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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
41
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 Earnings Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

NFLX 41 days out; beat rate 60%; call-heavy flow; IV front-end elevated; macro headwinds but bullish positioning.

Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 spot 1.0% from MP; +0.5 VIX 22
Most important: Unusual 7/10 $85/$86 call vol signals bullish bets into earnings.
📊Call OI wall at $90-$120 limits upside moves near term.
🛡️Put floor at $73-$75 provides downside base.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Bullish
Spot vs MP
At
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 66,733 (8.7% below spot)

Earnings Overview

Next earnings: 2026-07-16 (41 days)explicit

Expected moves:

  • 2026-06-12 (7d): ±$2.88 (3.5%)
  • 2026-06-18 (13d): ±$3.87 (4.7%)
  • 2026-06-26 (21d): ±$4.79 (5.8%)

IV Setup

Term structure: Front-end elevated; 7d IV ~30%; backwardation into earnings.

Crush estimate: Expected ~10-15% crush post-earnings.

Skew: Call skew elevated; put skew flat.

Historical Context

Beat rate: 60% (3/5 quarters)

Avg move vs expected: Moves within expected range ~60% of time.

Directional bias: Slight bullish bias given 60% beat rate.

Key Levels

1$75.00 gamma flip
2EM guardrails: 1w $79.31/$85.06
3Max pain pins: $83 (2026-06-05); $85 (2026-06-12); $90 (2026-06-18)

Flow Highlights

Heavy call buying: 7/10 $85 (2582 vol, 7.2x OI) and $86 (2474 vol, 6.7x OI).

Bullish positioning ahead of earnings.

6/12 $84 calls: 17851 vol, 3.9x OI.

Short-term bullish bets.

Strategies

Call Calendar
Sell 2026-07-10 $85.00 call / buy 2026-07-17 $85.00 call
Debit: $1.27-$1.55
Max loss: $1.55
Max gain: Variable
BE: Path-dependent
Trigger: Manage near earnings; invalidation at $78.32.
Front-end IV 30%+ and backwardation; bullish bias from 60% beat rate and unusual call vol.
Outperforms: Expresses bullish bias with elevated front-end IV; benefits from volatility crush and time decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!VIX 21.5 and QQQ -4.8% create macro headwinds.
!Gamma flip at $75; spot $82, risk of gap down.
!Put floor at $73-$75 cushions but not absolute.

What to Watch

?Spot reaction at $82 support and $83 resistance.
?7/10 call activity for conviction.
?Earnings on 7/16; adjustments in near-term IV.
How to Use These Reports
This earnings 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.