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NFLX

Netflix, Inc.Close $92.58EOD only
Max Pain
$97.00
Next expiry Apr 24, 2026
Expected Move
±$2.42
2.6% from close
Price Gap
+4.42
Distance to max pain
IV Rank
0
Low premium
P/C OI
0.79
Slightly call-heavy
Consensus
7.0/10
Range bias
Published snapshot: Apr 21, 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
Apr 21, 2026 close
NFLX Earnings Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

High-confidence event: bullish pinning into $95 with elevated call flow and concentrated put OI below spot.

Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +0.5 VIX 19; override: Flow/GEX alignment + pinning + spot near MP
Most important: Flow and GEX favor pinning to $95 into short-dated expiries.
📌Pinning signal: concentrated call flow at $93–$94 aligns with $95 max pain
⚠️Front-week IV elevated; expect meaningful crush after results
🔎Put OI cluster ~21.7% below spot creates a downside floor dynamic

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Below
Gamma flip: ~$73.00 — Approx — based on put OI concentration of 48,182 (21.7% below spot)

Earnings Overview

Next earnings: 2026-07-16 (85 days)explicit

Expected moves:

  • 2026-04-24 (2d): ±$1.83 (2.0%)
  • 2026-05-01 (9d): ±$3.64 (3.9%)
  • 2026-05-08 (16d): ±$4.72 (5.1%)

IV Setup

Term structure: Front-week IV elevated ~27–30%, near-term skew steep into earnings; further-dated IV shows pockets >70 at far OTM calls.

Crush estimate: Moderate post-event crush (front-week IV down materially, ~5–10 vol points).

Skew: Call-heavy flow around $91–$96 compresses local skew; protective puts concentrated ~21.7% below spot.

Historical Context

Beat rate: 60% (3/5 quarters)

Avg move vs expected: Historical moves ~in line; 60% beat rate (3/5) suggests modest upside bias.

Directional bias: Slight bullish bias (pinning tendencies + past beats).

Key Levels

1$73.00 gamma flip
2EM guardrails: 2d $91.41/$95.06; 1w $89.60/$96.87
3Max pain pins: $95 (2026-04-24); $95 (2026-05-01); $95 (2026-05-08)

Flow Highlights

Heavy call prints at $93–$94 for 4/24 and 5/01 expiries.

Dealer sell-side gamma supports pinning around $95 short-term.

Large put OI concentration ~21.7% below spot (put floor at $73).

Downside protection limits sharp drops; gamma flip ~73 reduces lower-tail gamma risk.

Strategies

95/105 Bull Call Spread
Buy 2026-07-17 $95.00/$105.00 call spread
Debit: $2.97-$3.64
Max loss: $3.64
Max gain: $6.36
BE: $98.64
Trigger: Scale in below $95; trim into rallies; close before front-week IV collapse.
Best risk-reward vs pin-to-95: keeps upside exposure while limiting vega/crush risk.
Outperforms: Expresses bullish pin and concentrated call flow with defined risk and asymmetric upside.
Underperforms: Loss of support weakens upside continuation thesis.
90/100 Long Strangle
Buy 2026-07-17 $90.00 put + buy $100.00 call
Debit: $7.11-$8.69
Max loss: $8.69
Max gain: Unlimited
BE: 81.31 / 108.69
Trigger: Buy into steady call flow; consider rolling or exiting after initial move or post-crush.
Higher event convexity than spread; wins if move exceeds wider breakevens despite IV crush.
Outperforms: Captures two-way gamma with lower premium than straddle; benefits from a >~8 move into earnings.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!IV crush reduces premium capture post-event
!Pinning can cause sharp intraday positioning moves
!Far OTM volatile pockets increase directional tail risk

What to Watch

?$95 max pain and short-dated expiries (4/24, 5/01)
?Unusual call flow volume at $93–$94
?Front-week IV and VIX moves into earnings
How to Use These Reports
This earnings reflects the market close on April 22, 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.