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NFLX

Netflix, Inc.Close $80.34EOD only

Max Pain

$87.00

Next expiry Jun 18, 2026

Expected Move

±$2.50

3.1% from close

Price Gap

+6.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.78

Slightly call-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 12, 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 12, 2026 close

NFLX Directional Report

Analysis based on market close June 12, 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 $82. Dealers short gamma amplifies downside, but long delta provides support. Bearish bias towards $77.84; break accelerates to $75. Confidence 8/10.

Confidence:

8 / 10

High vol, negative GEX, spot below max pain, mixed flow but bearish skew. Pre-computed 8 captures strong alignment.

Supports: Negative gamma amplifies downside; spot below max pain; support at $76.68.
Conflicts: Positive dealer delta supports dips; mixed flow; VIX moderate at 17.68.

📉Gamma amplification: -$129M GEX favors bearish trending.

🎯Max pain $82 resistance; spot below implies selling pressure.

⛔Support zone $77.84-76.68; break opens gamma flip target $75.

Regime Classification

Vol Regime

High

IV elevated relative to VIX; event-driven uncertainty.

Gamma Regime

Trending

Negative gamma (-$129M) broadens moves; trending dynamics.

Flow Regime

Mixed

Mixed net premium; put/call balanced with slight put premium bias.

Spot vs Max Pain

Below

Spot ~$80.3; below 6/12 max pain $82, pin weak.

Thesis duration: Event-specific — High vol and negative gamma suggest event-driven price swing; next max pain shift on 6/18.

Price Range Forecast

Next 1 week

$77.84$82.83

Resistance $82, support $77.84; negative gamma favors downside.

Next 2 weeks

$76.68$83.99

Broader range $76.68-$83.99; gamma flip $75 caps downside.

Key Levels

Max pain pins: $82 (2026-06-12); $87 (2026-06-18); $85 (2026-06-26)

EM guardrails: 1w $77.84/$82.83

Support: $76.68 · $75.00 · $73.00

Resistance: $82.00 · $83.99

Gamma flip: ~$75.00 — Approx — based on put OI concentration of 68,810 (6.6% below spot)

Structural: Max pain: $82 (6/12), $87 (6/18), $85 (6/26). Support: $76.68, $75, $73. Resistance: $82, $83.99. Gamma flip ~$75.

Dealer Positioning (GEX/DEX)

GEX: $-129.2M

DEX: +127.2M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 68,810 (6.6% below spot))

NTM gamma: Dealers short gamma (-$129M), long delta (+127M shares). Gamma flip ~$75. Amplifies trending; acceleration below $78.

IV Analysis

IV vs VIX: Ticker IV rich vs VIX 17.68; elevated for event risk.

Term structure: Not provided; assume near-term contango typical.

Skew: Put skew steep; selling put spreads at $76.68 support may be attractive.

Flow Analysis

Net premium: Net premium -$20M, negative, with P/C vol ratio 0.80 (more calls), indicating net selling of premium, likely call selling or put buying.

Directional prints: 29.7 call 80 ITM 2026-06-26 — Vol/OI 9.7, new activity. If bought bullish, if sold bearish. Net negative suggests sold, bearish. 17.2 call 80 ITM 2026-06-12 — Vol/OI 8.2, heavy volume vs OI. Likely sold due to net negative premium, bearish. 9.8 call 81 OTM 2026-06-12 — Vol/OI 8.1, massive volume. Net premium negative implies selling, bearish.

Unusual: 29.7 call 80 ITM 2026-06-26 — Vol/OI 9.7, highest ratio. New money at low strike call. 17.2 call 80 ITM 2026-06-12 — Vol/OI 8.2, 19k volume vs 2.4k OI. Notable call activity. 9.8 call 81 OTM 2026-06-12 — Vol/OI 8.1, 22.5k volume vs 2.8k OI. Extreme ratio.

Risks & Catalysts

!Downside gamma acceleration if spot breaks $78.

!Upside risk from short gamma on rally above $82.

!Mixed flow could reverse sentiment quickly.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Strong	Buy 2026-07-17 $80.00/$75.00 put spread Why now: Aligns with bearish bias and negative gamma regime; uses post-earnings expiration	Upside risk from short gamma rally above $82; defined loss limited to debit paid Substitutions: short_put: resolved contract 2026-07-17 $77.00 missing; used 2026-07-17 $75.00.
Long put	Strong	Buy 2026-07-17 $80.00 put Why now: High-vol regime with dealer short gamma amplifies moves; long put provides convexity	Time decay if move delayed; defined but full premium at risk Substitutions: long_put: resolved contract 2026-07-17 $78.00 missing; used 2026-07-17 $80.00.
Call credit spread	Moderate-Strong	Sell 2026-07-17 $85.00/$90.00 call spread Why now: Net premium selling flow and bearish tilt favor call selling; defined risk	If stock rallies past short strike, losses increase; wing protection defined

Top Plays

Bear put spread

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

Expresses downside view with capped risk and reward.

Why this play: Directly aligns with bearish bias, uses post-earnings expiration, defined risk.

Debit: $1.71-$2.10

Max loss: $2.10

BE: $77.90

Mgmt: Enter near entry range; exit if stock rallies above $80.

Traders seeking defined-risk bearish play.

Long put

Buy 2026-07-17 $80.00 put

Profits from downside acceleration with unlimited upside from erosion.

Why this play: Provides convexity in high-vol regime; amplifies downside from dealer short gamma.

Debit: $3.19-$3.91

Max loss: $3.91

BE: $76.09

Mgmt: Monitor for break below $78; take partial profits on sharp moves.

Aggressive traders seeking high-convexity bearish exposure.

Call credit spread

Sell 2026-07-17 $85.00/$90.00 call spread

Sells call spread to collect premium, profits from muted price action.

Why this play: Capitalizes on net premium selling flow and bearish sentiment with defined risk.

Credit: $0.96-$1.17

Max loss: $3.83

BE: $86.17

Mgmt: Manage if stock rises above $85; consider rolling up if threatened.

Income-oriented traders with mild bearish view.

Watchlist Triggers

Entry Triggers

IFNFLX trades below $78 → Buy 2026-07-17 $80.00/$75.00 put spread at limit $1.71-$2.10

IFNFLX breaks below $76.68 support → Buy 2026-07-17 $80.00 put at limit $3.19-$3.91

Exit Triggers

EXITNFLX rallies above $82 invalidation level → Close all bearish positions

Tactical Summary

Bearish bias with negative gamma below max pain $82. Favor bear put spread on break below $78 or long put on support break at $76.68. Exit if stock reclaims $82. Monitor gamma flip near $75 for acceleration. Call credit spread not triggered unless stock stays below $82.

How to Use These Reports

This directional reflects the market close on June 12, 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.