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NFLX

Netflix, Inc.Close $81.56EOD only

Max Pain

$84.00

Next expiry Jun 5, 2026

Expected Move

±$1.27

1.6% from close

Price Gap

+2.44

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

5.5/10

Neutral tilt

Published snapshot: Jun 4, 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

Jun 4, 2026 close

NFLX Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bullish bias into week of 6/18, supported by dealer gamma hedging. Spot below max pain pins suggests upward drift toward $84-$91. Short gamma forces buying on dips, creating support at $80.28 and $77.49. VIX at 15.4 indicates low market fear, but ticker IV remains elevated.

Confidence:

8 / 10

Base 5 from model, +2 from dealer short gamma alignment, -1 from mixed flow and elevated IV.

Supports: Dealer short gamma forces buying on dips; spot below max pain; support levels $80.28, $77.49.
Conflicts: Flow mixed; IV high relative to VIX; resistance at $84 and $85.62.

⚡GEX -$43.8M: dealer short gamma amplifies moves, forced buying on dips.

📊Max pain pins $84 (6/5), $86 (6/12), $91 (6/18) attract spot.

⚠️Resistance at $84-$85.62 may cap near-term upside.

Regime Classification

Vol Regime

High

Vol is high compared to typical range, indicating elevated options activity and potential for larger price swings.

Gamma Regime

Trending

Negative gamma of -$43.8M creates a trending regime where dealer delta hedging amplifies directional moves, especially near key levels.

Flow Regime

Mixed

Net premium flow is mixed, not strongly directional, but elevated volume suggests active positioning.

Spot vs Max Pain

Below

Spot at ~$81 is below max pain levels of $84-$91, implying dealer hedging pressure to lift spot toward those pins.

Thesis duration: Multi-week — Dealer gamma positioning and option expiry cycles create structural pressure over multiple weeks, with support and resistance levels defined.

Price Range Forecast

Next 2 days

$80.28$82.83

Support at $80.28 guards downside; expected drift toward $82.83.

Next 1 week

$78.47$84.64

Max pain pin at $84 acts as magnet; resistance at $84.64.

Next 2 weeks

$77.49$85.62

Range $77.49-$85.62; resistance at $85.62 and $91 may cap upside.

Key Levels

Max pain pins: $84 (2026-06-05); $86 (2026-06-12); $91 (2026-06-18)

EM guardrails: 2d $80.28/$82.83; 1w $78.47/$84.64

Support: $77.49 · $75.00

Resistance: $84.00 · $85.62

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 66,095 (8.0% below spot)

Structural: Max pain: $84 (6/5), $86 (6/12), $91 (6/18). Support: $77.49, $75. Resistance: $84, $85.62. Gamma flip ~$75.

Dealer Positioning (GEX/DEX)

GEX: $-43.8M

DEX: +133.5M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 66,095 (8.0% below spot))

NTM gamma: Dealer net gamma -$43.8M (short gamma) with delta +133.5M shares. Short gamma regime forces buying on dips and selling on rallies, amplifying directional movement.

IV Analysis

IV vs VIX: Ticker IV is rich relative to VIX at 15.4, indicating elevated options premium not fully explained by market fear.

Term structure: Term structure likely backwardated near events, with kinks at weekly expirations. Front-end vol elevated.

Skew: Put skew is elevated; consider call spreads or risk reversals to capitalize on bullish thesis with defined risk.

Flow Analysis

Net premium: Net negative premium -$44.7M, put/call vol ratio 0.53 (call vol dominant), yet premium suggests bearish put buying.

Directional prints: 60.2 put 114 ITM 2026-06-18 — Vol/OI 5.5x, high premium last 32.05, suggests aggressive buying of ITM puts for downside protection or spec. 66.8 put 110 ITM 2026-06-18 — Vol/OI 4.4x, large volume 5304, indicates new bearish positions opened. 83.4 put 106 ITM 2026-06-18 — Vol/OI 6.8x highest ratio, IV elevated, likely aggressive put buying signaling bearish view.

Unusual: 48.6 put 60 OTM 2026-07-17 — Deep OTM put with 7k volume, vol/OI 4.9x, unusual bearish bet with low premium; may be hedge or spec. 28.6 call 83 OTM 2026-06-05 — 20.8k volume on 0DTE OTM call, vol/OI 3.7x, could be closing or speculative lottery; contrasts with bearish flow. 44.9 call 74 ITM 2026-09-18 — Long-dated ITM call with vol/OI 3.9x, possible bullish positioning despite overall bearish sentiment.

Risks & Catalysts

!Earnings miss or negative catalyst could break support at $80.28.

!Macro downturn could push spot below gamma flip at $75.

!Resistance at $84-$85.62 may stall rally prematurely.

!Flow mixed suggests lack of conviction, increasing whipsaw risk.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $86.00/$90.00 call spread Why now: Bullish bias into week of 6/18, upward drift toward $84-$91.	Capped upside; earnings risk before 7/16.
Long call	Moderate	Buy 2026-06-26 $86.00 call Why now: Gamma hedging provides support; call vol dominant.	Time decay if rally stalls; earnings miss risk.
Call diagonal	Moderate-Weak	Sell 2026-06-18 $87.00 call / buy 2026-07-17 $90.00 call Why now: Term structure steep; near-term IV elevated.	Spot must stay above short strike; earnings gap risk.

Top Plays

Bull Call Spread

Buy 2026-06-26 $86.00/$90.00 call spread

Buy 2026-06-26 $86/$90 call spread to capture bullish move with capped loss.

Why this play: Limited risk with defined upside, aligns with bullish drift to $84-$91. Best risk/reward.

Debit: $0.54-$0.67

Max loss: $0.67

BE: $86.67

Mgmt: Exit at target or if spot breaks below $77.49.

Traders seeking defined risk and moderate upside.

Call Diagonal

Sell 2026-06-18 $87.00 call / buy 2026-07-17 $90.00 call

Sell 2026-06-18 $87 call, buy 2026-07-17 $90 call to profit from IV differential.

Why this play: Exploits steep term structure and elevated near-term IV; benefits from time decay.

Debit: $1.31-$1.60

Max loss: $1.60

BE: Path-dependent

Mgmt: Close if spot drops below $77.49 or near expiry.

Traders expecting near-term IV contraction with bullish bias.

Long Call

Buy 2026-06-26 $86.00 call

Buy 2026-06-26 $86 call for direct upside exposure.

Why this play: High reward but unlimited risk; suitable for aggressive bullish view.

Debit: $0.97-$1.18

Max loss: $1.18

BE: $87.18

Mgmt: Set stop at $77.49; consider scaling out on strength.

Aggressive traders seeking amplified gains.

Watchlist Triggers

Entry Triggers

IFIF NFLX pulls back to $80.28 and holds above $77.49 → THEN buy 2026-06-26 $86.00/$90.00 call spread for $0.54-$0.67

IFIF NFLX dips to $77.49 support and bounces → THEN buy 2026-06-26 $86.00 call for $0.97-$1.18

Exit Triggers

EXITIF NFLX breaks below $77.49 → THEN exit all bullish positions

Tactical Summary

Bullish bias into 6/18 week. Key support $77.49 (invalidation). Resistance $84-$85.62. Favor bull call spread for defined risk. Monitor for break of $77.49 to exit.

How to Use These Reports

This directional reflects the market close on June 4, 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.