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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
11
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 Earnings Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Earnings Verdict

NFLX earnings setup with moderate confidence. Mixed flow with put/call volume ratio ~0.67. IV elevated ahead of July 16 earnings.

Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.2% from MP; +0.5 VIX 19
Most important: Call OI wall at $90-$105, put floor at $65; spot near $67.95 support.
📊60% beat rate historically; last 5 quarters.
🔼Unusual $72 put volume (15.8k) vs OI 4.6k, hedging.
🔽Unusual $73 call volume (13.5k) vs OI 4.8k, bullish speculation.

Regime Classification

Vol Regime
High
Gamma Regime
Trending
Flow Regime
Mixed
Spot vs MP
Below
Gamma flip: ~$65.00 — Approx — based on put OI concentration of 58,562 (9.5% below spot)

Earnings Overview

Next earnings: 2026-07-16 (22 days)explicit

Expected moves:

  • 2026-06-26 (2d): ±$1.65 (2.3%)
  • 2026-07-02 (8d): ±$2.85 (4.0%)
  • 2026-07-10 (16d): ±$3.89 (5.4%)

IV Setup

Term structure: Front-end elevated: 2d ±2.3%, 1w ±4.0%, 2w ±5.4%.

Crush estimate: Moderate crush expected, IV likely drops 5-10 points post-earnings.

Skew: Put/call volume ratio ~0.67; modest put skew.

Historical Context

Beat rate: 60% (3/5 quarters)

Avg move vs expected: Not available.

Directional bias: 60% beat rate suggests mild bullish bias.

Key Levels

1$65.00 gamma flip
2EM guardrails: 2d $70.18/$73.49; 1w $68.98/$74.69
3Max pain pins: $75 (2026-06-26); $75 (2026-07-02); $79 (2026-07-10)

Flow Highlights

Unusual call activity at $71-$73 on 6/26 and $73 on 7/10; high put volume at $72 (15.8k vs OI 4.6k) indicates hedging.

High put volume near support suggests hedging; call buying at resistance indicates bullish speculative interest.

Strategies

Call Calendar
Sell 2026-06-26 $75.00 call / buy 2026-07-02 $75.00 call
Debit: $0.34-$0.41
Max loss: $0.41
Max gain: Variable
BE: Path-dependent
Trigger: Close if spot breaks $67.95 support or IV crush >10 pts.
Front-end IV elevated with bullish bias; back-month IV lower, benefits from crush.
Outperforms: Sell near-term $75 call, buy later-week $75 call to capture premium decay.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Put Calendar
Sell 2026-06-26 $68.00 put / buy 2026-07-02 $68.00 put
Debit: $0.16-$0.20
Max loss: $0.20
Max gain: Variable
BE: Path-dependent
Trigger: Exit if spot falls below $67.95; monitor post-earnings crush.
Put IV elevated with $65 put floor support; crush impacts front-month more.
Outperforms: Sell near-term $68 put, buy later-week $68 put to exploit term structure.
Underperforms: Loss of support or adverse vol term shift weakens thesis.

Risk Assessment

!IV crush could disappoint if move large.
!Spot below gamma flip level (est $65) could accelerate selloff.

What to Watch

?Earnings on July 16; expected move ±5.4% by then.
?Key support $67.95 and resistance $75.
How to Use These Reports
This earnings 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.