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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
41
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 Earnings Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

Mixed setup: bearish net premium yet bullish call activity; 60% beat rate; spot below max pain.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.6% from MP; +0.5 VIX 19
Most important: June 12 $82 put surge and $84 resistance are key; structural floor at $75.
⚖️Bearish net premium (-$6.3M) but call volume dominates (P/C vol 0.47) → mixed

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 67,151 (9.2% below spot)

Earnings Overview

Next earnings: 2026-07-16 (38 days)explicit

Expected moves:

  • 2026-06-12 (4d): ±$2.46 (3.0%)
  • 2026-06-18 (10d): ±$3.63 (4.4%)
  • 2026-06-26 (18d): ±$4.69 (5.7%)

IV Setup

Term structure: Steep; front-end IV ~31-33%, back-end ~45%+

Crush estimate: Expect 30-50% IV crush post-event

Skew: Put skew elevated near term; call OI wall $90+ caps upside

Historical Context

Beat rate: 60% (3/5 quarters)

Avg move vs expected: 60% beat rate suggests slight upside bias; move magnitude not quantified

Directional bias: Slight bullish historically

Key Levels

1$75.00 gamma flip
2EM guardrails: 1w $79.00/$86.27
3Max pain pins: $84 (2026-06-12); $90 (2026-06-18); $86 (2026-06-26)

Flow Highlights

Unusual put volume on Jun12 $82 (8820 vs 2776 OI, 3.2x)

Hedging or bearish bet near event

Unusual call volume on Jul24 $85 (1127 vs 211 OI, 5.3x)

Long-term bullish positioning

Strategies

Iron Condor
Sell 2026-07-17 $75.00/$70.00 put wing and $90.00/$95.00 call wing
Credit: $1.53-$1.87
Max loss: $3.13
Max gain: $1.87
BE: 73.13 / 91.87
Trigger: Close at 50% max profit or before earnings.
Defined risk, highest fit for IV crush and mixed bias.
Outperforms: Sells put/call wings to profit from IV contraction.
Underperforms: Move outside short strikes invalidates range thesis.
Short Strangle
Sell 2026-07-17 $75.00 put + sell $90.00 call
Credit: $3.14-$3.84
Max loss: Unlimited
Max gain: $3.84
BE: 71.16 / 93.84
Trigger: Set stop loss; close if spot nears wings.
Higher premium but unlimited risk; aggressive play.
Outperforms: Sells OTM put and call to capture elevated IV.
Underperforms: Break outside short strikes invalidates short-vol thesis.
Long Strangle
Buy 2026-07-17 $80.00 put + buy $90.00 call
Debit: $4.55-$5.57
Max loss: $5.57
Max gain: Unlimited
BE: 74.43 / 95.57
Trigger: Close if IV drops; use stop loss.
Least favorable due to expected IV crush.
Outperforms: Buys OTM put/call betting on large move.
Underperforms: Insufficient realized move reduces long-strangle edge.

Risk Assessment

!Spot below max pain risks gamma drag to pin
!VIX 19 amplifies volatility
!Call OI wall caps upside on beat

What to Watch

?Price action vs $84 resistance
?Implied move expansion/contraction
?Continuation of unusual flow
How to Use These Reports
This earnings 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.