NFLX Flow Report

Analysis based on market close March 30, 2026

Flow Verdict

Confidence:

5.5 / 10

base 5; +1.0 strong put premium flow; +0.5 P/C volume ratio >1.5; -1.0 contradictory net premium sign

Watch next session: $94P 4/2 OI for pinning pressure; Net premium direction for 4/2 expiry; Any call flow above $95 to challenge bearish lean

Flow Summary

Net premium: +$35.1M bullish

P/C volume ratio: 1.69 — put-dominant

P/C OI ratio: 0.92 — nearly balanced

A significant regime shift from last week. While net premium remains positive, the volume tells a different story with a strong 1.69 put/call ratio. This suggests large, bearish premium-paying flow is being offset by even larger bullish premium collection elsewhere, creating a conflicted but leaning bearish picture.

Notable Prints

NFLX 4/2 $94 Put

Vol: 5,635

OI: 2,164

Vol/OI: 2.6x

IV: 34.2%

Notional: ~$530K

Intent: Fresh directional put buying or protective hedge

Dual read: Bought (bearish) for a move below $94 by next Friday, or sold (neutral/bullish) for premium with spot above.

Read-through: This is the highest volume meaningful print. With spot at $93.47, these are near-the-money puts for the weekly expiry. The 2.6x volume/OI and 34% IV suggest new positioning. Given the overall put-dominant volume regime, the bias is toward these being bought for downside protection or speculation, reinforcing the $92-$94 pinning zone.

NFLX 12/18 $1 Put

Vol: 9,951

OI: 230

Vol/OI: 43.3x

IV: 181.3%

Notional: ~$10K

Intent: Structured product flow / financing trade

Dual read: Almost certainly sold (premium collection) as part of a complex yield-enhancement or financing structure.

Read-through: Extreme IV (>180%) and microscopic premium make this pure noise for directional analysis. This, alongside the $1.50P and $3P prints, represents institutional structured flow (e.g., put writing for yield) and should be filtered out. It inflates the put volume ratio without conveying bearish intent.

NFLX 12/18 $1.50 Put

Vol: 9,010

OI: 62

Vol/OI: 145.3x

IV: 162.5%

Notional: ~$14K

Intent: Structured product flow / financing trade

Dual read: Sold (premium collection) as part of a yield strategy.

Read-through: Same as the $1P—extreme vol/OI and IV point to systematic overwriting or structured product activity, not a directional bet on NFLX crashing. This is a key driver of the high P/C volume ratio.

NFLX 6/18 $117.50 Put

Vol: 400

OI: 2

Vol/OI: 200.0x

IV: 0.0%

Notional: ~$47K

Intent: Potential data error or extremely deep ITM trade

Dual read: If real, likely a stock substitute/assignment trade given 0% IV.

Read-through: 0% IV is highly anomalous and suggests a data reporting issue or a deep ITM position being closed/exercised. Not a clean directional signal.

NFLX 4/2 $105 Put

Vol: 150

OI: 1

Vol/OI: 150.0x

IV: 96.6%

Notional: ~$16K

Intent: New OTM speculative put or hedge

Dual read: Bought (bearish) as a lottery ticket for a sharp drop, given high IV.

Read-through: Small notional but high IV and new position. In the context of other put flow, this adds to the bearish skew in speculative positioning for the near term.

Institutional Positioning

Call additions: Minimal in unusual flow. Premium flow shows large bullish bets at $101, $15, $10—but these are likely legacy/financing trades (see Signal vs Noise).

Put additions: New near-term puts at $94 (4/2) and OTM puts at $105 (4/2). Premium flow shows massive bearish bets at $230, $240, $250 puts.

GEX/DEX consistency: Partially — Positive GEX (+$130.4M) suggests pinning support, but the put-dominant volume flow contradicts it, indicating new hedging/speculation against the pin.

OI clusters: Major OI remains in far OTM tails: $5 Put (177K OI), $1.50 Put (100K OI), $125 Call (91K OI), $105 Call (91K OI). New cluster building at $94P for 4/2 expiry.

Hedging evidence: Yes. The $94P 4/2 build is direct near-term hedging. The premium flow into $230/$240/$250 puts, while likely structured, also represents large notional downside positioning.

Max pain context: Spot ($93.47) is just above this week's max pain ($92). The new $94P OI for 4/2 and existing gamma pin create a strong magnetic pull toward $92-$94.

Signal vs Noise

~The enormous volume in 12/18 $1P, $1.50P, $3P is 100% noise—systematic put writing for yield, inflating the P/C ratio without directional meaning.

~The massive premium flow into $101C, $15C, $10C and out of $230P, $240P is likely the other side of those same structured trades (e.g., call spreads financed by far OTM put sales). These are not standalone bullish/bearish bets.

~The 6/18 $117.50P with 0% IV is likely a data error or exercise/assignment trade, not a flow signal.

~The $94P 4/2 flow is a clean, meaningful signal of near-term hedging/speculation.

Key Conclusions

🔄Regime Shift: Flow has flipped from clearly bullish (P/C 0.73) to put-dominant (P/C 1.69), indicating a change in near-term sentiment.

⚠️Conflicted Signals: Bullish net premium conflicts with bearish volume ratio. This suggests large, offsetting structured trades are muddying the water; focus on near-term, near-money flow like the $94P.

🎯Pinning Pressure Intact: Spot above max pain ($92) with positive GEX and new $94P OI reinforces the $92-$94 as the immediate battleground.

📉Hedging Ramp-Up: New put flow at $94 (4/2) and OTM strikes shows institutions are adding protection for a potential break below the pin.

Read the Flow analysis for NFLX for 2026-03-30. 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.