NFLX Flow Report

Analysis based on market close April 2, 2026

Flow Verdict

Confidence:

6.5 / 10

base 5; +1.0 P/C volume ratio >1.0 (put-dominant); +1.0 GEX pinning aligned with near-term put flow; +0.5 spot above MP with pinning pressure; -1.0 contradictory net premium sign

Watch next session: $98-$99 strike flow for 4/10 expiry pinning; Net premium direction for 4/10 expiry; Any call flow above $105 to challenge bearish lean

Flow Summary

Net premium: +$60.1M bullish

P/C volume ratio: 1.07 — slightly put-dominant

P/C OI ratio: 0.94 — nearly balanced

The flow regime remains conflicted but with a clearer bearish tilt in near-term positioning. While net premium is positive, the put/call volume ratio >1.0 and concentrated put flow at near-the-money strikes for the 4/10 expiry show institutional interest in downside protection. Combined with large positive GEX, this suggests active hedging against a breakdown from current levels, with spot trading above max pain.

Notable Prints

NFLX 4/10 $98 Put

Vol: 5,313

OI: 257

Vol/OI: 20.7x

IV: 29.3%

Notional: ~$520K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $98 by 4/10, or sold (neutral/bullish) for premium with spot at $98.66.

Read-through: This is the most significant near-term flow. With spot at $98.66, these are at-the-money puts for the weekly expiry. The 20.7x volume/OI and 29% IV indicate substantial new positioning. Given the overall put-dominant volume and the stock sitting just above the strike, the bias is toward these being bought for downside protection, reinforcing the $97-$99 pinning zone.

NFLX 4/10 $98 Call

Vol: 15,375

OI: 3,504

Vol/OI: 4.4x

IV: 31.0%

Notional: ~$1.5M

Intent: Fresh directional call buying or covered call writing

Dual read: Bought (bullish) for a move above $98, or sold (neutral/bearish) as part of a covered call on long stock.

Read-through: Massive volume at the at-the-money call creates a conflicting signal against the put flow. The high notional suggests institutional activity. Given the pinning context (spot $98.66, strike $98), this could be part of a strangle or straddle position betting on increased volatility, or call selling against long stock to generate premium in a range-bound market.

NFLX 4/10 $99 Put

Vol: 817

OI: 179

Vol/OI: 4.6x

IV: 28.5%

Notional: ~$81K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $99, or sold (neutral/bullish) for premium.

Read-through: This flow, alongside the $98P and $97P, creates a layered defensive posture just above and below spot. It suggests institutions are hedging against a move down to the $96-$99 range by the 4/10 expiry, consistent with the pinning pressure toward max pain ($92-$94).

NFLX 5/1 $99 Call

Vol: 1,631

OI: 223

Vol/OI: 7.3x

IV: 43.4%

Notional: ~$161K

Intent: Fresh directional call buying for post-earnings move

Dual read: Bought (bullish) for a move above $99 by early May, or sold (neutral/bearish) as a covered call.

Read-through: This is a longer-dated call positioned just above spot. With earnings expected around 4/16, this could be a pre-earnings bullish bet, anticipating a positive reaction. The elevated IV (43.4%) reflects the earnings event risk. This provides a counterpoint to the near-term put hedging.

NFLX 4/17 $97 Put

Vol: 1,418

OI: 220

Vol/OI: 6.5x

IV: 49.0%

Notional: ~$138K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $97 over the next two weeks, or sold (neutral/bullish) for premium.

Read-through: This extends the hedging theme seen in the 4/10 expiry out to the weekly following earnings. It establishes a defensive posture targeting the $97 level, just below current spot, and aligns with the overall narrative of institutions preparing for potential downside around the earnings event.

Institutional Positioning

Call additions: Minimal in unusual flow. Premium flow shows enormous bullish bets at $100C, $15C, $10C, $45C — but these are legacy/financing trades (see Signal vs Noise). The 5/1 $99C is a notable longer-dated addition.

Put additions: New near-term puts at $98, $97, $99 for 4/10 and 4/17 expiries. Premium flow shows massive bearish bets at $230, $240, $250 puts (structured).

GEX/DEX consistency: Yes — Large positive GEX (+$188.2M) creates strong mean-reverting/pinning pressure, which aligns with the new at-the-money put hedging flow. Institutions are hedging against a break of the pin while the GEX acts as a magnet.

OI clusters: Major OI remains in far OTM tails: $5 Put (176K OI), $1.50 Put (100K OI), $125 Call (91K OI), $105 Call (91K OI). New, meaningful clusters building at $98C (4/10) and $98P (4/10) creating a tight pinning zone.

Hedging evidence: Yes. The layered $98P, $97P, and $99P build across 4/10 and 4/17 expiries is direct near-term hedging, especially notable with earnings on the horizon.

Max pain context: Spot ($98.66) is above this week's max pain ($92 for 4/2, $93 for 4/10). The new $98 strike OI for 4/10, combined with large positive GEX, creates magnetic pull toward the $92-$99 zone, with the cluster of max pain levels between $92-$95 as the primary target.

Signal vs Noise

~The enormous premium flow into $100C, $15C, $10C, $45C, $31C and out of $230P, $240P, $250P is the clearest noise. These are the offsetting legs of large, legacy structured trades (e.g., call spreads financed by far OTM put sales). They create the bullish net premium but convey zero near-term directional intent.

~The massive OI in $5P and $1.50P is historical/structured product positioning, not a signal of imminent downside to those levels.

~The high volume in 4/10 $98C and $98P likely represents strangle/straddle positioning or market maker inventory adjustment around the pin, rather than a clean directional bet.

Key Conclusions

🎯Pinning Zone Tightens: Spot at $98.66 with massive positive GEX (+$188M) and new ATM option flow at $98 creates a powerful magnet toward max pain clusters between $92-$95.

🛡️Earnings Hedging Emerges: Layered put buying at $98 (4/10) and $97 (4/17) shows institutions are adding protection ahead of the 4/16 earnings, expecting potential volatility and a test lower.

⚠️Decode the Premium (Again): The +$60M net premium is still driven by structured product flow. The true directional signal is in the put-dominant volume ratio (1.07) and the near-term put OI buildup at strikes just below spot.

📅Watch the Earnings Setup: The flow suggests a hedged posture into earnings. A break below the $97-$98 support zone on increasing put volume would confirm the bearish flow thesis and target the max pain zone.

Read the Flow analysis for NFLX. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.