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NFLX

Netflix, Inc.Close $72.82EOD only

Max Pain

$76.00

Next expiry Jun 26, 2026

Expected Move

±$2.00

2.7% from close

Price Gap

+3.18

Distance to max pain

IV Rank

Low premium

P/C OI

0.80

Slightly call-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jun 23, 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 23, 2026 close

NFLX Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias; spot below $75 pin, dealers short gamma. Mixed flow and high VIX cap conviction. Earnings event 6/26 adds risk.

Confidence:

7 / 10

Base 5, +2 GEX/flow alignment, -0.5 spot 4.2% from MP, +0.5 VIX >18 → 7/10.

Supports: Negative GEX, spot below $75, high vol, support $67.95+$65.
Conflicts: Mixed flow, VIX elevated, resistance $75.

📉Negative GEX trending

⚠️Spot below $75 pin

🔄Mixed flow limits conviction

Regime Classification

Vol Regime

High

IV high pre-earnings, above typical range.

Gamma Regime

Trending

Negative GEX -$55.2M, dealers short gamma, flip ~$65.

Flow Regime

Mixed

Mixed net premium, neutral overall.

Spot vs Max Pain

Below

Spot ~$71.8, 4.2% below $75 max pain.

Thesis duration: Event-specific — Earnings 6/26; short gamma aligns with event trading.

Price Range Forecast

Next 2 days

$70.18$73.49

Downside within range due to short gamma.

Next 1 week

$68.98$74.69

Support $68.98 likely tested.

Next 2 weeks

$67.95$75.73

Wider range $67.95-$75.73 post-earnings.

Key Levels

Max pain pins: $75 (2026-06-26); $75 (2026-07-02); $79 (2026-07-10)

EM guardrails: 2d $70.18/$73.49; 1w $68.98/$74.69

Support: $67.95 · $65.00

Resistance: $75.00 · $75.73

Gamma flip: ~$65.00 — Approx — based on put OI concentration of 58,562 (9.5% below spot)

Structural: Support $67.95, $65 (flip); resistance $75, $75.73. Max pain $75.

Dealer Positioning (GEX/DEX)

GEX: $-55.2M

DEX: +132.9M shares

Gamma flip: ~$65 (Approx — based on put OI concentration of 58,562 (9.5% below spot))

NTM gamma: Short gamma -$55.2M GEX, long delta +132.9M shares. Flip ~$65 from put OI.

IV Analysis

IV vs VIX: IV rich vs VIX 18.6; premium elevated for earnings.

Term structure: Front-end elevated for 6/26 expiry; backwardation post-event.

Skew: Put skew elevated; consider call spreads.

Flow Analysis

Net premium: Net premium -$37.4M with put/call vol ratio 0.67, net premium selling and call-heavy volume suggests mixed bearish flow.

Directional prints: 31.8 put 72 ITM 2026-06-26 — Vol 15810 vs OI 4612 (ratio 3.4). High put volume could be buying (bearish) or selling (bullish). Preferred read: put buying as bearish given net premium negative. 33.6 call 73 OTM 2026-06-26 — Vol 13460 vs OI 4841 (ratio 2.8). High call volume could be buying (bullish) or selling (bearish). Preferred read: call selling as bearish given net premium negative.

Unusual: 34.4 call 71 ITM 2026-06-26 — Vol 1329 vs OI 343 (ratio 3.9). High ratio; potential bullish if bought, bearish if sold. Preferred read: bearish given net premium negative. 32.6 call 72 OTM 2026-06-26 — Vol 9254 vs OI 2636 (ratio 3.5). High ratio; similar to above. Preferred read: bearish given net premium negative.

Risks & Catalysts

!Earnings gap below $65.

!Mixed flow reduces confidence.

!VIX spike breaks vol strategies.

!Close above $75 invalidates thesis.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put diagonal	Moderate-Strong	Sell 2026-08-21 $67.00 put / buy 2026-09-18 $63.00 put Why now: High near-term vol, bearish bias, and put flow suggest selling premium in August and buying cheaper back-month protection.	Assignment risk on short put if stock drops sharply; back-month put may not appreciate enough.
Bear put spread	Moderate-Strong	Buy 2026-07-17 $70.00/$65.00 put spread Why now: Defined-risk debit spread capitalizes on downside with elevated IV; 75/70 put spread captures move below $75.	Max loss if stock above $75 at expiry; direction wrong if rally.
Long put	Moderate	Buy 2026-07-24 $68.00 put Why now: Unusual put volume at $72 strike suggests bearish flow; long put has limited downside with upside convexity.	Time decay if stock flat/up; IV crush after earnings.
Call credit spread	Moderate	Sell 2026-07-17 $75.00/$80.00 call spread Why now: Sell out-of-the-money call spread to collect premium; defined risk if stock rallies above $81.	Upside risk above short strike; limited profit potential.

Top Plays

Bear Put Spread 70/65

Buy 2026-07-17 $70.00/$65.00 put spread

Debit spread profits from price drop to $65, max loss if above $75.

Why this play: Best risk/reward; captures downside below $75 with defined risk.

Debit: $1.42-$1.74

Max loss: $1.74

BE: $68.26

Mgmt: Close if stock rallies above $75 or near expiration.

Traders wanting defined risk bearish play near key resistance.

Long Put $68

Buy 2026-07-24 $68.00 put

Outright put benefits from bearish move with limited capital at risk.

Why this play: High convexity from unusual put volume; unlimited upside if drop exceeds IV.

Debit: $1.76-$2.15

Max loss: $2.15

BE: $65.85

Mgmt: Set stop loss at premium paid; take partial profits at $65.

Aggressive traders expecting sharp move below $68.

Put Diagonal Aug/Sep

Sell 2026-08-21 $67.00 put / buy 2026-09-18 $63.00 put

Sell near-term put, buy later-dated cheaper put to define risk.

Why this play: Near-term premium selling with tail protection; aligns with bearish bias.

Credit: $0.55-$0.67

Max loss: $0.01

BE: Path-dependent

Mgmt: Monitor short put gamma; adjust if stock approaches $67.

Premium collectors with directional bearish view.

Watchlist Triggers

Entry Triggers

IFIF NFLX price fails to break above $75 resistance and drops below $70 → BUY July 70/65 bear put spread at 1.42-1.74 debit

IFIF NFLX price breaks below $67.95 support with momentum → BUY July 24 $68 put at 1.76-2.15 debit

IFIF NFLX price is between $65 and $67.95 and volatility elevated → SELL Aug 67 put / BUY Sep 63 put diagonal for credit 0.55-0.67

Exit Triggers

EXITIF NFLX price rallies above $75 → CLOSE all bearish positions immediately

Tactical Summary

Bearish bias below $75 max pain; key support $67.95, gamma flip $65. Top play bear put spread 70/65 for defined risk. Earnings gap risk below $65. Monitor VIX spike.

How to Use These Reports

This directional reflects the market close on June 24, 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.