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NFLX

Netflix, Inc.Close $82.18EOD only

Max Pain

$85.00

Next expiry Jun 12, 2026

Expected Move

±$2.88

3.5% from close

Price Gap

+2.82

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.77

Slightly call-heavy

Consensus

3.5/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

NFLX Directional Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

NFLX in high-vol negative gamma regime with spot below max pain. QQQ strength and dealer short gamma suggest potential upward snap toward $84-$86 in 1w, but mixed flow and high IV cap conviction. Mild bullish bias short-term with $84 pin target.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned (negative gamma supports trending); +0.5 spot 1.6% from MP; +0.5 VIX 19.

Supports: QQQ +1.56%, spot near $77.95 support, dealer short gamma amplifies moves, max pain $84.
Conflicts: Mixed flow, high IV, resistance $86.27/$87.33.

📊High vol: IV elevated vs VIX, premium selling opportunity.

🔄Dealer short gamma -$6.4M; momentum risk.

🎯Max pain $84 for 6/12 expiry; pin target.

Regime Classification

Vol Regime

High

IV high vs realized; VIX 19 adds tail risk.

Gamma Regime

Trending

GEX -$6.4M; negative gamma amplifies moves; dealer hedging may accelerate trends.

Flow Regime

Mixed

Flow mixed; net premium balanced; P/C neutral.

Spot vs Max Pain

Below

Spot below MP ($84); potential mean reversion upward.

Thesis duration: Event-specific — Max pain $84 (6/12) and $90 (6/18) point to expiry pinning; dealer gamma flip at $75 limits downside.

Price Range Forecast

Next 1 week

$79.00$86.27

QQQ up 1.56% supports risk-on; resistance $86.27.

Next 2 weeks

$77.95$87.33

Gamma flip $75 caps downside; resistance $87.33-$90.

Key Levels

Max pain pins: $84 (2026-06-12); $90 (2026-06-18); $86 (2026-06-26)

EM guardrails: 1w $79.00/$86.27

Support: $77.95 · $75.00

Resistance: $84.00 · $87.33 · $90.00

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 67,151 (9.2% below spot)

Structural: Support $77.95-$75; resistance $84-$87.33-$90; gamma flip $75.

Dealer Positioning (GEX/DEX)

GEX: $-6.4M

DEX: +129.4M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 67,151 (9.2% below spot))

NTM gamma: GEX -$6.4M (short gamma); hedging amplifies moves; flip ~$75.

IV Analysis

IV vs VIX: IV ~45% vs VIX 19; rich premium selling opportunity.

Term structure: Upward sloping; front-end elevated due to expiry risk.

Skew: Skew neutral; opportunity selling puts at $75 support.

Flow Analysis

Net premium: Net put premium $6.3M; P/C vol 0.47 (call-heavy) but OI 0.81, short-term bullish activity amid bearish sentiment.

Directional prints: 32.9 call 83 OTM 2026-06-12 — Vol 19.4k vs OI 6.1k (3.2x); aggressive buying, likely bullish. Preferred: bullish. 31.3 put 82 OTM 2026-06-12 — Vol 8.8k vs OI 2.8k (3.2x); significant put buying, bearish bet. Preferred: bearish. 34.9 call 81 ITM 2026-06-26 — Vol 1k vs OI 0.2k (5.2x); high ratio, likely bought, bullish. Preferred: bullish.

Unusual: 82.8 put 109 ITM 2026-06-18 — Deep ITM put with extreme IV 82.8%; vol 856 vs OI 283; likely bearish hedge. 51.9 put 140 ITM 2027-01-15 — Far OTM long-dated put, IV 51.9%, vol 600 vs OI 200; unusual downside protection. 47.4 call 74 ITM 2026-09-18 — OTM call IV 47.4%, vol 1024 vs OI 260; speculative bullish dip buy.

Risks & Catalysts

!Earnings or event surprise

!Break below gamma flip $75

!VIX spike above 20

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call calendar	Moderate	Sell 2026-06-26 $90.00 call / buy 2026-07-17 $90.00 call Why now: Earnings 38d away; near-term IV elevated; benefits from volatility crush.	Directional loss if spot above short strike; early assignment.
Put credit spread	Moderate	Sell 2026-07-17 $80.00/$75.00 put spread Why now: Support at $75 gamma flip; high put IV attractive; defined risk.	Loss if spot below short strike; earnings gap risk. Substitutions: short_put: resolved contract 2026-07-17 $78.00 missing; used 2026-07-17 $80.00.

Top Plays

Call Calendar for IV Crush

Sell 2026-06-26 $90.00 call / buy 2026-07-17 $90.00 call

Sell short-term call, buy longer-term call to profit from IV contraction.

Why this play: Earnings in 38 days; near-term IV elevated; benefits from volatility crush.

Debit: $1.40-$1.71

Max loss: $1.71

BE: Path-dependent

Mgmt: Monitor IV; exit if earnings risk changes.

Traders expecting IV crush before earnings

Put Credit Spread

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

Sell put spread below support to collect premium with defined risk.

Why this play: Support at $75 gamma flip; high put IV attractive; defined risk.

Credit: $1.41-$1.73

Max loss: $3.27

BE: $78.27

Mgmt: Roll if price approaches $75.

Traders with bullish/neutral outlook, defined risk

Watchlist Triggers

Entry Triggers

IFIF NFLX holds above $77.95 support and gamma flip level → THEN enter call calendar: sell 2026-06-26 $90C, buy 2026-07-17 $90C at $1.40-$1.71

IFIF NFLX holds above $77.95 support → THEN enter put credit spread: sell 2026-07-17 $80P, buy $75P at $1.41-$1.73

Exit Triggers

EXITIF NFLX breaks below $75.00 gamma flip → THEN exit both positions immediately

Tactical Summary

NFLX near support $77.95 with earnings 38d away; bullish bias to $84. Call calendar benefits from IV crush; put credit spread uses high put IV. Risk: break below $75 gamma flip.

How to Use These Reports

This directional reflects the market close on June 8, 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.