NFLX Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings

Flow Verdict

Confidence:

7 / 10

base 5; +1.5 strong net premium; +1.0 P/C volume ratio; +0.5 GEX/flow alignment; -1.0 high IV regime

Watch next session: $95C OI build vs. $93P OI; Net premium direction for 4/2 expiry

Flow Summary

Net premium: +$20.0M bullish

P/C volume ratio: 0.73 — call-dominant

P/C OI ratio: 0.90 — moderate put lean in positioning

Strong bullish flow today (+$20M net premium) against a backdrop of high volatility and positive gamma pinning. Call volume dominates, but open interest shows a heavier put skew, suggesting recent bullish bets are being placed against longer-term protective positioning.

Notable Prints

NFLX 3/27 $95 Call

Vol: 45,316

OI: 12,073

Vol/OI: 3.8x

IV: 45.2%

Notional: ~$4.2M

Intent: Directional call buying / gamma squeeze play

Dual read: Likely bought (bullish) given high IV and spot proximity. Could be part of a call spread with a higher strike.

Read-through: This is the highest volume contract. With spot at $93.32, these are near-the-money calls expiring today, targeting a move above $95. The high volume vs. OI suggests fresh, aggressive positioning for an end-of-week breakout.

NFLX 3/27 $93 Put

Vol: 19,686

OI: 3,089

Vol/OI: 6.4x

IV: 40.0%

Notional: ~$1.8M

Intent: Hedge / speculative downside bet for expiration

Dual read: Likely bought as a hedge for long stock or calls, given spot is just above strike. Could also be sold (covered) for premium.

Read-through: Massive volume in a near-expiry, near-the-money put. This is likely hedging activity from players long the stock or the $95 calls, protecting against a drop below $93 into the close. Its size counterbalances the $95C flow but at a lower strike, net bullish for pinning.

NFLX 3/27 $94 Put

Vol: 12,237

OI: 2,410

Vol/OI: 5.1x

IV: 40.6%

Notional: ~$1.1M

Intent: Hedge / part of a put spread with the $93P

Dual read: Similar to the $93P, likely bought protection or sold as part of a spread.

Read-through: Reinforces the heavy hedging activity just below the spot price. The cluster of puts at $93 and $94 creates a strong gamma pin near current levels, supporting the 'pinning' regime identified.

NFLX 4/2 $98 Call

Vol: 5,911

OI: 1,691

Vol/OI: 3.5x

IV: 37.2%

Notional: ~$350K

Intent: Directional call buying for next week

Dual read: Bought to express a bullish view for a move above $98 in the next 6 days.

Read-through: This is a clear bullish, directional bet for the near term. It extends the bullish thesis beyond today's expiration, targeting a ~5% move higher.

NFLX 4/17 $114 Put

Vol: 301

OI: 11

Vol/OI: 27.4x

IV: 70.1%

Notional: ~$28K

Intent: New, far OTM protective put or speculative downside bet

Dual read: Likely bought as cheap, long-dated disaster insurance.

Read-through: While notional is small, the high vol/oi and elevated IV (70%) indicate a new position. This is a bearish outlier in a bullish flow day, possibly a hedge for a large long stock position.

Institutional Positioning

Call additions: Near-term calls at $95 (3/27) and $98 (4/2). Premium flow also shows large bullish bets at $101.

Put additions: Heavy near-term hedging at $93-$94 (3/27). OI is heavily skewed to far OTM puts ($5, $1.50) and calls ($125, $105), suggesting legacy structured positions or tail-risk hedging.

GEX/DEX consistency: Yes — Positive GEX (+$145.5M) aligns with bullish net premium and call volume dominance, reinforcing the pinning regime.

OI clusters: Major OI clusters: Far OTM Puts at $5 (172K OI) and $1.50 (100K OI). Far OTM Calls at $125 (91K OI) and $105 (91K OI). These are likely legacy positions or structured product flows, not indicative of near-term direction.

Hedging evidence: Clear evidence of near-term hedging via 3/27 $93P and $94P. The 4/17 $114P print also suggests longer-dated protection being added.

Max pain context: Max pain for 3/27 is $92, and spot is at $93.32. The heavy put OI just below spot ($93, $94) and call OI just above ($95) creates a strong magnetic pull toward $92-$95, consistent with the pinning regime.

Signal vs Noise

~The massive OI in far OTM puts ($5, $1.50) and calls ($125) is almost certainly noise—likely legacy positions from structured products, convertible arbitrage, or old hedges. They do not reflect current directional sentiment.

~The $230/$240 put premium flow (large negative net) is misleading; these are likely deep ITM puts being exercised/assigned or part of complex financing trades, not directional bets.

~The $101 call premium flow (+$6.1M net) is a strong bullish signal, not noise, indicating institutional-sized bullish bets at that strike.

Key Conclusions

🎯Gamma Pinning in Play: Heavy OI at $93P, $94P, $95C with positive GEX pins spot between $92-$95 into expiry.

🐂Bullish Flow Dominates: +$20M net premium & P/C ratio of 0.73 show clear institutional buying pressure for upside.

🛡️Hedging Underneath: Large volume in $93/$94 puts indicates protection being laid just below spot, capping aggressive downside.

⚠️High Volatility Context: IV >50% means options are expensive; flow may be more about volatility positioning than pure direction.

Read the Flow analysis for NFLX for 2026-03-26. 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.