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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 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias due to negative dealer gamma and tech selloff, but pinned to $83 max pain limits near-term downside. Elevated VIX supports premium selling but risks break below support.

Confidence:

5.5 / 10

Base 5; GEX/flow contradict -1; spot near MP +1; VIX high +0.5.

Supports: Bullish flow, spot at max pain, elevated VIX.
Conflicts: Negative gamma, trending regime, broad tech selloff.

⚠️Negative gamma -$59M amplifies moves; flip at $75.

📌Spot pinned to $83 max pain for weekly expiry.

📈VIX>21 signals fear; IV rich vs VIX.

Regime Classification

Vol Regime

High

IV elevated vs HV; vol High due to tech selloff put demand.

Gamma Regime

Trending

Neg gamma -$59M; flip at $75 (8.7% below spot).

Flow Regime

Bullish

Bullish per flow but mixed: call buying vs put OI at $75.

Spot vs Max Pain

Spot at $83, exactly at max pain (2026-06-05).

Thesis duration: Event-specific — Spot pinned to weekly max pain; negative gamma & high vol suggest near-term break.

Price Range Forecast

Next 1 week

$79.31$85.06

Test support 79.31; negative gamma & tech weakness.

Next 2 weeks

$78.32$86.05

Break below 79.31 opens 78.32; macro headwinds.

Key Levels

Max pain pins: $83 (2026-06-05); $85 (2026-06-12); $90 (2026-06-18)

EM guardrails: 1w $79.31/$85.06

Support: $78.32 · $75.00

Resistance: $83.00 · $86.05 · $90.00

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 66,733 (8.7% below spot)

Structural: Support 78.32, 75.00 (gamma flip); resistance 83.00 (MP), 86.05, 90.00. EM guardrails 79.31/85.06.

Dealer Positioning (GEX/DEX)

GEX: $-59.2M

DEX: +132.4M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 66,733 (8.7% below spot))

NTM gamma: GEX -$59M, DEX +132M shares; flip $75 (put OI). Negative gamma amplifies selloff below $83.

IV Analysis

IV vs VIX: IV rich vs VIX (21.5); elevated due to tech stress and put demand.

Term structure: Front-end elevated; kinks at weekly expirations (83, 85, 90 pins).

Skew: Put skew steep; consider call spreads for bounce if spot holds $83.

Flow Analysis

Net premium: Net call premium $9.68M, P/C vol ratio 0.38, bullish bias.

Directional prints: 14.6 call 82 ITM 2026-06-05 — Vol 40K vs OI 9K (4.4x), 0DTE call buying. Preferred read: aggressive bullish. 30.5 call 84 OTM 2026-06-12 — Vol 17.9K vs OI 4.6K (3.9x), opening of OTM calls. Bought. Bullish. 47.5 call 74 ITM 2026-09-18 — Vol 1K vs OI 260 (3.9x), ITM call buying. Bullish conviction.

Unusual: 31.1 call 85 OTM 2026-07-10 — Vol 2.6K vs OI 359 (7.2x), extreme vol/OI. Opening. Bullish high-leverage. 31.2 call 86 OTM 2026-07-10 — Vol 2.5K vs OI 368 (6.7x). Opening. Bullish. 15.6 put 81 OTM 2026-06-05 — Vol 17.9K vs OI 4.3K (4.1x) on 0DTE put. Could be hedging or sold. Watch.

Risks & Catalysts

!Break below $75 gamma flip accelerates selloff.

!Bullish catalyst (e.g., earnings) contradicts negative gamma.

!Macro selloff deepens, VIX spikes above 25.

!Spot fails to hold $83, triggering dealer hedging.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-17 $80.00/$75.00 put spread Why now: Negative gamma & selloff support puts; max pin near $83 caps near-term. Spread limits premium risk.	Break below $75 flips gamma; IV contraction after earnings.
Long put	Moderate-Weak	Buy 2026-07-17 $80.00 put Why now: Negative conviction and dealer gamma favor downside puts; earnings IV expansion potential.	Time decay if no move; IV crush after earnings.

Top Plays

Bear Put Spread

Buy 2026-07-17 $80.00/$75.00 put spread

Short put spread capitalizes on bearish thesis with defined risk.

Why this play: Limits premium risk while profiting from downside bias; aligns with negative dealer gamma and max pin near $83.

Debit: $1.48-$1.81

Max loss: $1.81

BE: $78.19

Mgmt: Exit if NFLX closes above $83; consider rolling if momentum weakens.

Traders seeking capped risk with bearish view.

Long Put

Buy 2026-07-17 $80.00 put

Direct bearish bet with unlimited upside if downside breaks support.

Why this play: Higher potential gain if selloff accelerates; benefits from IV expansion into earnings.

Debit: $2.88-$3.52

Max loss: $3.52

BE: $76.48

Mgmt: Set stop-loss at $83 invalidation; take partial profits on break below $75.

Aggressive traders expecting sharp decline.

Watchlist Triggers

Entry Triggers

IFIF NFLX price breaks below $78.32 support → Enter bear put spread: buy 2026-07-17 $80/$75 put spread

IFIF NFLX price breaks below $78.32 support → Enter long put: buy 2026-07-17 $80 put

Exit Triggers

EXITIF NFLX closes above $83 (invalidation level) → Exit all bearish positions (close put spread and long put)

Tactical Summary

Bearish bias with negative dealer gamma and max pin near $83. Key support at $78.32; break below triggers bear put spread or long put entry. Exit if price closes above $83. Monitor gamma flip at $75 for acceleration.

How to Use These Reports

This directional reflects the market close on June 5, 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.