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NFLX

Netflix, Inc.Close $88.09EOD only

Max Pain

$89.00

Next expiry May 22, 2026

Expected Move

±$1.90

2.1% from close

Price Gap

+0.91

Distance to max pain

IV Rank

Low premium

P/C OI

0.79

Slightly call-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 20, 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

May 20, 2026 close

NFLX Flow Report

Analysis based on market close March 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from March 26, 2026. A newer flow report is available for May 20, 2026.

View latest report

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.

How to Use These Reports

This flow reflects the market close on March 26, 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.