triggering gamma flip below $75.

!Earnings or macro event disrupting pinning.

!Bullish flow exhaustion reversing.

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: Strong dealer gamma and bullish flow support upward drift. Low VIX favors debit spreads.	Max loss if spot dips below long strike; risk of time decay if drift is slow.
Bullish risk reversal	Moderate	Buy 2026-07-17 $90.00 call / sell 2026-07-17 $85.00 put Why now: Bullish bias; put sale finances upside calls, exploiting large OTM call buying.	Tail risk if spot crashes below put strike; upside unlimited.

Top Plays

Bull Call Spread

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

Captures upside to $95 with defined risk, leveraging OTM call buying and low vol.

Why this play: Strong dealer gamma and bullish flow support upward drift; low VIX favors debit spreads.

Debit: $1.58-$1.93

Max loss: $1.93

BE: $91.93

Mgmt: Close at 50% gain or if spot breaks below $82.88 invalidation.

Traders seeking limited-risk bullish exposure with high probability of profit near pin.

Bullish Risk Reversal

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

Unlimited upside potential with premium credit, using put sale to offset call cost.

Why this play: Bullish bias; put sale finances upside calls, exploiting large OTM call buying.

Debit: $0.68-$0.83

Max loss: $85.00

BE: $85.00

Mgmt: Monitor spot; roll put up if momentum fades; take profit on call spread at target.

Aggressive traders confident in upward momentum, willing to accept assignment risk on $85 put.

Watchlist Triggers

Entry Triggers

IFIF spot holds above $85.54 with bullish flow, THEN buy 2026-07-17 $90/$95 call spread for 1.58-1.93 debit. → Buy 2026-07-17 $90/$95 call spread for 1.58-1.93 debit.

IFIF spot breaks above $89 MP, THEN initiate 2026-07-17 bullish risk reversal (buy $90 call, sell $85 put) for 0.68-0.83 credit. → Buy 2026-07-17 $90 call, sell $85 put for 0.68-0.83 credit.

Exit Triggers

EXITIF spot closes below $82.88 invalidation, THEN exit all bullish positions. → Exit all bullish positions.

Tactical Summary

Bullish bias targeting $89 MP pin with strong dealer gamma (+$53.5M GEX) and low VIX 17. Support at $85.54, $82.88; resistance at $89 (MP), $90, $92.49. Invalidation at $82.88. Favor bull call spread for defined risk or bullish risk reversal for leveraged upside. Manage with stop at $82.88.

How to Use These Reports

This directional reflects the market close on May 26, 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.